RTP-based TransEnterix Reports Revenue Higher Than Expectations

8/2/17

By Chris Roush, NC BIZ News

Medical device company TransEnterix Inc. reported second-quarter revenue above analyst expectations and a net loss that met Wall Street projections, according to a filing Wednesday with the Securities and Exchange Commission.

The Research Triangle Park-based company reported a net loss of $14.7 million, or negative 11 cents per share, compared to a net loss of $80.1 million, or negative 70 per share, in the same quarter in 2016. Analysts were expecting a net loss of 11 cents per share.

Revenue of $1.6 million topped analyst projections of $1.3 million for the quarter. The company had no revenue in the same quarter a year ago.

“We are very pleased with the progress we made during the quarter on our key strategic priorities,” said Chief Executive Todd M. Pope in a statement.

The company’s stock rose 3 cents to 66 cents in after-hours trading on Wednesday.

During the quarter, TranEnterix sold one of its Senhance robotic surgery systems to the Saitama Medical University International Medical Center in Japan.

It now has eight such systems in hospitals in France, Germany, Italy, the United Kingdom, and Japan.

During the quarter, TransEnterix raised $23.2 million in an equity offering and refinanced its debt.

The equity offering included Series A warrants that will expire 10 days after the announcement of a U.S. Food and Drug Administration clearance of the Senhance.

Assuming that these warrants are exercised, TransEnterix will receive another $25 million, which the company expects will fund its operations into late 2018.

The earnings release can be read here.

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