Asensus Surgical, Inc. (NYSE American: ASXC), a medical device
company that is digitizing the interface between the surgeon and
the patient to pioneer a new era of Performance-Guided Surgery™,
today announced its operating and financial results for the second
quarter 2022.
Recent Highlights
- Over 670 procedures were performed globally during the quarter,
representing growth of 34% over the prior year quarter, including
77% growth in the EMEA region
- Continued the development of Performance-Guided Surgery
capabilities which will enable surgeons to deliver better patient
outcomes
- The Company had cash, cash equivalents, short-term and
long-term investments, excluding restricted cash, of approximately
$103.8 million at June 30, 2022
“We delivered yet another strong quarter of global
Senhance® System utilization growth and made great progress
towards the ongoing development of our digital surgery platform
with the Intelligent Surgical Unit™ (ISU™) as we seek to make
Performance-Guided Surgery (PGS) a reality,” said Anthony Fernando,
Asensus Surgical President and CEO. “Our goal is to enable surgeons
to perform safer, more predictable, and better quality procedures.
By delivering real-time, data-driven clinical intelligence and
guidance, Senhance and PGS will revolutionize surgery, and most
importantly, help to improve patient outcomes.”
Digital Surgery Portfolio Expansion
Expanded Global ISU Machine Vision CapabilitiesThe Company
continues to expand the utilization and applicability of the ISU
globally. The Company is seeking CE Mark approval for expanded
machine vision capabilities in Europe, which the Company continues
to expect to receive in late 2022.The newest ISU features include:
real-time 3D measurement, digital tagging, image enhancement, and
enhanced camera control based on real-time data while performing
surgery.
Through the evolution of the ISU, the Senhance System provides
surgeons with real-time intraoperative digital tools, which
represent the initial components of Performance-Guided Surgery.
These tools can ultimately allow surgeons to perform better, more
predictable surgery regardless of their skill level or
experience.
Articulating Instrument LaunchThe Company continues to expect a
full scale commercial launch of 5mm Articulating Instruments in the
second half of the year, which is currently in a pilot launch in
the U.S. These instruments offer better access to
difficult-to-reach areas of the anatomy by providing two additional
degrees of freedom.
U.S. Pediatric ClearanceThe Company continues to expect to
submit its 510(k) application for pediatric clearance in the U.S.
during the second half of 2022. Senhance System’s unique
combination of the 3mm instrumentation with 5mm camera scope
combined with haptic feedback make it a unique robotic assisted
laparoscopic solution for pediatric surgeries.
Market Development
Procedure VolumesIn the second quarter, surgeons performed over
670 procedures utilizing the Senhance System, representing a 34%
increase over the second quarter of 2021, and a 3% increase
sequentially over the first quarter of 2022. This growth was
primarily driven by a 77% increase in procedures in the EMEA
region.
When a procedure is performed with a Senhance System, the
Company is able to collect robust data, including surgical video.
Over time, the accumulation of this digital surgical data library
will enable the Company to generate powerful clinical insights that
will fuel the development of Performance-Guided Surgery
capabilities to help surgeons reduce surgical variability and drive
consistently superior surgical outcomes.
Clinical Registry (TRUST)The Company is leveraging its growing
body of real-world clinical data through the utilization of its
TRUST™ clinical registry. The Company believes TRUST is the
largest multi-specialty robotic-assisted laparoscopic registry in
the industry. The Company expects to continue to grow this body of
clinical data to support its commercial strategy as well as help to
facilitate an increasing number of high-quality clinical
publications demonstrating the value of Senhance and
Performance-Guided Surgery.
Clinical ValidationDuring the quarter, there were six
peer-reviewed clinical papers published providing further support
for the clinical utility of the Senhance System across a variety of
surgical specialties.
These papers can be found at the Company’s website,
www.senhance.com/us/resources.
New Program InitiationsDuring the second quarter, the Company
announced one Senhance installation, in the EMEA region, at the
University Hospital Tübingen in Germany.
In addition, the Company has received two additional system
orders which have not yet been installed. This includes the system
announced on August 4, 2022, which was sold to the Company’s
distribution partner, which will be installed at a hospital in the
Commonwealth of Independent States (CIS).
For the full year 2022, the Company now expects to initiate 8 -
10 new Senhance Surgical Systems.
Second Quarter Financial Results
For the three months ended June 30, 2022, the Company reported
revenue of $1.0 million as compared to revenue of $1.1 million in
the three months ended June 30, 2021. Revenue in the second quarter
of 2022 included $0.3 million in lease revenue, $0.3 million in
instruments and accessories, and $0.4 million in services.
For the three months ended June 30, 2022, total operating
expenses were $18.2 million, as compared to $14.8 million, in the
three months ended June 30, 2021.
For the three months ended June 30, 2022, net loss was $19.6
million, or $0.08 per share, as compared to a net loss of $13.2
million, or $0.06 per share, in the three months ended June 30,
2021.
Adjusted net loss is a non-GAAP financial measure. See the
reconciliation of GAAP to Non-GAAP Measures below. For the three
months ended June 30, 2022, the adjusted net loss was $17.3
million, or $0.07 per share, as compared to an adjusted net loss of
$12.7 million, or $0.05 per share in the three months ended June
30, 2021, after adjusting for the following charges: amortization
of intangible assets, change in fair value of contingent
consideration, property and equipment impairment, gain on
extinguishment of debt, and change in fair value of warrant
liabilities, all of which are non-cash charges.
Balance Sheet Updates
The Company had cash, cash equivalents, short-term and long-term
investments, excluding restricted cash of approximately $103.8
million as of June 30, 2022.
Conference Call
Asensus Surgical, Inc. will host a conference call on Monday,
August, 8, 2022, at 4:30 PM ET to discuss its second quarter 2022
operating and financial results. To listen to the conference call
on your telephone, please dial 1-855-327-6837 for domestic callers
and 1-631-891-4304 for international callers, and reference
conference ID 10019864 approximately ten minutes prior to the start
time. To access the live audio webcast or archived recording, use
the following link https://ir.asensus.com/events-and-presentations.
The replay will be available on the Company’s website.
About Asensus Surgical, Inc.
Asensus Surgical, Inc. is digitizing the interface between the
surgeon and patient to pioneer a new era of Performance-Guided
Surgery by unlocking clinical intelligence for surgeons to enable
consistently superior outcomes and a new standard of surgery. This
builds upon the foundation of Digital Laparoscopy with the Senhance
Surgical System powered by the Intelligent Surgical Unit (ISU) to
increase surgeon control and reduce surgical variability. With the
addition of machine vision, augmented intelligence, and deep
learning capabilities throughout the surgical experience, we intend
to holistically address the current clinical, cognitive and
economic shortcomings that drive surgical outcomes and value-based
healthcare. Learn more about Performance-Guided Surgery and Digital
Laparoscopy with the Senhance Surgical System here:
www.senhance.com. Now available for sale in the US, EU, Japan,
Russia, and select other countries. For a complete list of
indications for use, visit: www.senhance.com/indications. For more
information, visit www.asensus.com.
Follow Asensus
- Email Alerts: https://ir.asensus.com/email-alerts
- LinkedIn:
https://www.linkedin.com/company/asensus-surgical-inc
- Twitter: https://twitter.com/AsensusSurgical
- YouTube: https://www.youtube.com/c/transenterix
- Vimeo: https://vimeo.com/asxc
Forward-Looking Statements
This press release includes statements relating to the Senhance
System and our 2022 second quarter results. These statements and
other statements regarding our future plans and goals constitute
"forward looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, and are intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995. Such statements are subject to risks
and uncertainties that are often difficult to predict, are beyond
our control and which may cause results to differ materially from
expectations and include whether we will be able to continue to
progress our strategic plan in 2022, including whether we can make
Performance-Guided Surgery a reality; whether the Senhance System
and Performance Guided Surgery will revolutionize surgery and help
to improve patient outcomes; whether we will be able to expand the
utilization and applicability of the ISU globally and whether we
will receive CE Mark approval for expanded machine vision
capabilities in Europe in late 2022; whether we will undertake a
full scale commercial launch of 5mm Articulating Instruments in the
second half of 2022; whether we will submit a 510(k) application
for pediatric clearance in the U.S.during the second half of 2022;
whether the accumulation of a digital surgical data library will
give the Company the ability to generate powerful clinical insights
that will enable the development of Performance-Guided Surgery
capabilities to help surgeons reduce surgical variability and drive
consistently superior surgical outcomes; whether we will continue
to grow the Trust Registry data to support its commercial strategy;
and whether we will initiate 8-10 new Senhance Surgical Systems
placements in 2022. For a discussion of the risks and uncertainties
associated with the Company’s business, please review our filings
with the Securities and Exchange Commission (SEC). You are
cautioned not to place undue reliance on these forward-looking
statements, which are based on our expectations as of the date of
this press release and speak only as of the origination date of
this press release. We undertake no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
Asensus Surgical,
Inc.Condensed Consolidated Statements of
Operations and Comprehensive Loss(in thousands,
except per share amounts)(Unaudited)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
$ |
254 |
|
|
$ |
363 |
|
|
$ |
601 |
|
|
$ |
1,726 |
|
Service |
|
|
424 |
|
|
|
406 |
|
|
|
732 |
|
|
|
785 |
|
Lease |
|
|
316 |
|
|
|
333 |
|
|
|
727 |
|
|
|
674 |
|
Total
revenue |
|
|
994 |
|
|
|
1,102 |
|
|
|
2,060 |
|
|
|
3,185 |
|
Cost of
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
|
883 |
|
|
|
1,003 |
|
|
|
1,259 |
|
|
|
2,678 |
|
Service |
|
|
646 |
|
|
|
636 |
|
|
|
1,141 |
|
|
|
1,002 |
|
Lease |
|
|
818 |
|
|
|
708 |
|
|
|
1,770 |
|
|
|
1,779 |
|
Total
cost of revenue |
|
|
2,347 |
|
|
|
2,347 |
|
|
|
4,170 |
|
|
|
5,459 |
|
Gross
loss |
|
|
(1,353 |
) |
|
|
(1,245 |
) |
|
|
(2,110 |
) |
|
|
(2,274 |
) |
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
7,253 |
|
|
|
4,089 |
|
|
|
13,681 |
|
|
|
8,304 |
|
Sales and marketing |
|
|
3,602 |
|
|
|
3,562 |
|
|
|
7,321 |
|
|
|
6,615 |
|
General and administrative |
|
|
4,992 |
|
|
|
3,848 |
|
|
|
10,525 |
|
|
|
7,840 |
|
Amortization of intangible assets |
|
|
2,533 |
|
|
|
2,862 |
|
|
|
5,203 |
|
|
|
5,729 |
|
Change in fair value of contingent consideration |
|
|
(598 |
) |
|
|
478 |
|
|
|
(752 |
) |
|
|
735 |
|
Property and equipment impairment |
|
|
432 |
|
|
|
— |
|
|
|
432 |
|
|
|
— |
|
Total
Operating Expenses |
|
|
18,214 |
|
|
|
14,839 |
|
|
|
36,410 |
|
|
|
29,223 |
|
Operating Loss |
|
|
(19,567 |
) |
|
|
(16,084 |
) |
|
|
(38,520 |
) |
|
|
(31,497 |
) |
Other
Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on extinguishment of debt |
|
|
— |
|
|
|
2,847 |
|
|
|
— |
|
|
|
2,847 |
|
Change in fair value of warrant liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,981 |
) |
Interest income |
|
|
260 |
|
|
|
79 |
|
|
|
515 |
|
|
|
131 |
|
Interest expense |
|
|
(141 |
) |
|
|
(5 |
) |
|
|
(341 |
) |
|
|
(12 |
) |
Other expense, net |
|
|
(86 |
) |
|
|
(7 |
) |
|
|
(232 |
) |
|
|
(36 |
) |
Total
Other Income (Expense), net |
|
|
33 |
|
|
|
2,914 |
|
|
|
(58 |
) |
|
|
949 |
|
Loss
before income taxes |
|
|
(19,534 |
) |
|
|
(13,170 |
) |
|
|
(38,578 |
) |
|
|
(30,548 |
) |
Income tax (expense) benefit |
|
|
(85 |
) |
|
|
(2 |
) |
|
|
(169 |
) |
|
|
36 |
|
Net
loss |
|
|
(19,619 |
) |
|
|
(13,172 |
) |
|
|
(38,747 |
) |
|
|
(30,512 |
) |
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
|
(19,619 |
) |
|
|
(13,172 |
) |
|
|
(38,747 |
) |
|
|
(30,512 |
) |
Foreign
currency translation (loss) gain |
|
|
(1,713 |
) |
|
|
472 |
|
|
|
(2,363 |
) |
|
|
(1,466 |
) |
Unrealized loss on available-for-sale investments |
|
|
(144 |
) |
|
|
— |
|
|
|
(696 |
) |
|
|
— |
|
Comprehensive loss |
|
$ |
(21,476 |
) |
|
$ |
(12,700 |
) |
|
$ |
(41,806 |
) |
|
$ |
(31,978 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
per common share attributable to common stockholders – basic and
diluted |
|
$ |
(0.08 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in computing net loss per common
share – basic and diluted |
|
|
236,505 |
|
|
|
233,250 |
|
|
|
236,201 |
|
|
|
219,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asensus Surgical,
Inc.Condensed Consolidated Balance
Sheets(in thousands, except share
amounts)(Unaudited)
|
|
June 30, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
10,844 |
|
|
$ |
18,129 |
|
Short-term investments, available-for-sale |
|
|
83,360 |
|
|
|
80,262 |
|
Accounts receivable, net |
|
|
699 |
|
|
|
749 |
|
Inventories |
|
|
8,451 |
|
|
|
8,634 |
|
Prepaid expenses |
|
|
2,927 |
|
|
|
3,255 |
|
Employee retention tax credit receivable |
|
|
1,147 |
|
|
|
1,311 |
|
Other current assets |
|
|
1,134 |
|
|
|
957 |
|
Total Current Assets |
|
|
108,562 |
|
|
|
113,297 |
|
|
|
|
|
|
|
|
|
|
Restricted cash |
|
|
1,290 |
|
|
|
1,154 |
|
Long-term investments, available-for-sale |
|
|
9,581 |
|
|
|
37,435 |
|
Inventories, net of current portion |
|
|
7,258 |
|
|
|
7,074 |
|
Property and equipment, net |
|
|
9,389 |
|
|
|
10,971 |
|
Intellectual property, net |
|
|
4,122 |
|
|
|
9,892 |
|
Net deferred tax assets |
|
|
244 |
|
|
|
288 |
|
Operating lease right-of-use assets, net |
|
|
4,747 |
|
|
|
5,348 |
|
Other long-term assets |
|
|
2,157 |
|
|
|
1,014 |
|
Total Assets |
|
$ |
147,350 |
|
|
$ |
186,473 |
|
Liabilities and Stockholders’
Equity |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
3,849 |
|
|
$ |
3,448 |
|
Accrued employee compensation and benefits |
|
|
3,127 |
|
|
|
3,559 |
|
Accrued expenses and other current liabilities |
|
|
1,617 |
|
|
|
1,617 |
|
Operating lease liabilities – current portion |
|
|
579 |
|
|
|
683 |
|
Deferred revenue |
|
|
510 |
|
|
|
543 |
|
Total Current Liabilities |
|
|
9,682 |
|
|
|
9,850 |
|
Long Term Liabilities: |
|
|
|
|
|
|
|
|
Contingent consideration |
|
|
1,619 |
|
|
|
2,371 |
|
Noncurrent operating lease liabilities |
|
|
4,610 |
|
|
|
5,006 |
|
Total Liabilities |
|
|
15,911 |
|
|
|
17,227 |
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Common stock $0.001 par value, 750,000,000 shares authorized
at June 30, 2022 and December 31, 2021; 236,620,415
and 235,218,552 shares issued and outstanding at June 30, 2022
and December 31, 2021, respectively |
|
|
237 |
|
|
|
235 |
|
Preferred stock, $0.01 par value, 25,000,000 shares authorized, no
shares issued and outstanding at June 30, 2022 and December 31,
2021, respectively |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
958,646 |
|
|
|
954,649 |
|
Accumulated deficit |
|
|
(824,121 |
) |
|
|
(785,374 |
) |
Accumulated other comprehensive loss |
|
|
(3,323 |
) |
|
|
(264 |
) |
Total Stockholders’ Equity |
|
|
131,439 |
|
|
|
169,246 |
|
Total Liabilities and
Stockholders’ Equity |
|
$ |
147,350 |
|
|
$ |
186,473 |
|
|
|
|
|
|
|
|
|
|
Asensus Surgical,
Inc.Condensed Consolidated Statements of Cash
Flows(in
thousands)(Unaudited)
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
|
2022 |
|
|
2021 |
|
Operating Activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(38,747 |
) |
|
$ |
(30,512 |
) |
Adjustments to reconcile net loss to net cash and cash equivalents
used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
1,720 |
|
|
|
1,585 |
|
Amortization of intangible assets |
|
|
5,203 |
|
|
|
5,729 |
|
Amortization of discounts and premiums on investments, net |
|
|
444 |
|
|
|
— |
|
Stock-based compensation |
|
|
4,328 |
|
|
|
3,628 |
|
Gain on extinguishment of debt |
|
|
— |
|
|
|
(2,847 |
) |
Deferred tax expense (benefit) |
|
|
169 |
|
|
|
(36 |
) |
Bad debt expense |
|
|
9 |
|
|
|
— |
|
Change in inventory reserves |
|
|
(567 |
) |
|
|
288 |
|
Property and equipment impairment |
|
|
432 |
|
|
|
— |
|
Loss on disposal of property and equipment |
|
|
97 |
|
|
|
— |
|
Change in fair value of warrant liabilities |
|
|
— |
|
|
|
1,981 |
|
Change in fair value of contingent consideration |
|
|
(752 |
) |
|
|
735 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(8 |
) |
|
|
127 |
|
Inventories |
|
|
(1,933 |
) |
|
|
(1,687 |
) |
Operating lease right-of-use assets |
|
|
409 |
|
|
|
(2,970 |
) |
Prepaid expenses |
|
|
189 |
|
|
|
517 |
|
Other current and long-term assets |
|
|
(1,169 |
) |
|
|
2,660 |
|
Accounts payable |
|
|
524 |
|
|
|
679 |
|
Accrued expenses |
|
|
(284 |
) |
|
|
(1,428 |
) |
Deferred revenue |
|
|
(4 |
) |
|
|
14 |
|
Operating lease liabilities |
|
|
(290 |
) |
|
|
3,052 |
|
Net cash
and cash equivalents used in operating activities |
|
|
(30,230 |
) |
|
|
(18,485 |
) |
Investing Activities: |
|
|
|
|
|
|
|
|
Purchase of available-for-sale investments |
|
|
(17,792 |
) |
|
|
— |
|
Proceeds from maturities of available-for-sale investments |
|
|
41,408 |
|
|
|
— |
|
Purchase of property and equipment |
|
|
(443 |
) |
|
|
(700 |
) |
Net cash
and cash equivalents provided by (used in) investing
activities |
|
|
23,173 |
|
|
|
(700 |
) |
Financing Activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock, net of issuance costs |
|
|
— |
|
|
|
130,314 |
|
Taxes paid related to net share settlement of vesting of restricted
stock units |
|
|
(349 |
) |
|
|
(1,041 |
) |
Proceeds from exercise of stock options and warrants |
|
|
18 |
|
|
|
30,835 |
|
Net cash
and cash equivalents (used in) provided by financing
activities |
|
|
(331 |
) |
|
|
160,108 |
|
Effect
of exchange rate changes on cash and cash equivalents |
|
|
239 |
|
|
|
(329 |
) |
Net
(decrease) in cash, cash equivalents and restricted cash |
|
|
(7,149 |
) |
|
|
140,594 |
|
Cash,
cash equivalents and restricted cash, beginning of period |
|
|
19,283 |
|
|
|
17,529 |
|
Cash,
cash equivalents and restricted cash, end of period |
|
$ |
12,134 |
|
|
$ |
158,123 |
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosure for Cash Flow Information: |
|
|
|
|
|
|
|
|
Cash paid for leases |
|
$ |
549 |
|
|
$ |
539 |
|
Cash paid for taxes |
|
$ |
65 |
|
|
$ |
50 |
|
|
|
|
|
|
|
|
|
|
Supplemental Schedule of Non-cash Investing and Financing
Activities: |
|
|
|
|
|
|
|
|
Transfer of inventories to property and equipment |
|
$ |
724 |
|
|
$ |
1,243 |
|
Acquisition of property and equipment in accounts payable |
|
$ |
— |
|
|
$ |
67 |
|
Reclass of warrant liability to common stock and additional
paid-in-capital |
|
$ |
— |
|
|
$ |
2,236 |
|
Lease liabilities arising from obtaining right-of-use assets |
|
$ |
— |
|
|
$ |
3,461 |
|
|
|
|
|
|
|
|
|
|
Asensus Surgical,
Inc.Reconciliation of Non-GAAP
MeasuresAdjusted Net Loss and Adjusted Net Loss
per Share(in thousands except per share
amounts)(Unaudited)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to common stockholders
(GAAP) |
$ |
(19,619 |
) |
|
$ |
(13,172 |
) |
|
$ |
(38,747 |
) |
|
$ |
(30,512 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
2,533 |
|
|
|
2,862 |
|
|
|
5,203 |
|
|
|
5,729 |
|
Change in fair value of contingent consideration |
|
(598 |
) |
|
|
478 |
|
|
|
(752 |
) |
|
|
735 |
|
Property and equipment impairment |
|
432 |
|
|
|
— |
|
|
|
432 |
|
|
|
— |
|
Gain on extinguishment of debt |
|
— |
|
|
|
(2,847 |
) |
|
|
— |
|
|
|
(2,847 |
) |
Change in fair value of warrant liabilities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,981 |
|
Adjusted
net loss attributable to common stockholders
(Non-GAAP) |
$ |
(17,252 |
) |
|
$ |
(12,679 |
) |
|
$ |
(33,864 |
) |
|
$ |
(24,914 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
June 30, |
|
|
June 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Net loss
per share attributable to common stockholders (GAAP) |
$ |
(0.08 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
0.01 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.03 |
|
Change in fair value of contingent consideration |
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
Property and equipment impairment |
|
0.00 |
|
|
|
— |
|
|
|
0.00 |
|
|
|
— |
|
Gain on extinguishment of debt |
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.01 |
) |
Change in fair value of warrant liabilities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
Adjusted
net loss per share attributable to common stockholders
(Non-GAAP) |
$ |
(0.07 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
The non-GAAP financial measures for the three
and six months ended June 30, 2022 and 2021, provide management
with additional insight into the Company’s results of operations
from period to period without non-cash charges are calculated using
the following adjustments:
a) Intangible assets that are amortized consist
of developed technology and purchased patent rights recorded at
cost and amortized over 5 to 10 years.
b) Contingent consideration in connection with
the acquisition of the Senhance System in 2015 is recorded as a
liability and is the estimate of the fair value of potential
milestone payments related to business acquisitions. Contingent
consideration is measured at fair value using a Monte-Carlo
simulation utilizing significant unobservable inputs including the
probability of achieving each of the potential milestones, revenue
volatility, EURO to USD exchange rate, and an estimated discount
rate associated with the risks of the expected cash flows
attributable to the various milestones. Significant increases or
decreases in any of the probabilities of success or changes in
expected timelines for achievement of any of these milestones would
result in a significantly higher or lower fair value of these
milestones, respectively, and commensurate changes to the
associated liability. The contingent consideration is revalued at
each reporting period and changes in fair value are recognized in
the consolidated statements of operations and comprehensive
loss.
c) Property and equipment impairment associated
with returned Senhance Systems under operating leases that are not
expected to generate future cash flows sufficient to recover their
net book value.
d) During the second quarter of 2021, the
Company received notification from the U.S. Small Business
Administration that the principal amount of its Paycheck Protection
Program loan of $2.8 million and related interest had been
forgiven. Gain on extinguishment of debt of $2.8 million was
recognized for the three and six months ended June 30, 2021, in the
consolidated statement of operations and comprehensive loss.
e) The Company’s Series B Warrants are measured
at fair value using a simulation model which takes into account, as
of the valuation date, factors including the current exercise
price, the expected life of the warrant, the current price of the
underlying stock, its expected volatility, holding cost and the
risk-free interest rate for the term of the warrant. The warrant
liability is revalued at each reporting period or upon exercise and
changes in fair value are recognized in the consolidated statements
of operations and comprehensive loss.
INVESTOR CONTACT:Mark Klausner or Mike Vallie,
443-213-0499invest@asensus.com
OR
MEDIA CONTACT:Lauren Stredler, 847-271-6891CG
Lifelstredler@cglife.com
Asensus Surgical (AMEX:ASXC)
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Asensus Surgical (AMEX:ASXC)
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