Asensus Surgical, Inc. (“the Company”) (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 2023.
Recent Highlights
- 27% year-over-year growth in surgical procedures, with over
1,000 procedures performed globally during the quarter
- Two Senhance Surgical Programs initiated year-to-date
- Second quarter revenue of $1.1 million
- The Company had cash and cash equivalents and short-term
investments, excluding restricted cash, of approximately $40.0
million at June 30, 2023
- Completed a $10 million registered direct offering in July
2023
"During the second quarter, we continued to make progress on all
fronts, highlighted by strong 27% year-over-year growth in
procedure volumes. This continued growth plays a vital role in our
ability to expand and optimize our digital surgery capabilities,
enabling our machine learning engine to better provide valuable
clinical intelligence to surgeons through the ISU,” said Anthony
Fernando, Asensus Surgical President and CEO. “Our focus for the
remainder of the year will be on expanding the utilization of
Senhance and advancing our clinical body of evidence. Additionally,
we have some exciting milestones on the horizon, including the
initiation of a preclinical evaluation of the LUNA™ Surgical
System.”
Upcoming 2023 Milestones
For the full year 2023, the Company continues to expect to
initiate 10 - 12 new Senhance programs.
During the second half of 2023, the Company continues to expect
to achieve the following developmental milestones:
- Complete integrated system testing for LUNA Surgical
System
- Finalize manufacturing strategy for LUNA Surgical System
- Initiate preclinical evaluation for LUNA Surgical System
- Finalize strategic relationship with a graphics hardware
provider
- Establish pilot manufacturing for the updated Intelligent
Surgical Unit™ (ISU™) platform
LUNA
LUNA System development has made notable progress in R&D,
now transitioning to testing and evaluation before regulatory
filings. Integrated system testing is set to begin in the upcoming
quarter, alongside finalization of the manufacturing strategy. The
pre-clinical evaluation is on track to conclude by the fourth
quarter. Future milestones include freezing the system's design in
Q1 2024, followed by verification, validation testing, and pilot
manufacturing. By the close of 2024, submissions to the FDA and
other regulatory bodies are targeted, with the anticipation of FDA
clearance in mid-2025, followed by a commercial pilot launch in the
second half of 2025.
The Company believes that there is a clear regulatory pathway
for the LUNA System. Based on ongoing communications with the FDA,
significant in-house regulatory expertise and the successful
regulatory submissions for Senhance, the Company expects to utilize
a traditional 510(k) pathway in the U.S., rather than the more
extensive de novo pathway. The Company believes this streamlined
regulatory strategy will apply not only to the United States but
also to the European Union, Japan, and other parts of the world.
This de-risked regulatory process should allow for a quicker
time-to-market compared to new entrants in this space.
Market Development
Procedure Volumes
During the second quarter of 2023, there was a 27% increase in
total surgical procedures completed utilizing the Senhance System
over the same period in 2022. The main drivers of this expansion
were consistent utilization patterns brought on by an increased
installed base, an increase of new surgeon users at existing
installations, and a broader market recovery.
2023 Senhance Program Initiations
Year to date, the Company initiated two new Senhance Surgical
System placements, which consisted of one in Japan and one in the
United States.
Second Quarter Financial Results
For the three months ended June 30, 2023, the Company reported
revenue of $1.1 million, as compared to revenue of $1.0 million in
the three months ended June 30, 2022. Revenue in the second quarter
of 2023 included $0.5 million in lease revenue, $0.3 million in
instruments and accessories, and $0.3 million in services.
For the three months ended June 30, 2023, total operating
expenses were $18.9 million, as compared to $18.2 million, in the
three months ended June 30, 2022.
For the three months ended June 30, 2023, net loss was $20.7
million, or $0.09 per share, as compared to a net loss of $19.6
million, or $0.08 per share, in the three months ended June 30,
2022.
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, 2023, the adjusted net loss was $20.3
million, or $0.09 per share, as compared to the adjusted net loss
of $17.3 million, or $0.07 per share in the three months ended June
30, 2022, after adjusting for the following non-cash charges:
amortization of intangible assets, change in fair value of
contingent consideration, and impairment of property and
equipment.
Balance Sheet Updates
The Company had cash and cash equivalents and short-term
investments, excluding restricted cash, of approximately $40.0
million as of June 30, 2023.
In July, subsequent to the conclusion of the second quarter, a
registered direct offering was successfully completed, yielding
approximately $10 million in gross proceeds. The infusion of these
funds is strategically earmarked to fortify working capital and
contribute to ongoing research and development endeavors.
Based on the recent financing and our current operating plan,
the Company anticipates that available cash will now sustain
operations until late second quarter of 2024.
Conference Call
To listen to the conference call on your telephone, please dial
1-844-826-3033 for domestic callers and 1-412-317-5185 for
international callers, 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. Based
upon the foundations of digital laparoscopy and the Senhance
Surgical System, the Company is developing the LUNA Surgical
System, a next generation robotic and instrument system as a
foundation of its digital surgery solution. These systems will be
powered by the Intelligent Surgical Unit 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. The Senhance Surgical System is 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. To learn more about
Performance-Guided Surgery, and digital laparoscopy with the
Senhance Surgical System 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/@AsensusSurgical
Vimeo: https://vimeo.com/asxc
Forward-Looking Statements
This press release includes statements relating to Asensus
Surgical, our 2023 second quarter results, and our plans for the
rest of 2023. 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
our continued procedure growth will play a vital role in our
ability to expand and optimize our digital surgical capabilities,
whether we will initiate 10-12 new Senhance programs during 2023,
whether our LUNA System development efforts will continue on the
anticipated timeline, whether our regulatory submissions for the
LUNA System will be successful, whether in the second half of 2023,
we will finalize a strategic relationship with a graphics hardware
provider and establish pilot manufacturing for the updated ISU
platform and whether based on our current cash and current
operating plan, we will have sufficient available cash to sustain
operations until late second quarter of 2024. 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, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
$ |
298 |
|
|
$ |
254 |
|
|
$ |
591 |
|
|
$ |
601 |
|
Service |
|
289 |
|
|
|
424 |
|
|
|
484 |
|
|
|
732 |
|
Lease |
|
494 |
|
|
|
316 |
|
|
|
982 |
|
|
|
727 |
|
Total revenue |
|
1,081 |
|
|
|
994 |
|
|
|
2,057 |
|
|
|
2,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
1,612 |
|
|
|
883 |
|
|
|
2,837 |
|
|
|
1,259 |
|
Service |
|
519 |
|
|
|
646 |
|
|
|
1,268 |
|
|
|
1,141 |
|
Lease |
|
943 |
|
|
|
818 |
|
|
|
1,916 |
|
|
|
1,770 |
|
Total cost of revenue |
|
3,074 |
|
|
|
2,347 |
|
|
|
6,021 |
|
|
|
4,170 |
|
Gross
loss |
|
(1,993 |
) |
|
|
(1,353 |
) |
|
|
(3,964 |
) |
|
|
(2,110 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
8,980 |
|
|
|
7,253 |
|
|
|
19,119 |
|
|
|
13,681 |
|
Sales and marketing |
|
4,449 |
|
|
|
3,602 |
|
|
|
9,002 |
|
|
|
7,321 |
|
General and administrative |
|
5,124 |
|
|
|
4,992 |
|
|
|
10,592 |
|
|
|
10,525 |
|
Amortization of intangible assets |
|
114 |
|
|
|
2,533 |
|
|
|
226 |
|
|
|
5,203 |
|
Change in fair value of contingent consideration |
|
203 |
|
|
|
(598 |
) |
|
|
308 |
|
|
|
(752 |
) |
Impairment of property and equipment |
|
— |
|
|
|
432 |
|
|
|
— |
|
|
|
432 |
|
Total operating expenses |
|
18,870 |
|
|
|
18,214 |
|
|
|
39,247 |
|
|
|
36,410 |
|
Operating
loss |
|
(20,863 |
) |
|
|
(19,567 |
) |
|
|
(43,211 |
) |
|
|
(38,520 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
431 |
|
|
|
260 |
|
|
|
870 |
|
|
|
515 |
|
Interest expense |
|
— |
|
|
|
(141 |
) |
|
|
— |
|
|
|
(341 |
) |
Other expense, net |
|
(242 |
) |
|
|
(86 |
) |
|
|
(460 |
) |
|
|
(232 |
) |
Total other income (expense),
net |
|
189 |
|
|
|
33 |
|
|
|
410 |
|
|
|
(58 |
) |
Loss before income
taxes |
|
(20,674 |
) |
|
|
(19,534 |
) |
|
|
(42,801 |
) |
|
|
(38,578 |
) |
Income tax benefit (expense) |
|
12 |
|
|
|
(85 |
) |
|
|
(79 |
) |
|
|
(169 |
) |
Net loss |
|
(20,662 |
) |
|
|
(19,619 |
) |
|
|
(42,880 |
) |
|
|
(38,747 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share
attributable to common stockholders – basic and diluted |
$ |
(0.09 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.16 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares used in computing net loss per common share – basic and
diluted |
|
239,570 |
|
|
|
236,505 |
|
|
|
238,929 |
|
|
|
236,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(20,662 |
) |
|
|
(19,619 |
) |
|
|
(42,880 |
) |
|
|
(38,747 |
) |
Foreign currency translation
gain (loss) |
|
175 |
|
|
|
(1,713 |
) |
|
|
725 |
|
|
|
(2,363 |
) |
Unrealized gain (loss) on
available-for-sale investments |
|
99 |
|
|
|
(144 |
) |
|
|
406 |
|
|
|
(696 |
) |
Comprehensive loss |
$ |
(20,388 |
) |
|
$ |
(21,476 |
) |
|
$ |
(41,749 |
) |
|
$ |
(41,806 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asensus Surgical,
Inc.Condensed Consolidated Balance
Sheets(in thousands, except for share
data)(unaudited)
|
|
June 30, |
|
December 31, |
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current
Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
7,675 |
|
|
$ |
6,329 |
|
Short-term investments, available-for-sale |
|
|
32,297 |
|
|
|
64,195 |
|
Accounts receivable, net |
|
|
660 |
|
|
|
2,256 |
|
Inventory |
|
|
9,083 |
|
|
|
8,284 |
|
Prepaid expenses |
|
|
3,149 |
|
|
|
3,584 |
|
Employee retention tax credit receivable |
|
|
554 |
|
|
|
554 |
|
Other current assets |
|
|
1,492 |
|
|
|
1,671 |
|
Total
Current Assets |
|
|
54,910 |
|
|
|
86,873 |
|
|
|
|
|
|
|
|
|
|
Restricted cash |
|
|
1,354 |
|
|
|
1,141 |
|
Long-term investments, available-for-sale |
|
|
— |
|
|
|
3,865 |
|
Inventory, net of current portion |
|
|
4,939 |
|
|
|
5,469 |
|
Property and equipment, net |
|
|
8,815 |
|
|
|
9,542 |
|
Intellectual property, net |
|
|
1,411 |
|
|
|
1,576 |
|
Net deferred tax assets |
|
|
155 |
|
|
|
174 |
|
Operating lease right-of-use assets, net |
|
|
4,888 |
|
|
|
4,950 |
|
Other long-term assets |
|
|
1,899 |
|
|
|
2,463 |
|
Total
Assets |
|
$ |
78,371 |
|
|
$ |
116,053 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
4,281 |
|
|
$ |
3,348 |
|
Accrued employee compensation and benefits |
|
|
3,887 |
|
|
|
4,508 |
|
Accrued expenses and other current liabilities |
|
|
1,284 |
|
|
|
1,293 |
|
Operating lease liabilities – current portion |
|
|
819 |
|
|
|
800 |
|
Deferred revenue |
|
|
376 |
|
|
|
465 |
|
Total
Current Liabilities |
|
|
10,647 |
|
|
|
10,414 |
|
Long
Term Liabilities: |
|
|
|
|
|
|
|
|
Contingent consideration |
|
|
1,564 |
|
|
|
1,256 |
|
Noncurrent operating lease liabilities |
|
|
4,657 |
|
|
|
4,738 |
|
Total
Liabilities |
|
|
16,868 |
|
|
|
16,408 |
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Common stock $0.001 par value, 750,000,000 shares authorized
at June 30, 2023 and December 31, 2022; 239,970,041
and 236,895,440 shares issued and outstanding at June 30, 2023
and December 31, 2022, respectively |
|
|
240 |
|
|
|
237 |
|
Preferred stock, $0.01 par value, 25,000,000 shares authorized, no
shares issued and outstanding at June 30, 2023 and December 31,
2022, respectively |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
966,335 |
|
|
|
962,731 |
|
Accumulated deficit |
|
|
(903,815 |
) |
|
|
(860,935 |
) |
Accumulated other comprehensive loss |
|
|
(1,257 |
) |
|
|
(2,388 |
) |
Total
Stockholders’ Equity |
|
|
61,503 |
|
|
|
99,645 |
|
Total
Liabilities and Stockholders’ Equity |
|
$ |
78,371 |
|
|
$ |
116,053 |
|
|
|
|
|
|
|
|
|
|
Asensus Surgical,
Inc.Condensed Consolidated Statements of Cash
Flows(in
thousands)(unaudited)
|
|
Six Months Ended |
|
|
June 30, |
|
|
2023 |
|
2022 |
Operating Activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(42,880 |
) |
|
$ |
(38,747 |
) |
Adjustments to reconcile net loss to net cash and cash equivalents
used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
1,652 |
|
|
|
1,720 |
|
Amortization of intangible assets |
|
|
226 |
|
|
|
5,203 |
|
Amortization of discounts and premiums on investments, net |
|
|
(298 |
) |
|
|
444 |
|
Stock-based compensation |
|
|
3,894 |
|
|
|
4,328 |
|
Deferred tax expense |
|
|
79 |
|
|
|
169 |
|
Change in inventory reserves |
|
|
459 |
|
|
|
(567 |
) |
Bad debt expense |
|
|
— |
|
|
|
9 |
|
Property and equipment impairment |
|
|
— |
|
|
|
432 |
|
Loss on disposal of property and equipment |
|
|
— |
|
|
|
97 |
|
Change in fair value of contingent consideration |
|
|
308 |
|
|
|
(752 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
1,614 |
|
|
|
(8 |
) |
Inventory |
|
|
(1,240 |
) |
|
|
(1,933 |
) |
Operating lease right-of-use assets |
|
|
40 |
|
|
|
409 |
|
Prepaid expenses |
|
|
409 |
|
|
|
189 |
|
Other current and long-term assets |
|
|
340 |
|
|
|
(1,169 |
) |
Accounts payable |
|
|
961 |
|
|
|
524 |
|
Accrued employee compensation and benefits |
|
|
(577 |
) |
|
|
(284 |
) |
Accrued expenses and other current liabilities |
|
|
(55 |
) |
|
|
— |
|
Deferred revenue |
|
|
(94 |
) |
|
|
(4 |
) |
Operating lease liabilities |
|
|
(42 |
) |
|
|
(290 |
) |
Net cash
and cash equivalents used in operating activities |
|
|
(35,204 |
) |
|
|
(30,230 |
) |
Investing Activities: |
|
|
|
|
|
|
|
|
Purchase of available-for-sale investments |
|
|
(12,268 |
) |
|
|
(17,792 |
) |
Proceeds from maturities of available-for-sale investments |
|
|
48,735 |
|
|
|
41,408 |
|
Purchase of property and equipment |
|
|
(166 |
) |
|
|
(443 |
) |
Net cash
and cash equivalents provided by investing activities |
|
|
36,301 |
|
|
|
23,173 |
|
Financing Activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock, net of issuance costs |
|
|
196 |
|
|
|
— |
|
Taxes paid related to net share settlement of vesting of restricted
stock units |
|
|
(490 |
) |
|
|
(349 |
) |
Proceeds from exercise of stock options |
|
|
5 |
|
|
|
18 |
|
Net cash
and cash equivalents used in financing activities |
|
|
(289 |
) |
|
|
(331 |
) |
Effect
of exchange rate changes on cash and cash equivalents |
|
|
751 |
|
|
|
239 |
|
Net
increase (decrease) in cash, cash equivalents and restricted
cash |
|
|
1,559 |
|
|
|
(7,149 |
) |
Cash,
cash equivalents and restricted cash, beginning of period |
|
|
7,470 |
|
|
|
19,283 |
|
Cash,
cash equivalents and restricted cash, end of period |
|
$ |
9,029 |
|
|
$ |
12,134 |
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosure for Cash Flow
Information: |
|
|
|
|
|
|
|
|
Cash paid for leases |
|
$ |
655 |
|
|
$ |
549 |
|
Cash paid for taxes |
|
$ |
262 |
|
|
$ |
65 |
|
|
|
|
|
|
|
|
|
|
Supplemental Schedule of Non-cash Investing and Financing
Activities: |
|
|
|
|
|
|
|
|
Transfer of inventories to property and equipment |
|
$ |
802 |
|
|
$ |
724 |
|
Lease liabilities arising from obtaining right-of-use assets |
|
$ |
417 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Asensus Surgical,
Inc.Reconciliation of GAAP to Non-GAAP Financial
Measures(in thousands, except per share
amounts)(unaudited)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2023 |
|
2022 |
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to common stockholders (GAAP) |
$ |
(20,662 |
) |
|
$ |
(19,619 |
) |
|
$ |
(42,880 |
) |
|
$ |
(38,747 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets(a) |
|
114 |
|
|
|
2,533 |
|
|
|
226 |
|
|
|
5,203 |
|
Change in fair value of contingent consideration(b) |
|
203 |
|
|
|
(598 |
) |
|
|
308 |
|
|
|
(752 |
) |
Impairment of property and equipment(c) |
|
— |
|
|
|
432 |
|
|
|
— |
|
|
|
432 |
|
Adjusted net loss
attributable to common stockholders (Non-GAAP) |
$ |
(20,345 |
) |
|
$ |
(17,252 |
) |
|
$ |
(42,346 |
) |
|
$ |
(33,864 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2023 |
|
2022 |
|
2023 |
|
|
2022 |
|
Net loss per share
attributable to common stockholders - basic and diluted
(GAAP) |
$ |
(0.09 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.16 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets(a) |
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.02 |
|
Change in fair value of contingent consideration(b) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Impairment of property and equipment(c) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted net loss per
share attributable to common stockholders – basic and
diluted (Non-GAAP) |
$ |
(0.09 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
The non-GAAP financial measures for the three and six months
ended June 30, 2023 and 2022, which provide management with
additional insight into the Company’s results of operations from
period to period without certain 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) Impairment of property and equipment
associated with returned Senhance Systems under operating leases
that are not expected to generate future cash flows sufficient to
recover their net book value.
INVESTOR CONTACT:
Mark Klausner or Mike Vallie ICR
Westwickeinvest@asensus.com443-213-0499
MEDIA CONTACT:
Dan VentrescaMatter
CommunicationsAsensusPR@matternow.com617-874-5488
Asensus Surgical (AMEX:ASXC)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Asensus Surgical (AMEX:ASXC)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024