Asensus Surgical, Inc. (NYSE American: ASXC), a medical device
company that is digitizing the interface between the surgeon and
the patient, announced its operating and financial results for the
fourth quarter and full year 2023.
Full Year Highlights
- Completed in vivo evaluation of the LUNA™ Surgical System by
nine independent surgeons through thirteen procedures across
gynecology, urology, and general surgery
- Over 3,550 surgical procedures were performed globally using
the Senhance Surgical System, representing growth of over 13%
compared to 2022
- In 2023, 8 Senhance Surgical Programs were initiated, which is
in line with guidance of 8-10 systems
- Full year 2023 revenue of $8.6 million
- The Company had cash, cash equivalents and short-term
investments, excluding restricted cash, of approximately $21.1
million at December 31, 2023
Fourth Quarter Highlights
- Over 835 surgical procedures were performed globally using the
Senhance® Surgical System
- Five Senhance Surgical Programs were initiated, including one
in Germany, one in Romania, two in the CIS region and one in
Japan
- Fourth quarter unaudited revenue of $5.4 million
"Reflecting on our progress in 2023, I'm pleased
with the solid groundwork we continue to lay for the future,” said
Anthony Fernando, Asensus Surgical President and CEO. “As we look
at 2024, there's a sense of optimism as we aim to hit significant
milestones in the coming quarters. Our main focus right now is on
the thorough testing and evaluation phase of the LUNA Surgical
System, as we prepare for regulatory submissions. Additionally, I'm
particularly excited about the progress we're making in pediatric
applications, highlighting our commitment to advancing surgical
technology for all patients through the unique features of the
Senhance System.”
2024 Milestones
For the full year 2024, the Company expects:
- To initiate 8 - 10 new Senhance programs.
- Procedure volume growth of 15% to 20% over 2023.
- Freezing the system's design for the LUNA Surgical System
- Verification and validation testing, and pilot manufacturing
for the LUNA Surgical System
Market Development
2023 Senhance Program InitiationsDuring the fourth
quarter of 2023, the Company initiated five new Senhance Surgical
System placements, one in Germany, one in Romania, two in the CIS
region and one in Japan at Nagoya University Hospital.
In 2023, the Company initiated eight new Senhance
Surgical System placements: one in the United States, one in
Germany, three in Japan, one in Romania, and two in the CIS
region.
Procedure VolumesIn 2023, surgeons performed over
3,550 procedures utilizing the Senhance System, representing a 13%
increase over the previous year. These procedures included general
surgery, gynecology, urology, colorectal, pediatric, and bariatric
surgical cases.
Pediatric UpdateIn 2023, the Company made notable
progress in improving pediatric care. A key milestone was the FDA's
clearance for use of the Senhance System in pediatric cases,
marking it as the first approved digital laparoscopic surgery
solution for pediatric patients in the U.S. This clearance,
alongside existing approvals in the EU and Japan, highlights the
Senhance System's unique features, including 3mm instrumentation, a
5mm camera scope, haptic feedback, and advanced clinical
intelligence from the Intelligent Surgical Unit™(ISU™). These
features work together to contribute to a less invasive approach in
pediatric robotic surgery. In addition to regulatory milestones,
the Company has introduced four Senhance System programs dedicated
to pediatric departments in the U.S. and internationally.
Clinical Registry (TRUST)The Company continues to
leverage 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, with approximately 3,200 patients
enrolled to date, a 45% increase from 2022.
Clinical ValidationDuring the year, there were nine
peer-reviewed clinical papers published providing further support
for the clinical utility of the Senhance System across a variety of
surgical specialties. These papers, along with a library of similar
papers, can be found on the Company’s website:
https://www.asensus.com/resources/clinical-publications.
LUNA™ Surgical Robotic System
LUNA DevelopmentThe LUNA Surgical System's
development is in progress and is now in the testing and evaluation
phase before regulatory submissions. In December 2023, the Company
hosted a Surgeon Lab in Research Triangle Park, North Carolina, to
conduct an in vivo evaluation of LUNA’s hardware, software, and
instruments in porcine models. The lab allowed nine participating
surgeons to evaluate the LUNA system's functionality through
thirteen procedures across gynecology, urology, and general
surgery. For a closer look at the Surgeon Lab and insights from the
participating surgeons, a video is available at
https://ir.asensus.com/events-and-presentations. The video provides
an overview of the LUNA system's features, demonstrating its range
of motion, instrument strength, and ergonomic benefits.
Future milestones include freezing the system's
design in the second half of 2024, followed by verification and
validation testing, and pilot manufacturing. The Company is
confident in the regulatory pathway for the LUNA System. Ongoing
communication with the FDA, along with strong in-house regulatory
expertise and past successful submissions for the Senhance System,
lead the Company to anticipate using a traditional 510(k)
submission pathway in the U.S., rather than the more complex de
novo pathway. This streamlined approach is expected to apply
globally, offering a quicker market entry compared to new entrants.
LUNA is currently under development and has not been submitted to,
or cleared by, the U.S. FDA or other global regulators, and is not
available for sale in any market.
Agreement with Flex for LUNA Surgical System Design
and Advanced Manufacturing ServicesIn November, the Company
announced an agreement with Flex for design and manufacturing
support for the LUNA Surgical System. This collaboration aims to
facilitate the efficient market entry of LUNA by leveraging Flex's
expertise in electromechanical systems. The agreement underscores a
joint commitment to advancing surgical technology for improved
patient care.
Fourth Quarter Financial Results
(unaudited)
For the three months ended December 31, 2023, the
Company reported revenue of $5.4 million, as compared to revenue of
$2.5 million in the three months ended December 31, 2022. Revenue
in the fourth quarter of 2023 included $3.6 million in system
revenue, $1.0 million in instruments and accessories, $0.5 million
in lease revenue, and $0.3 million in services.
For the three months ended December 31, 2023, total
operating expenses were $17.2 million, as compared to $18.3
million, in the three months ended December 31, 2022.
For the three months ended December 31, 2023, net
loss was $17.2 million, or $0.07 per share, as compared to a net
loss of $17.9 million, or $0.08 per share, in the three months
ended December 31, 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 December 31, 2023, the adjusted net loss was
$17.5 million, or $0.07 per share, as compared to the adjusted net
loss of $16.7 million, or $0.07 per share in the three months ended
December 31, 2022, after adjusting for the following non-cash
charges: amortization of intangible assets, change in fair value of
contingent consideration, property and equipment impairment, and
change in fair value of warrant liabilities.
Balance Sheet Updates
The Company had cash and cash equivalents and
short-term investments, excluding restricted cash, of approximately
$21.1 million as of December 31, 2023.
Based on the recent financing and our current
operating plan, the Company anticipates that available cash will
now sustain operations until early June 2024.
The Company intends to file its Annual Report on
Form 10-K for the fiscal year ended December 31, 2023 on or about
March 21, 2024, with the Securities and Exchange Commission. The
Company expects that the audited financial statements that will be
included in the filing will contain statements regarding
management’s assessment of the Company’s ability to continue as a
going concern, and a going concern qualification in the audit
opinion from its independent registered public accounting firm.
This announcement is made pursuant to NYSE American Company Guide
Sections 401(h) and 610(b), which require public announcement of
the receipt of an audit opinion containing a going concern
paragraph.
Conference Call
To listen to the conference call on your telephone,
please dial 1-888-886-7786 for domestic callers and 1-416-764-8658
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 is revolutionizing surgery with
the first intra-operative Augmented Intelligence technology
approved for use in operating rooms around the world. Recognized as
an award-winning leader in digital technology, Asensus is committed
to making surgery more accessible and predictable while delivering
consistently superior outcomes. The Company’s novel approach to
digitizing laparoscopy has led to system placements globally. Led
by engineers, medical professionals, and industry luminaries,
Asensus is powered by human ingenuity and driven by collaboration.
To learn more about the Senhance® Surgical System and the new LUNA™
System in development, visit www.asensus.com.
Follow Asensus
Email Alerts:
https://ir.asensus.com/email-alerts
LinkedIn:
https://www.linkedin.com/company/asensus-surgical-inc/
X: https://twitter.com/AsensusSurgical
YouTube:
https://www.youtube.com/@AsensusSurgical
Forward-Looking Statements
This press release includes statements relating to
Asensus Surgical, our 2024 fourth quarter results, and our plans
for the remainder of 2024. 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, based on our current cash and current operating
plan, we will have sufficient available cash to sustain operations
until early June 2024 and whether we will be able to successfully
complete financing sufficient to sustain our operations after that
time, whether we will be able to achieve wider adoption of the
Senhance System and optimizing its utilization, whether we will
initiate 8-10 new Senhance programs during 2024, whether our LUNA
System development efforts, including the design freeze,
verification and validation testing, and pilot manufacturing, will
continue on the anticipated timeline, whether our regulatory
submissions for the LUNA System will be successful on the timeline,
and in the regulatory pathway, we expect, and whether Senhance
System procedure growth will increase 15%-20% over 2023 procedures.
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.Consolidated
Statements of Operations and Comprehensive Loss(in
thousands, except per share
amounts)(Unaudited) |
|
|
|
|
|
|
Three Months Ended |
|
Years Ended |
|
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
$ |
4,627 |
|
|
$ |
1,762 |
|
|
$ |
5,519 |
|
|
$ |
4,327 |
|
Service |
|
273 |
|
|
|
306 |
|
|
|
1,052 |
|
|
|
1,373 |
|
Lease |
|
531 |
|
|
|
396 |
|
|
|
2,006 |
|
|
|
1,387 |
|
Total revenue |
|
5,431 |
|
|
|
2,464 |
|
|
|
8,577 |
|
|
|
7,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
2,858 |
|
|
|
987 |
|
|
|
6,866 |
|
|
|
5,303 |
|
Service |
|
444 |
|
|
|
668 |
|
|
|
2,293 |
|
|
|
2,174 |
|
Lease |
|
963 |
|
|
|
643 |
|
|
|
3,996 |
|
|
|
3,395 |
|
Total cost of revenue |
|
4,265 |
|
|
|
2,298 |
|
|
|
13,155 |
|
|
|
10,872 |
|
Gross profit
(loss) |
|
1,166 |
|
|
|
166 |
|
|
|
(4,578 |
) |
|
|
(3,785 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
8,614 |
|
|
|
8,520 |
|
|
|
37,023 |
|
|
|
28,942 |
|
Sales and marketing |
|
3,781 |
|
|
|
3,820 |
|
|
|
16,921 |
|
|
|
14,756 |
|
General and administrative |
|
3,992 |
|
|
|
4,794 |
|
|
|
19,155 |
|
|
|
20,172 |
|
Amortization of intangible assets |
|
113 |
|
|
|
107 |
|
|
|
453 |
|
|
|
7,708 |
|
Change in fair value of contingent consideration |
|
290 |
|
|
|
53 |
|
|
|
964 |
|
|
|
(1,115 |
) |
Property and equipment impairment |
|
374 |
|
|
|
999 |
|
|
|
374 |
|
|
|
1,431 |
|
Total operating expenses |
|
17,164 |
|
|
|
18,293 |
|
|
|
74,890 |
|
|
|
71,894 |
|
Operating
loss |
|
(15,998 |
) |
|
|
(18,127 |
) |
|
|
(79,468 |
) |
|
|
(75,679 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income,
net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of warrant liabilities |
|
(1,046 |
) |
|
|
— |
|
|
|
1,232 |
|
|
|
— |
|
Interest income |
|
276 |
|
|
|
365 |
|
|
|
1,553 |
|
|
|
1,141 |
|
Interest expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(410 |
) |
Other expense, net |
|
(289 |
) |
|
|
(34 |
) |
|
|
(1,436 |
) |
|
|
(295 |
) |
Total other (expense) income,
net |
|
(1,059 |
) |
|
|
331 |
|
|
|
1,349 |
|
|
|
436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes |
|
(17,057 |
) |
|
|
(17,796 |
) |
|
|
(78,119 |
) |
|
|
(75,243 |
) |
Income tax expense |
|
(178 |
) |
|
|
(94 |
) |
|
|
(314 |
) |
|
|
(318 |
) |
Net loss |
|
(17,235 |
) |
|
|
(17,890 |
) |
|
|
(78,433 |
) |
|
|
(75,561 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share
attributable to common stockholders – basic and diluted |
$ |
(0.07 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.31 |
) |
|
$ |
(0.32 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares
used in computing net loss per common share – basic and
diluted |
|
264,348 |
|
|
|
236,843 |
|
|
|
249,685 |
|
|
|
236,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(17,235 |
) |
|
|
(17,890 |
) |
|
|
(78,433 |
) |
|
|
(75,561 |
) |
Foreign currency translation gain
(loss) |
|
1,196 |
|
|
|
2,151 |
|
|
|
1,280 |
|
|
|
(1,867 |
) |
Unrealized gain (loss) on
available-for-sale investments |
|
23 |
|
|
|
353 |
|
|
|
496 |
|
|
|
(257 |
) |
Comprehensive loss |
$ |
(16,016 |
) |
|
$ |
(15,386 |
) |
|
$ |
(76,657 |
) |
|
$ |
(77,685 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asensus Surgical, Inc.Consolidated Balance
Sheets(in thousands, except share
amounts)(Unaudited) |
|
December 31, |
|
|
December 31, |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
17,096 |
|
|
$ |
6,329 |
|
Short-term investments, available-for-sale |
|
3,971 |
|
|
|
64,195 |
|
Accounts receivable, net |
|
3,508 |
|
|
|
2,256 |
|
Inventory, net |
|
7,172 |
|
|
|
8,284 |
|
Prepaid expenses |
|
3,143 |
|
|
|
3,584 |
|
Employee retention tax credit receivable |
|
— |
|
|
|
554 |
|
Other current assets |
|
1,496 |
|
|
|
1,671 |
|
Total Current Assets |
|
36,386 |
|
|
|
86,873 |
|
|
|
|
|
|
|
|
|
Restricted cash |
|
1,642 |
|
|
|
1,141 |
|
Long-term investments, available-for-sale |
|
— |
|
|
|
3,865 |
|
Inventory, net of current portion |
|
4,043 |
|
|
|
5,469 |
|
Property and equipment, net |
|
8,959 |
|
|
|
9,542 |
|
Intellectual property, net |
|
1,237 |
|
|
|
1,576 |
|
Deferred tax assets, net |
|
44 |
|
|
|
174 |
|
Operating lease right-of-use assets, net |
|
5,165 |
|
|
|
4,950 |
|
Other long-term assets |
|
1,610 |
|
|
|
2,463 |
|
Total Assets |
$ |
59,086 |
|
|
$ |
116,053 |
|
Liabilities and Stockholders’
Equity |
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
4,145 |
|
|
$ |
3,348 |
|
Accrued employee compensation and benefits |
|
5,390 |
|
|
|
4,508 |
|
Accrued expenses and other current liabilities |
|
1,636 |
|
|
|
1,293 |
|
Operating lease liabilities, current |
|
1,036 |
|
|
|
800 |
|
Deferred revenue |
|
421 |
|
|
|
465 |
|
Total Current Liabilities |
|
12,628 |
|
|
|
10,414 |
|
Long-Term Liabilities: |
|
|
|
|
|
|
|
Deferred revenue – less current portion |
|
290 |
|
|
|
— |
|
Contingent consideration |
|
2,220 |
|
|
|
1,256 |
|
Warrant liabilities |
|
5,888 |
|
|
|
— |
|
Noncurrent operating lease liabilities |
|
4,646 |
|
|
|
4,738 |
|
Total Liabilities |
|
25,672 |
|
|
|
16,408 |
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
Common stock $0.001 par value, 750,000,000 shares authorized at
December 31, 2023 and December 31, 2022; 264,921,526 and
236,895,440 shares issued and outstanding at December 31, 2023 and
December 31, 2022, respectivel |
|
265 |
|
|
|
237 |
|
Preferred stock, $0.01 par value, 25,000,000 shares authorized, no
shares issued and outstanding at December 31, 2023 and December 31,
2022 |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
973,129 |
|
|
|
962,731 |
|
Accumulated deficit |
|
(939,368 |
) |
|
|
(860,935 |
) |
Accumulated other comprehensive loss |
|
(612 |
) |
|
|
(2,388 |
) |
Total Stockholders’ Equity |
|
33,414 |
|
|
|
99,645 |
|
Total Liabilities and
Stockholders’ Equity |
$ |
59,086 |
|
|
$ |
116,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asensus Surgical, Inc.Consolidated Statements of
Cash Flows(in thousands)(Unaudited) |
|
|
|
|
Years Ended |
|
|
December 31, |
|
|
2023 |
|
|
2022 |
|
Operating Activities: |
|
|
|
|
|
|
|
Net loss |
$ |
(78,433 |
) |
|
$ |
(75,561 |
) |
Adjustments to reconcile net loss to net cash and cash equivalents
used in operating activities: |
|
|
|
|
|
|
|
Depreciation |
|
3,276 |
|
|
|
3,368 |
|
Amortization of intangible assets |
|
453 |
|
|
|
7,708 |
|
(Accretion) amortization of discounts and premiums on investments,
net |
|
(482 |
) |
|
|
565 |
|
Stock-based compensation |
|
7,918 |
|
|
|
8,416 |
|
Deferred tax expense |
|
132 |
|
|
|
318 |
|
Change in inventory reserves |
|
324 |
|
|
|
620 |
|
Bad debt expense |
|
— |
|
|
|
9 |
|
Property and equipment impairment |
|
374 |
|
|
|
1,431 |
|
Loss on disposal of property and equipment |
|
— |
|
|
|
122 |
|
Change in fair value of warrant liabilities |
|
(1,232 |
) |
|
|
— |
|
Change in fair value of contingent consideration |
|
964 |
|
|
|
(1,115 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
(1,178 |
) |
|
|
(1,528 |
) |
Inventory |
|
129 |
|
|
|
(2,302 |
) |
Operating lease right-of-use assets |
|
(206 |
) |
|
|
232 |
|
Prepaid expenses |
|
424 |
|
|
|
(450 |
) |
Employee retention tax credit receivable |
|
554 |
|
|
|
757 |
|
Other current and long-term assets |
|
1,173 |
|
|
|
(2,101 |
) |
Accounts payable |
|
574 |
|
|
|
35 |
|
Accrued employee compensation and benefits |
|
881 |
|
|
|
4,523 |
|
Accrued expenses and other current liabilities |
|
365 |
|
|
|
(3,955 |
) |
Deferred revenue |
|
233 |
|
|
|
(55 |
) |
Operating lease liabilities |
|
130 |
|
|
|
26 |
|
Net cash and cash equivalents
used in operating activities |
|
(63,627 |
) |
|
|
(58,937 |
) |
|
|
|
|
|
|
|
|
Investing Activities: |
|
|
|
|
|
|
|
Purchase of available-for-sale investments |
|
(12,268 |
) |
|
|
(33,886 |
) |
Proceeds from maturities of available-for-sale investments |
|
77,335 |
|
|
|
82,702 |
|
Purchase of property and equipment |
|
(561 |
) |
|
|
(1,279 |
) |
Net cash and cash equivalents
provided by investing activities |
|
64,506 |
|
|
|
47,537 |
|
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
Proceeds from issuance of common stock and warrants, net of
issuance costs |
|
10,118 |
|
|
|
— |
|
Taxes paid related to net share settlement of vesting of restricted
stock units |
|
(497 |
) |
|
|
(350 |
) |
Proceeds from exercise of stock options |
|
5 |
|
|
|
18 |
|
Net cash and cash equivalents
provided by (used in) financing activities |
|
9,626 |
|
|
|
(332 |
) |
|
|
|
|
|
|
|
|
Effect of exchange rate changes
on cash and cash equivalents |
|
763 |
|
|
|
(81 |
) |
Net increase (decrease) in cash,
cash equivalents and restricted cash |
|
11,268 |
|
|
|
(11,813 |
) |
Cash, cash equivalents and
restricted cash, beginning of period |
|
7,470 |
|
|
|
19,283 |
|
Cash, cash equivalents and
restricted cash, end of period |
$ |
18,738 |
|
|
$ |
7,470 |
|
|
|
|
|
|
|
|
|
Supplemental Disclosure for Cash
Flow Information: |
|
|
|
|
|
|
|
Cash paid for leases |
$ |
1,475 |
|
|
$ |
984 |
|
Cash paid for taxes |
$ |
352 |
|
|
$ |
165 |
|
|
|
|
|
|
|
|
|
Supplemental Schedule of Non-cash
Investing and Financing Activities: |
|
|
|
|
|
|
|
Transfer of inventories to property and equipment |
$ |
2,941 |
|
|
$ |
2,693 |
|
Lease liabilities arising from obtaining right-of-use assets |
$ |
1,143 |
|
|
$ |
577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
Years Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to common stockholders
(GAAP) |
$ |
(17,235 |
) |
|
$ |
(17,890 |
) |
|
$ |
(78,433 |
) |
|
$ |
(75,561 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets (a) |
|
113 |
|
|
|
107 |
|
|
|
453 |
|
|
|
7,708 |
|
Change in fair value of contingent consideration (b) |
|
290 |
|
|
|
53 |
|
|
|
964 |
|
|
|
(1,115 |
) |
Impairment of property and equipment (c) |
|
374 |
|
|
|
999 |
|
|
|
374 |
|
|
|
1,431 |
|
Change in fair value of warrant liabilities (d) |
|
(1,046 |
) |
|
|
— |
|
|
|
1,232 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
net loss attributable to common stockholders
(Non-GAAP) |
$ |
(17,504 |
) |
|
$ |
(16,731 |
) |
|
$ |
(75,410 |
) |
|
$ |
(67,537 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Years Ended |
|
|
December 31, |
|
|
December 31, |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Net loss
per share attributable to common stockholders (GAAP) |
$ |
(0.07 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.31 |
) |
|
$ |
(0.32 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets (a) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.03 |
|
Change in fair value of contingent consideration (b) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
Impairment of property and equipment (c) |
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.01 |
|
Change in fair value of warrant liabilities (d) |
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
net loss per share attributable to common stockholders
(Non-GAAP) |
$ |
(0.07 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.29 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The non-GAAP financial measures for the three
months and years ended December 31, 2023 and 2022, provide
management with additional insight into the Company’s results of
operations from period to period without non-cash charges and 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 7 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 Senhance Systems under operating leases that are not expected
to generate future cash flows sufficient to recover their net book
value.
d) During 2023, the Company recorded warrant
liabilities related to common stock warrants issued in the
registered direct offering in July 2023.
Warrant liabilities were recorded at their initial
estimated fair value. Adjustments associated with changes in fair
value of the warrant liabilities are included in the Company’s
consolidated statements of operations and comprehensive loss.
INVESTOR CONTACT:Mark Klausner or
Mike VallieICR Westwickeinvest@asensus.com443-213-0499
MEDIA CONTACT:Dan VentrescaMatter
CommunicationsAsensusPR@matternow.com617-874-5488
Asensus Surgical (AMEX:ASXC)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Asensus Surgical (AMEX:ASXC)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024