TransEnterix (TRXC) Misses Q4 EPS by 7c

TransEnterix (NYSE: TRXC) reported Q4 EPS of ($0.69), $0.07 worse than the analyst estimate of ($0.62).

Recent Highlights

• Three hospitals initiated Senhance Digital Laparoscopy Programs thus far in 2020
• Announced FDA 510(k) clearance for First Machine Vision System in Robotic Surgery on March 13, 2020
• Raised approximately $15 million in gross proceeds in an underwritten public offering in March of 2020 and $11.6 million in ATM offering gross proceeds since January 2020
• Entered into an equity line purchase agreement on February 10, 2020 with Lincoln Park Capital Fund, LLC which provides access to up to $25 million
• Received CE Mark approval for Pediatric indication for Senhance® Surgical System on February 12, 2020
• Continued to execute restructuring plan to reduce cash burn

“Since the beginning of the fourth quarter, we have made tremendous progress in building the foundation to drive adoption in 2020 and beyond,” said Anthony Fernando, President and CEO of TransEnterix. “Thus far in 2020, we have already seen the successful execution of our strategy - three hospitals have initiated Senhance digital laparoscopy programs in the first quarter and we have signed two incremental agreements with hospitals to begin programs in the second quarter. In addition, we have recently achieved multiple significant regulatory milestones and bolstered our balance sheet through the completion of financings. Looking to the balance of 2020, we believe we are well positioned to continue to execute on our strategy and bring transformative technology to surgeons, hospitals, and patients globally.”

For earnings history and earnings-related data on TransEnterix (TRXC) click here.

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