TransEnterix (TRXC) Tops Q1 EPS by 12c

TransEnterix (NYSE: TRXC) reported Q1 EPS of ($0.41), $0.12 better than the analyst estimate of ($0.53). Revenue for the quarter came in at $600 thousand versus the consensus estimate of $1.28 million.

Recent Highlights

• Obtained FDA 510(k) clearance for First Machine Vision System in Robotic Surgery in March 2020
• Received CE Mark approval for Pediatric indication for Senhance® Surgical System on February 12, 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
• Increased the number of procedures performed with Senhance by 43% in the first quarter of 2020 as compared to the first quarter of 2019
• Reduced anticipated cash burn during 2020 by approximately 35% as a result of restructuring and cost saving initiatives

“I would first like to say how proud I am of every one of our team members around the world as they have managed the COVID-19 crisis extremely well despite the challenges and uncertainty that continue to exist,” said Anthony Fernando, President and CEO of TransEnterix. “During the first two months of 2020, we generated significant momentum with the successful execution of our strategy that we first announced in November 2019. While we have seen some headwinds as a result of COVID, we believe we are well-positioned to continue to deliver 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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