TransEnterix, Inc. Reports Operating Results for the Second Quarter 2016
August 05, 2016 06:55 AM Eastern Daylight Time
RESEARCH TRIANGLE PARK, N.C.--( BUSINESS WIRE)--TransEnterix, Inc. (NYSE MKT: TRXC), a medical device company that is pioneering the use of robotics to improve minimally invasive surgery, today announced its operating and financial results for the second quarter of 2016.
“We remain enthusiastic about the potential of ALF-X, and will continue to invest in global commercial expansion, including preparing for its 510(k) submission.”
Tweet thisALF-X Commercial Update
On July 29, 2016, the Company closed its first sale of the ALF-X® Surgical Robotic System to Humanitas Hospital, a highly-specialized research and teaching hospital partnered with Humanitas University Medical School, located in Milan, Italy.
"We are very pleased with the progress we’ve made in the commercialization of ALF-X during the quarter, as well as having closed our first ALF-X sale in July," said Todd M. Pope, President and Chief Executive Officer of TransEnterix. "We remain enthusiastic about the potential of ALF-X, and will continue to invest in global commercial expansion, including preparing for its 510(k) submission."
Financial Highlights
On a consolidated GAAP basis, for the three months ended June 30, 2016, the Company reported total operating expenses of $80.7 million. These results included one-time restructuring charges of $5.6 million, of which $5.2 million were non-cash, as well as a non-cash charge for goodwill impairment of $61.8 million. Adjusted operating expenses excluding these charges were $13.3 million as compared to $9.1 million during the three months ended June 30, 2015. Total adjusted operating expenses increased primarily as a result of increased investment into the commercialization of the ALF-X. Adjusted operating expenses for the three months ended June 30, 2016 included research and development expenses of $6.4 million, sales and marketing expenses of $1.3 million, general and administrative expenses of $2.9 million, amortization of intangible assets of $1.8 million and change in contingent consideration of $0.9 million.
On a consolidated GAAP basis, for the three months ended June 30, 2016, net loss was $80.1 million and net loss per share was $0.70. Excluding the restructuring and goodwill impairment charges, adjusted net loss was $12.7 million or $0.11 per share.
The Company had cash and cash equivalents of approximately $64.6 million as of June 30, 2016, and approximately $61.0 million as of July 31, 2016. The Company expects its existing cash and cash equivalents to fund operations through the third quarter of 2017.
Conference Call
TransEnterix, Inc. will host a conference call on Friday, August 5, 2016 at 8:30 AM ET to discuss its second quarter 2016 operating and financial results. To listen to the conference call on your telephone, please dial (888) 364-3108 for domestic callers or (719) 352-2308 for international callers and reference TransEnterix Call approximately ten minutes prior to the start time. To access the live audio webcast or archived recording, use the following link cts.businesswire.com. The replay will be available on the Company's website.
About TransEnterix
TransEnterix is a medical device company that is pioneering the use of robotics to improve minimally invasive surgery by addressing the clinical and economic challenges associated with current laparoscopic and robotic options. The company is focused on the commercialization of the ALF-X Surgical Robotic System, a multi-port robotic system that brings the advantages of robotic surgery to patients while enabling surgeons with innovative technology such as haptic feedback and eye sensing camera control. The company is also developing the SurgiBot™ System, a single-port, robotically enhanced laparoscopic surgical platform. The ALF-X Surgical System has been granted a CE Mark but is not available for sale in the US. For more information, visit the TransEnterix website at www.transenterix.com.
Non-GAAP Measures
The adjusted operating expenses and adjusted net loss presented in this press release are non-GAAP measures. In the tables that follow under “Reconciliation of Non-GAAP Measures”, we present Adjusted Operating Expenses and Adjusted Net Loss, reconciled to their comparable GAAP measures. These financial measures are presented on a basis other than in accordance with U.S. generally accepted accounting principles (“Non-GAAP Measures”). These items are adjusted because they are not operational or because these charges are non-cash or non-recurring and management believes they are meaningful to understanding the Company’s performance during the periods presented. These Non-GAAP Measures should be considered a supplement to, not a substitute for, or superior to, the corresponding financial measures calculated in accordance with GAAP.
Forward Looking Statements |
