Asensus Shares First Quarter Results and Future Plans

Jun 01, 2023 22:40 JST

Source: PCG Digital

NEW YORK, Jun 01, 2023 - (ACN Newswire) - PCG Digital -- Asensus Surgical, Inc. (NYSE American: ASXC), a medical device company digitizing the interface between the surgeon and the patient to pioneer a new era of Performance-Guided Surgery(TM), recently shared notable operating and financial results for Q1 2023 and significant plans moving forward.

The company reported 20% year-over-year growth in surgical procedures, with more than 900 procedures performed globally during the quarter, and it recently received FDA 510(k) clearance for an expanded indication to treat pediatric patients - in line with a growing commitment to meeting the needs of an underserved pediatric market and connect with key pediatric surgeons.

First quarter revenue was $1 million with cash, cash equivalents, short- and long-term investments, excluding restricted cash, of approximately $57.4 million at the close of the quarter.

Asensus also surpassed 10,000 procedures on its Senhance(R) Surgical System, including a new program launched in Japan - one of the company's fastest-growing regions. The Senhance Surgical System with digital laparoscopy advances minimally invasive surgery with robotic precision.

Asensus' Intelligent Surgical Unit(TM) (ISU(TM)) integrated with the Senhance System is the only real-time solution on the market today that provides surgeons with a suite of tools to use during surgical procedures, including eye tracking camera control, haptic feedback, digital measurement and digital tags. Eye tracking allows surgeons to seamlessly control the camera position without pausing a procedure, and digital tags enhance communication between the surgeon at the console and the OR team website to further engage and support a seamless operating room experience.

Other key accomplishments include:

- Asensus received CE Mark approval for expanded machine vision capabilities on the ISU, which continues to notch praise throughout the industry.

- The ISU recently garnered two prestigious awards: It was named Best New Technology Solution in the MedTech Breakthrough awards' surgical category, where it faced competition from nearly 4,000 nominations across the globe, and Juniper Research Future Digital Awards for Excellence in Digital Health Innovation named Asensus the Best Medical Robotics Solution/Platinum Winner. Both awards are a strong testament to Asensus' commitment to innovation.

- Asensus signed a memorandum of understanding with KARL STORZ, a major player in the surgical device industry. The definitive agreements are progressing towards signing and will represent an important step in expanding commercial reach and development. Upon competition, this will bring the benefits of the ISU to KARL STORZ' extensive global customer base.

- As part of the company's aim to develop pediatric-specific real-world data, a peer-reviewed paper was published detailing the Senhance platform's usage in pediatric procedures. Senhance's unique combination of 3mm instrumentation with a 5mm camera scope combined with haptic feedback make it a unique robotic assisted laparoscopic solution for pediatric surgeries. The surgical team successfully performed surgeries on patients ranging from 4 months to 16 years old, including gallbladder removal, hernia repair, and other types of urological and GI procedures. These early results highlight the potential of the platform in the pediatric population and further validate its safety and effectiveness.

- To better support the pediatric market, Asensus hosted an event with several U.S. pediatric surgeons to gain a stronger understanding of their needs and a subsequent event with a group of key European pediatric surgeons to learn more about supporting further research.

Growth goals and future plans

- 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 expects to continue initiating integrated system testing for LUNA, the company's next-generation digital surgery platform. Through a combination of advanced minimally invasive instrumentation, the first ever digital interface between the surgeon and the console, and industry-leading clinical intelligence tools, the Company believes the LUNA System is poised to revolutionize the way surgery is performed.

"These are exciting times at Asensus," said Asensus President and CEO Anthony Fernando. "We have continued to push the boundaries of what's possible in robotic surgery, and we will keep pushing to deliver the tools and capabilities that surgeons need to deliver better, more consistent outcomes for their patients."

Disclaimer

This communication was produced by PCG Digital Holdings, LLC, an affiliate of PCG Advisory Inc., (together "PCG"). PCG is not a registered or licensed broker-dealer nor investment adviser. No information contained in this communication constitutes an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. PCG may be compensated by respective clients for publicizing information relating to its client's securities. See www.pcgadvisory.com/disclosures.

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Source: PCG Digital
Sectors: BioTech, Healthcare & Pharm, Clinical Trials