Asensus Surgical (NYSE:ASXC) shares are down today — a day after the company posted Q1 results that edged the consensus earnings forecast.
The Research Triangle Park, N.C.-based robotic surgery company — formerly known as TransEnterix — posted losses of -$17.3 million, or -8¢ per share, on sales of $2.1 million for the three months ended March 31, 2021, for a -4.5% bottom-line slide despite more than tripled revenue totals.
Adjusted to exclude one-time items, earnings per share were -6¢, coming in 1¢ ahead of analysts’ projections on Wall Street.
“We were pleased with our performance during the first quarter and with our strong start to the year. We acknowledge the pandemic around the world is still having impacts, but I’m encouraged by the signs of recovery this quarter,” Asensus Surgical president & CEO Anthony Fernando said in a news release yesterday evening. “We submitted for 510(k) clearance for articulating instruments, received FDA clearance for general surgery, saw strong procedure volume trends including the utilization of the ISU, announced a new training center in the EU, raised significant funds, finalized our name change and rebranding, and, subsequent to the quarter end, signed two Senhance system lease agreements.
“Our ability to deliver results while also advancing our technology pipeline during these times is proof to the capabilities and broad applicability of Senhance.”
Asensus did not provide financial guidance for the remainder of the year.
ASXC shares were down more than –8% to $1.72 apiece by midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.