The Mountain View, Calif.-based company said the error stems from a $35 million private placement last year, for 53,846 shares of its Series A convertible preferred stock at $650 each.
“The accounting error resulted in the failure to deduct a 1-time, non-cash charge of $15.3 million attributable to the deemed dividend upon the conversion of Series A convertible preferred stock, which occurred on May 12, 2015,” the company said in a regulatory filing.
That means that Hansen’s 2nd-quarter losses last year were -$48.9 million, or -$3 per share, not the -$33.5 million (-$2.06) it originally reported. Hansen said it’s in the process of remediating its internal controls to address the problem.
HNSN shares slid -5.4% tp $2.75 each today in mid-morning activity.
In January, the company, which makes the Magellan and Sensei surgical robots, said it formed a special committee of its independent board members to evaluate potential moves, including a sale of the company and tapped Perella Weinberg Partners as a financial advisor.