The Research Triangle Park, N.C.-based surgical robotics company posted losses of -$15.1 million, or -15¢ per share, on sales of $814,000 for the three months ended Sept. 30, 2020, for an 84.6% bottom-line gain despite a sales decline of 59.8%.
Adjusted to exclude one-time items, earnings per share were -12¢, 11¢ ahead of Wall Street as TransEnterix beat analysts’ revenue projections by 11.5%.
“The third quarter was immensely productive for the company despite the ongoing headwinds associated with COVID and the burden placed on hospitals globally,” TransEnterix president & CEO Anthony Fernando said in a news release. “We achieved several key milestones, including the first surgical procedures using the Intelligent Surgical Unit in the U.S. and the first pediatric surgical cases with the Senhance in Europe.
“Looking to the balance of 2020, we are focused on leveraging the continued momentum in system placement and procedures we have created in recent months to deliver on our strategy and bring Senhance’s transformative technology to surgeons, hospitals, and patients globally.”
TransEnterix said it is not providing financial guidance at this time due to uncertainties caused by COVID-19.
TRXC shares were up 0.7% at 38¢ per share in midday trading today.