Shares in TransEnterix (NYSE:TRXC) have fallen today after the medical device maker posted growing losses in its fourth quarter and full year 2017 earnings.
The Research Triangle Park, N.C.-based company posted losses of $76.2 million, or 40¢ per share, on sales of $3.4 million for the three months ended December 31, seeing losses grow 444.3% while sales grew a massive 6311% compared with the same period during the prior year.
Adjusted to exclude one-time items, losses per share were 8¢, just behind the 7¢ consensus on Wall Street where analysts were expecting to see sales of $3.3 million.
For the full year, TransEnterix posted losses of $144.8 million, or 97¢ per share, on sales of $7.1 million, seeing losses grow 20.7% while sales grew 368.1% compared to the previous fiscal year.
After adjusting to exclude one-time items, losses per share were 35¢, ahead of the 48¢ loss-per-share expectations on Wall Street, where analysts expected to see sales of $7.2 million.
“We made incredible progress during 2017, including the receipt of 510(k) clearance for the Senhance, the establishment of a global sales infrastructure, generating commercial momentum, and solidifying our balance sheet. As we look to 2018, our focus is driving the commercial adoption of Senhance globally by leveraging our sales infrastructure, expanding our instrument offerings, broadening Senhance’s indications for use, and obtaining additional regulatory approvals in key geographies,” prez & CEO Todd Pope said in a prepared statement.
Shares in TransEnterix are down 1.5% so far today, at $1.85 as of 10:07 a.m. EST.
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