The Research Triangle Park, N.C.-based company posted losses of $20.1 million, or -10¢ per share, on sales of $3.64 million for the three months ended June 30, 2019. Adjusted to exclude one-time items, losses per share were -9¢, behind the -8¢ consensus on Wall Street where analysts expected to see sales of $5.8 million.
The company only sold one system in the quarter, and that was outside the U.S. Q2 2018 saw sales of four systems. The second-quarter 2019 sales figure also included $1.3 million from a 2017 transaction for which revenue was deferred until the device’s first clinical use, which occurred in Q2 2019.
“While we were disappointed with our system sales in the quarter, we are encouraged by our operational accomplishments including the monetization of the AutoLap assets and achievement of Japanese regulatory approval and broad reimbursement well ahead of our expectations,” said Todd Pope, president & CEO in a news release. “We are focused on improving commercial execution to drive global system sales in the second half of the year.”
TransEnterix sold the AutoLap assets acquired last year along with Medical Surgery Technologies to Great Belief International for $47 million in July. Japanese regulators approved the company’s Senhance robot-assisted surgery device for several procedures in May, and Japan’s Ministry of Health, Labor & Welfare approved coverage of Senhance for several procedures last week.
TransEnterix did not provide updated guidance for its full 2019 year or the third quarter.