The Research Triangle Park, N.C.-based company posted losses of $22.5 million, or 10¢ per share, on sales of $2.2 million for the three months ended March 31, seeing losses balloon from $882,000 in Q1 2018 while sales fell 54.2%.
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, which the company missed by approximately $3.6 million.
“Commercially, we were disappointed with our results in the first quarter. We did however make solid progress towards the expansion of our global sales infrastructure and the development of our U.S. installed base to support future growth. As we look to the balance of 2019, we will continue to leverage the commercial foundation we have built globally to drive the adoption of Senhance both in the U.S. and abroad. We remain confident in the quality of the global pipeline and expect to show meaningful revenue growth in the second half of the year,” prez & CEO Todd Pope said in a prepared statement.
TransEnterix did not provided updated guidance for its full 2019 year or the second quarter.
Shares in TransEnterix are down approximately 20.5% in after-hours trading, at approximately $1.67 as of 5:57 p.m. EDT.
In February, TransEnterix saw shares fall after it posted fourth quarter earnings that fell short on loss-per-share expectations but topped sales consensus on Wall Street.