“Our key areas of focus in 2020 will be on market develop activities, expanding the clinical economic evidence, supporting Senhance and adding important new features, such as augmented intelligence and scene cognition to the system and expanding our indications for use,” said Anthony Fernando, appointed as the new CEO of the company on Nov. 8.
“While we will continue to sell commercial systems …, we have shifted resources away from our commercial infrastructure in favor of a smaller, more targeted sales force and focus the remainder of our resources on achieving these goals,” Fernando, a former Stryker executive who was previously TransEnterix’s COO and CTO, said in an earnings calls yesterday with analysts transcribed by Seeking Alpha.
The shift in strategy at TransEnterix comes after a number of disappointing results. The Research Triangle Park, N.C.–based company reported a net loss of -$97.8 million, or -43¢ per share, on sales of $2.0 million for the three months ended Sept. 30, 2019, a worsening situation compared with the loss of -$20.2 million, or -10¢ per share, on sales of $5.4 million in Q3 2018.
During the company’s earnings call yesterday evening, board chair Paul LaViolette said TransEnterix continues to “strategic and financing alternatives to maximize shareholder value.” That’s corporate-speak for exploring a potential sale of the company.