- Completed Pre-Submission FDA Filing for
SurgiBot™ System in March 2014
- Announced First Human Cases using
Advanced Energy Device in April 2014
- Raised $56.4 Million in Gross Proceeds
from Public Offering of Common Stock in April and May 2014
- Began trading on NYSE MKT under ticker
symbol TRXC in April 2014
TransEnterix, Inc. (NYSE MKT: TRXC), a medical device company
that is pioneering the use of flexible instruments and robotics to
improve minimally invasive surgery, today announced its operating
and financial results for the first quarter 2014.
"We have had a great start to the year and have now achieved two
key milestones – the FDA pre-submission related to the SurgiBot and
the launch of our Advanced Energy Device," said Todd M. Pope,
President and Chief Executive Officer of TransEnterix. "In
addition, we completed a significant public offering to raise the
capital required to support the commercialization of our SurgiBot
System. We also completed our up-listing on the NYSE MKT."
Financial Results
Comparison of Selected Consolidated Financial Results (in
thousands, except net loss per share)
Three Months
Ended March 31,
2014
2013
Total revenue $ 93 $ 329 Net loss $ 7,479 $ 4,777 Net loss per
share $ 0.15 $ 4.43 Weighted average common shares 48,850 1,078
Revenue was $93 thousand in the first quarter of 2014,
representing a 72% decrease from revenue of $329 thousand in the
first quarter of 2013. The decrease in revenue was due to lower
sales volumes of the SPIDER® Surgical System as a result of the
planned reduction in our U.S. sales force headcount. TransEnterix
continues to primarily focus its resources on the development of
the SurgiBot System.
Research and development expenses were $5.0 million in the first
quarter of 2014, compared with $2.8 million in the first quarter of
2013. The increase in expenses was attributable to higher
personnel-related costs as we continue to increase headcount in our
research and development and regulatory functions as well as an
increase in other expenses related to product development of our
SurgiBot System.
Sales and marketing expenses for the first quarter of 2014 were
$406 thousand compared to $512 thousand in the first quarter of
2013. The decrease was primarily related to lower personnel-related
costs as we reduced our direct sales and marketing personnel. We
also lowered expenditures for demonstration products and other
marketing expenses.
General and Administrative expenses for the first quarter of
2014 were $1.6 million compared to $685 thousand in the first
quarter of 2013. The increase was primarily due to higher staffing
costs, greater costs associated with stock based compensation, and
increased costs associated with being a public company.
Net loss in the first quarter of 2014 was $7.5 million compared
to a net loss of $4.8 million in the first quarter of 2013. Net
loss per common share was $0.15 in the first quarter of 2014 based
on 48.9 million weighted average common shares outstanding compared
to a net loss per share of $4.43 in the first quarter of 2013 based
on 1.1 million weighted average common shares outstanding.
Cash, cash equivalents and short term investments were $8.6
million as of March 31, 2014. Pro forma for the equity offering
completed on May 5, 2014, cash, cash equivalents and short term
investments would have been $60.9 million.
Recent Developments
On March 31, 2014, we announced that, pursuant to the FDA's
Pre-Submission Program, we completed a pre-submission filing with
the U.S. Food and Drug Administration ("FDA") to request additional
feedback from the FDA regarding our planned 510(k) filing for the
SurgiBot™ system.
On April 16, 2014 we announced the first human cases performed
using our recently launched fully flexible advanced energy device.
The SPIDER Flex Ligating Shears, which has received 510(k)
clearance from the U.S. Food and Drug Administration, is designed
to deliver full flexibility and 360° articulation to the surgeon
while offering ligation and division with direct thermal energy in
various laparoscopic surgical procedures.
On April 21, 2014 we announced the pricing of an underwritten
public offering of 12,500,000 shares of common stock and on May 5,
2014, we announced that the underwriters of this offering partially
exercised the over-allotment option granted at the time of the
offering and purchased an additional 1,610,000 shares of common
stock. Net proceeds from the public offering and associated
exercise of the overallotment option are expected to be
approximately $52.3 million. In conjunction with the offering, our
common stock began trading on the NYSE MKT under the symbol
"TRXC."
Conference Call
TransEnterix, Inc. will host a conference call on Wednesday, May
7, 2014 at 4:30 PM ET to discuss its first quarter operating and
financial results. To listen to the conference call on your
telephone, please dial (888) 572-7025 for domestic callers or (719)
325-2448 for international callers ten minutes prior to the start
time. The call will be concurrently webcast. To access the
live audio webcast or the archived recording, use the following
link http://ir.transenterix.com/events.cfm.
Financial Statements
On September 3, 2013, SafeStitch Medical, Inc. (now
TransEnterix, Inc.) and TransEnterix Surgical, Inc., formerly known
as TransEnterix, Inc., consummated a merger transaction (the
“Reverse Merger”) whereby TransEnterix Surgical, Inc. merged with a
merger subsidiary of SafeStitch Medical, Inc., with TransEnterix
Surgical, Inc. as the surviving entity in the merger. As a result
of the merger, TransEnterix Surgical, Inc. became a wholly owned
subsidiary of SafeStitch Medical, Inc. On December 6, 2013,
SafeStitch Medical, Inc. changed its corporate name to
TransEnterix, Inc.
The Reverse Merger has been accounted for as a reverse
acquisition under which TransEnterix Surgical, Inc. was considered
the acquirer of SafeStitch Medical, Inc. As such, the financial
statements of TransEnterix Surgical, Inc. are treated as the
historical financial statements of the combined company, with the
results of SafeStitch Medical, Inc. being included from September
3, 2013.
About TransEnterix
TransEnterix is a medical device company that is pioneering the
use of flexible instruments and robotics to improve minimally
invasive surgery. The company is focused on the development and
commercialization of the SurgiBot™ system, a minimally invasive
surgical robotic system that allows the surgeon to be patient-side
within the sterile field. For more information, visit the company's
website at www.transenterix.com.
Forward Looking Statements
This press release includes statements relating to the SurgiBot
System and our current regulatory and commercialization plans for
the System. These statements and other statements regarding our
future plans and goals constitute "forward looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, and are
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. Such
statements are subject to risks and uncertainties that are often
difficult to predict, are beyond our control, and which may cause
results to differ materially from expectations and include whether
we will begin SurgiBot first-in-man cases in the 2014 third
quarter, whether we submit our SurgiBot System regulatory filings
in the 2014 fourth quarter, and whether we will be able to bring
the SurgiBot System to the market. Factors that could cause our
results to differ materially from those described include, but are
not limited to, whether the SurgiBot System's 510(k) application(s)
will be cleared by the U.S. FDA, whether the combined company will
be successful in 2014 and beyond, the pace of adoption of our
product technology by surgeons, the outcome of coverage and
reimbursement decisions by the government and third party payors,
the success and market opportunity of our continuing and new
product development efforts, including the SurgiBot System, the
effect on our business of existing and new regulatory requirements,
and other economic and competitive factors. For a discussion of the
most significant risks and uncertainties associated with
TransEnterix's business, please review our filings with the
Securities and Exchange Commission (SEC), including our Annual
Report on Form 10-K for the year ended December 31, 2013 filed on
March 5, 2014 as amended, and other filings we make with the
Securities and Exchange Commission. You are cautioned not to place
undue reliance on these forward looking statements, which are based
on our expectations as of the date of this press release and speak
only as of the date of this press release. We undertake no
obligation to publicly update or revise any forward looking
statement, whether as a result of new information, future events or
otherwise.
TransEnterix, Inc.
Consolidated Statements of Operations
and Comprehensive Loss
(in thousands, except per share
amounts)
(Unaudited)
Three Months Ended March 31, 2014 2013
Sales $ 93 $ 329 Operating Expenses Cost of goods sold 220
882 Research and development 5,011 2,781 Sales and marketing 406
512 General and administrative 1,614 685
Total Operating Expenses 7,251 4,860
Operating Loss (7,158 ) (4,531 )
Other Expense Interest expense, net (321 ) (246 )
Total Other Expense, net (321 ) (246 )
Net Loss $ (7,479 ) $ (4,777 ) Other comprehensive income
(loss) - - Comprehensive loss $
(7,479 ) $ (4,777 ) Net loss per share - basic and diluted $
(0.15 ) $ (4.43 ) Weighted average common shares outstanding
- basic and diluted 48,850 1,078
TransEnterix, Inc.
Consolidated Balance Sheets
(in thousands, except share
amounts)
March 31,2014
December 31,2013
Assets (unaudited) Current Assets Cash and cash equivalents
$ 4,160 $ 10,014 Short-term investments 4,469 6,191 Accounts
receivable, net 52 188 Interest receivable 73 68 Inventory, net 651
701 Other current assets 771 593 Total
Current Assets 10,176 17,755
Restricted cash 250 375 Property and equipment, net 1,891 1,864
Intellectual property, net 2,616 2,741 Trade names, net 9 10
Goodwill 93,842 93,842 Other long term assets 105
127 Total Assets $ 108,889 $ 116,714
Liabilities and Stockholders’ Equity Current Liabilities
Accounts payable $ 1,858 $ 1,804 Accrued expenses 1,531 1,406 Note
payable - current portion 3,965 3,879
Total Current Liabilities 7,354 7,089 Long Term Liabilities
Note payable - less current portion 3,578
4,602 Total Liabilities 10,932 11,691 Commitments and
Contingencies Stockholders’ Equity Common stock $0.001 par
value, 750,000,000 shares authorized at March 31, 2014 and December
31, 2013; 48,855,255 and 48,841,417 shares issued and outstanding
at March 31, 2014 and December 31, 2013, respectively 49 49
Additional paid-in capital 203,651 203,238 Accumulated deficit
(105,743 ) (98,264 ) Total Stockholders’
Equity 97,957 105,023 Total
Liabilities and Stockholders’ Equity $ 108,889 $ 116,714
TransEnterix, Inc.
Consolidated Statements of Cash
Flows
(in thousands)
(Unaudited)
Three Months Ended
March 31,
2014 2013 Operating Activities Net loss $
(7,479 ) $ (4,777 ) Adjustments to reconcile net loss to net cash
and cash equivalents used in operating activities: Depreciation and
amortization 286 352 Amortization of debt issuance costs 22 27
Stock-based compensation 405 65 Changes in operating assets and
liabilities: Accounts receivable 136 281 Interest receivable (5 )
16 Inventory 50 (109 ) Other current and long term assets (178 )
(52 ) Restricted cash 125 - Accounts payable 54 410 Accrued
expenses 125 192 Net cash and cash
equivalents used in operating activities (6,459 )
(3,595 ) Investing Activities Proceeds from sale and
maturities of investments 1,722 907 Purchase of property and
equipment (187 ) (69 ) Net cash and cash equivalents
provided by investing activities 1,535 838
Financing Activities Payment of debt (938 ) -
Proceeds from exercise of stock options 8 -
Net cash and cash equivalents used in financing activities
(930 ) - Net decrease in cash and cash
equivalents (5,854 ) (2,757 ) Cash and Cash Equivalents, beginning
of period 10,014 8,896 Cash and Cash
Equivalents, end of period $ 4,160 $ 6,139
Supplemental Disclosure for Cash Flow Information Interest paid $
179 $ 190
Westwicke PartnersInvestor Contact:Mark Klausner,
443-213-0501transenterix@westwicke.comorTransEnterix, Inc.Media
Contact:Mohan Nathan, 919-917-6559mnathan@transenterix.com
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