TransEnterix, Inc. (NYSE MKT:TRXC), a medical device company
that is pioneering the use of robotics and flexible instruments to
improve minimally invasive surgery, today announced its operating
and financial results for the third quarter 2014.
Operating Results
- In August 2014, Dr. Helmuth Billy
performed a successful sleeve gastrectomy surgery using
TransEnterix’s Flex Ligating Shears, which was broadcast at the 5th
International Conference on Sleeve Gastrectomy. TransEnterix's Flex
Ligating Shears are the only fully flexible advanced energy device
available that offers ligation and division of tissue with direct
thermal fusion.
- In September 2014, the Company expanded
its existing loan agreement with Oxford Finance LLC and Silicon
Valley Bank to provide for up to $25.0 million in growth
capital.
- The Company expects to make a 510(k)
submission for the SurgiBot™ system in mid-2015. The Company
previously anticipated making its 510(k) submission in the fourth
quarter of 2014.
“We continue to make substantial progress toward the submission
of a 510(k) for the SurgiBot system, having manufactured fully
integrated SurgiBot systems, completed functional testing and
conducted successful pre-clinical surgical procedures,” said Todd
M. Pope, President and Chief Executive Officer of TransEnterix.
“While we are disappointed to extend the timeline for our
submission, it remains our top priority as a company and we are
confident in our ability to make the submission in the middle of
2015.”
Financial
Results
Comparison of Selected Consolidated
Financial Results (in thousands, except netloss per share)
Three Months
Ended September 30,
2014
2013
Total revenue $ 61 $ 362 Net loss $ 11,507 $ 11,265
Net loss per share $ 0.18 $ 1.06 Weighted average
common shares 63,068 10,584
Revenue was $61 thousand in the third quarter of 2014 as
compared to $362 thousand in the third quarter of 2013. The
decrease in revenue was attributable to lower sales volumes of
SPIDER® Surgical System as we continue to focus resources on our
SurgiBot system development.
Cost of goods sold was $202 thousand in the third quarter of
2014, compared with $2.1 million in the third quarter of 2013. The
decrease was primarily the result of lower revenues as we limit
sales of the SPIDER Surgical System to existing
customers, discontinued production of the SPIDER Surgical System,
and transferred employees from manufacturing and quality
departments to research and development and regulatory
functions.
Research and development expenses were $9.1 million in the third
quarter of 2014, compared with $2.9 million in the third quarter of
2013. The increase in expenses was attributable to increased
investment in SurgiBot development, including development
materials, contract engineering and higher personnel-related costs
as we expanded our research and development and regulatory
capability.
Sales and marketing expenses remained relatively flat at $456
thousand for the third quarter in comparison to $438 thousand in
the prior year period.
General and administrative expenses for the third quarter of
2014 were $1.6 million compared to $1.3 million in the third
quarter of 2013. The increase in expenses was due to increased
stock-based compensation costs, increased taxes, and increased
professional development, offset by decreased compensation
costs.
Net loss in the third quarter of 2014 was $11.5 million compared
to a net loss of $11.3 million in the third quarter of 2013. Net
loss per common share was $0.18 in the third quarter of 2014 based
on 63.1 million weighted average common shares outstanding compared
to a net loss per share of $1.06 in the third quarter of 2013 based
on 10.6 million weighted average common shares outstanding.
Cash and cash equivalents were $44.3 million as of September 30,
2014.
Conference Call
TransEnterix, Inc. will host a conference call on Thursday,
November 6, 2014 at 8:30 AM ET to discuss its third quarter
operating and financial results. To listen to the conference
call on your telephone, please dial (800) 263-8506 for domestic
callers or (719) 457-2640 for international callers approximately
ten minutes prior to the start time. To access the live audio
webcast or archived recording, use the following link
http://ir.transenterix.com/events.cfm. The replay will be available
on the Company's website.
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 robotics and flexible instruments 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, our flexible energy device and our current regulatory and
commercialization plans for these products. 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, including whether we will successfully submit our
SurgiBot system regulatory filings in mid-2015, 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
endedSeptember 30, Nine months endedSeptember 30, 2014
2013 2014 2013 Sales $ 61 $ 362 $ 267 $ 1,212
Operating Expenses Cost of goods sold 202 2,058 660 4,096
Research and development 9,067 2,909 21,960 7,855 Sales and
marketing 456 438 1,323 1,490 General and administrative 1,606
1,278 5,133 2,665 Merger expenses — 2,891
— 2,891 Total Operating
Expenses 11,331 9,574 29,076
18,997 Operating Loss
(11,270 ) (9,212 ) (28,809 ) (17,785 )
Other Expense Remeasurement of fair value of preferred stock
warrant liability — (1,800 ) — (1,800 ) Interest expense, net
(237 ) (253 ) (764 ) (742 )
Total Other Expense, net (237 ) (2,053 )
(764 ) (2,542 ) Net Loss $ (11,507 ) $
(11,265 ) $ (29,573 ) $ (20,327 ) Other comprehensive
income (loss) — — —
— Comprehensive loss $ (11,507 ) $
(11,265 ) $ (29,573 ) $ (20,327 ) Net loss per share
- basic and diluted $ (0.18 ) $ (1.06 ) $ (0.52 ) $ (4.75 )
Weighted average common shares outstanding - basic and
diluted 63,068 10,584 57,212
4,282
TransEnterix, Inc.
Consolidated Balance Sheets (in thousands, except share
amounts) September 30,2014 December
31,2013 (unaudited) Assets Current Assets Cash and cash
equivalents $ 44,344 $ 10,014 Short-term investments — 6,191
Accounts receivable, net 38 188 Interest receivable — 68 Inventory,
net 267 701 Other current assets 833 593
Total Current Assets 45,482
17,755 Restricted cash 250 375 Property and
equipment, net 2,901 1,864 Intellectual property, net 2,366 2,741
Trade names, net 8 10 Goodwill 93,842 93,842 Other long term assets
71 127 Total Assets $ 144,920
$ 116,714 Liabilities and Stockholders’
Equity Current Liabilities Accounts payable $ 3,265 $ 1,804 Accrued
expenses 1,756 1,406 Note payable - current portion —
3,879 Total Current Liabilities 5,021 7,089
Long Term Liabilities Note payable - less current portion,
net of debt discount 9,871 4,602
Total Liabilities 14,892 11,691 Commitments and
Contingencies Stockholders’ Equity Preferred stock, $0.01
par value, 25,000,000 shares authorized at September 30, 2014 and
December 31, 2013, no shares issued and outstanding at September
30, 2014 and December 31, 2013, respectively — — Common stock
$0.001 par value, 750,000,000 shares authorized at September 30,
2014 and December 31, 2013; 63,096,816 and 48,841,417 shares issued
and outstanding at September 30, 2014 and December 31, 2013,
respectively(1) 63 49 Additional paid-in capital 257,802 203,238
Accumulated deficit (127,837 ) (98,264 )
Total Stockholders’ Equity 130,028
105,023 Total Liabilities and Stockholders’
Equity $ 144,920 $ 116,714
(1) Adjusted for 1:5 reverse stock split on March 31,
2014.
TransEnterix, Inc. Consolidated Statements of Cash
Flows (in thousands) (Unaudited)
Nine Months Ended
September 30,
2014 2013 Operating Activities Net loss $ (29,573 ) $
(20,327 ) Adjustments to reconcile net loss to net cash and cash
equivalents used in operating activities: Depreciation and
amortization 936 1,064 Amortization of debt issuance costs 56 78
Remeasurement of fair value of preferred stock warrant liability —
1,800 Stock-based compensation 2,018 484 Accretion of bond discount
— (1) Loss on disposal of property and equipment 5 32 Impairment
loss on property and equipment — 304 Changes in operating assets
and liabilities: Accounts receivable 150 251 Interest receivable 68
6 Inventory 434 667 Other current and long term assets (240 ) (527
) Restricted cash 125 — Accounts payable 1,461 1,617 Accrued
expenses 350 505 Net cash and cash equivalents used in
operating activities (24,210) (14,047 ) Investing
Activities Purchase of investments — (1,104) Proceeds from sale and
maturities of investments 6,191 907 Proceeds from sale of property
and equipment 25 — Cash received in acquisition of a business, net
of cash paid — 305 Purchase of property and equipment (1,626) (724)
Net cash and cash equivalents provided by (used in)
investing activities 4,590 (616) Financing Activities
Payment of debt (2,877 ) (601) Proceeds from the issuance of common
stock, net of issuance costs 52,433 — Proceeds from issuance of
debt, net of debt discount 4,321 1,998 Proceeds from issuance of
preferred stock, net of issuance costs — 28,199 Proceeds from
exercise of stock options and warrants 73 — Net cash and
cash equivalents provided by financing activities 53,950 29,596
Net increase in cash and cash equivalents 34,330 14,933 Cash
and Cash Equivalents, beginning of period 10,014 8,896 Cash
and Cash Equivalents, end of period $ 44,344 $ 23,829
Supplemental Disclosure for Cash Flow Information Interest paid $
518 $ 625 Supplemental Schedule of Noncash Investing and
Financing Activities Issuance of preferred stock warrants and debt
issuance costs $ — $ 128 Issuance of common stock warrants $ 54 $ —
Conversion of bridge notes to preferred stock $ — $ 1,998
Conversion of preferred stock warrants to common stock warrants $ —
$ 1,909
Westwicke PartnersInvestor Contact:Mark Klausner,
443-213-0501transenterix@westwicke.comorTransEnterix, Inc.Media
Contact:Mohan Nathan, 919-917-6559mnathan@transenterix.com
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