NEW YORK, Aug 17, 2023 - (ACN Newswire) - PCG Digital -- Driving towards its goal of continued global growth in the surgical robotics sector, Asensus Surgical (NYSE American: ASXC) provided a positive update on both recent accomplishments and the company's projected outlook for the coming year. Asensus' trajectory shows strong promise and interest, with marked advancements in the adoption of its state-of-the-art products and a clear vision for future innovations.
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Q2 in Review:
- Progress across Key Areas: The company reported meaningful progress across its key areas, including the broader utilization of the Intelligent Surgical Unit(TM) (ISU(TM)), the advancement of their clinical body of evidence, and the continued optimization of their flagship product, Senhance(R) Surgical System.
- Robust Worldwide Growth: A 27% year-over-year growth was observed in the second quarter, with more than 1,000 Senhance procedures performed globally. This consistent growth rate of around 10% sequentially underscores the firm's commitment to expansion and stability.
- Global Reach: Asensus Surgical continues to make international inroads. Notably, the initiation of the Senhance program at Fukuoka Tokushukai Hospital in Kasuga City, Japan, and the successful establishment of an exclusive Senhance program within the pediatric surgery department of a leading U.S. hospital indicates its expanding global footprint and trajectory.
- Pediatric Space Advancements: Pediatric surgeons are drawn to the Senhance system's specialized features, smaller instruments, and real-world data demonstrating safety and effectiveness in the wake of Asensus obtaining FDA clearance in March 2023.
- Clinical Registry Expansion: The TRUST(TM) clinical registry, which collects both intraoperative and postoperative follow-up data, has expanded to include data from over 2,500 patients. This data supports quality clinical publications and aids in the company's market development strategy.
- Active Participation in Industry Events: Asensus Surgical participated in several key industry events, including the Society of Robotic Surgery Annual Meeting in Australia and the joint meeting of IPEG and ESPES, to generate excitement and showcase the capabilities of Senhance, LUNA, and the ISU.
Financial Overview:
Asensus reported revenue of $1.1 million for Q2 2023, a slight increase from $1 million in Q2 2022. This includes lease revenue, instruments, and accessories as well as services. Although there was a reported net loss of $20.7 million for Q2 2023, the company's strong cash position, bolstered by a recent offering that generated approximately $10 million, extends the company's cash runway through the second quarter of 2024.
Strategic and Surgical Precision
- LUNA Surgical System: The upcoming LUNA Surgical System is a significant development. By the end of 2023, the company aims to complete full system integration and testing for LUNA. Regulatory filings are anticipated in late 2024, with hopes of FDA clearance by mid-2025. This would pave the way for a commercial launch in the second half of 2025.
- Economic Flexibility: With LUNA, Asensus is considering a subscription-based model for hospitals, offering an innovative approach to ensure broader adoption without increasing procedure costs.
- Expansion of ISU and Senhance: 2023 will also see Asensus entering into an agreement with a strategic graphics hardware provider and ramping up pilot manufacturing for the future ISU. Furthermore, a total of 10 to 12 new Senhance programs are expected to be initiated throughout the year.
A Closer Look:
Anthony Fernando, President and CEO at Asensus, attributes ongoing growth to two key factors: 1) More surgeons within the same hospital adopting the system and 2) Additional installations coming up to speed.
Fernando has previously stated that from a pipeline point of view, Asensus feels very bullish and that it can deliver on its commitment of 10 to 12 systems. Fernando further commented on the timing of the additional systems that the decision cycle is a long one because hospitals are doing the diligence and trying to get as much consensus internally as they can with surgeons so they can make the program successful.
Fernando added that pediatrics is "somewhat of an underserved space" and that the value of smaller instruments, haptic feedback, and innovative digital capabilities is becoming more and more attractive to pediatric surgeons, particularly in the United States.
Finally, the team is making excellent progress on the LUNA R&D front. They continue to receive positive feedback from surgeons who are looking forward to utilizing both 3- and 5-millimeter instruments as well as eye-tracking features and independent arms: "They can see the improvements, and that's what's driving a high level of interest," Fernando added.
Asensus Surgical's recent achievements and future plans suggest a company that is not only growing but also driving significant innovations in digital surgery. With their commitment to delivering better outcomes for patients and continuous advancements, the company's trajectory of sustained growth and leadership in its domain is drawing surgeons, patients, and investors alike.
Disclaimer
This communication was produced by PCG Digital Holdings, LLC, an affiliate of PCG Advisory Inc., (together "PCG"). PCG is not a registered or licensed broker-dealer nor investment adviser. No information contained in this communication constitutes an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. PCG may be compensated by respective clients for publicizing information relating to its client's securities. See www.pcgadvisory.com/disclosures.
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