Transenterix Inc (NYSEAMERICAN:TRXC) a medical device firm that is pioneering the application of robotics to enhance minimally invasive surgery, reported its financial and operating results for Q3 2017. Todd M. Pope, the CEO and President, expressed that they are extremely thrilled about the progress they made during Q3 and the 510(k) nod of the Senhance in October.
There is a notable prospect for the Senhance in the United States, with millions of laparoscopic processes done each year utilizing basic manual tools. As they look to 2018, they are focused on the commercial and clinical success of Senhance in the United States while continuing to establish on their commercial momentum in Asia and Europe.
The details
On October 13, 2017, Transenterix obtained U.S. FDA 510(k) approval for the Senhance Surgical System, with signs for application in laparoscopic gynecologic surgery and laparoscopic colorectal surgery. The firm’s U.S. sales team presently comprises 17 professionals. During Q3 2017, the firm offered one Senhance system in Taiwan.
This system is under a special import procedure into Taiwan, and doesn’t yet have nod for clinical application. A filing has been presented to Taiwanese authorities for regulatory assessment, and clearance is anticipated in 2018. Revenues related with this sale will be postponed until clinical application of the system starts.
For the quarter closed September 30, 2017, Transenterix posted revenue of $0.2 million, mainly linked to the recognition of delayed service revenue from preceding system sales. During Q3 2017, total operating expenses came at $37.8 million versus $14 million in the same quarter, a year earlier.
Operating expenses during the third quarter comprised a non-cash charge of $22.9 million for change in fair value of warrant liabilities linked to the firm’s April 2017 equity financing. Net loss came at $38.5 million in Q3 2017 as against net loss of $12.9 million, in the quarter closed September 30, 2016.
