28.06.2018 12:10:41
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In The Spotlight: TransEnterix
(RTTNews) - Shares of medical device company TransEnterix Inc. (TRXC) are up more than 200% year-to-date.
The Company's flagship product is Senhance Surgical Robotic System. The device received FDA clearance for colorectal and gynecological laparoscopic surgery in October 2017, becoming the first new entrant to abdominal robotics in the U.S. since 2000. It was in the year 2000 that the FDA cleared Intuitive Surgical Inc.'s (ISRG) Da Vinci Surgical System, the first of its kind, for general laparoscopic surgery.
Last month, TransEnterix received FDA clearance for expanded indications of its Senhance Surgical System - i.e., for laparoscopic inguinal hernia and laparoscopic cholecystectomy (gallbladder removal) surgery. The additional indications bring the Senhance System's total addressable procedures in the U.S. to approximately 3 million, according to the Company.
Senhance Surgical System is also available for sale in the EU and select other countries.
Another device, which TransEnterix developed, is the SurgiBot System, a single-port, robotically enhanced laparoscopic surgical platform. But it was rejected by the FDA in April 2016, as the device did not meet the criteria for "substantial equivalence."
Last December, TransEnterix sold its SurgiBot System assets to China-based Great Belief International Ltd. for $29 million. However, TransEnterix still retains the option to distribute or co-distribute the SurgiBot System outside of China, if approved.
In the first quarter ended March 31, 2018, the Company's adjusted net loss narrowed to $11.3 million or $0.06 per share from $12.6 million or $0.11 per share in the comparable year-ago quarter. The adjusted net loss takes into account the gain from the sale of SurgiBot assets among other things.
The total revenue in the recent first quarter was $4.8 million, which included $3.5 million in system sales, $1.1 million in instruments and accessories, and $200 thousand in services. This compared with total revenue of $1.9 million in the first quarter of 2017.
In the first quarter of 2018, the Company sold two Senhance Systems.
The Company ended March 31, 2018 with cash of $87.6 million, and debt of $13.45 million.
Recent event:
As part of the Russell US Indexes annual reconstitution, TransEnterix was added to the Russell 2000 Index, effective June 25, 2018.
Commenting on the addition to the Russell Index, Todd Pope, TransEnterix CEO, said, "We have worked diligently to create value for our shareholders, and we believe our inclusion represents a great opportunity to continue to do so by increasing our visibility and exposure to investors."
Shares of TransEnterix have traded in a range of $0.60 to $6.04 over the last 1 year. The stock closed Wednesday's trading at $5.85, up 10.59%.
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