Asensus Surgical, Inc. Reports Operating and Financial Results for the Fourth Quarter and Full Year 2021
Asensus Surgical (ASXC) reported a strong performance for Q4 2021, with revenues of $2.5 million, a 130% increase year-over-year. Full-year revenue reached $8.2 million, up 159% from 2020. The company performed over 2,100 procedures, a 44% growth, and initiated 10 Senhance Surgical Programs. Key regulatory milestones included FDA clearances for machine vision capabilities and articulating instruments. Despite a net loss of $15.9 million in Q4, Asensus maintains a solid cash position of approximately $135.8 million, positioning itself for continued growth and innovation in 2022.
- Q4 2021 revenue of $2.5 million, up 130% from Q4 2020
- Full-year revenue increased to $8.2 million, a 159% growth compared to 2020
- Over 2,100 procedures performed in 2021, representing 44% growth
- Initiated 10 Senhance Surgical Programs in 2021
- Received multiple regulatory clearances enhancing product capabilities
- Strong cash position of approximately $135.8 million as of December 31, 2021
- Net loss of $15.9 million in Q4 2021, higher than $13.8 million in Q4 2020
- Total operating expenses increased to $15.9 million in Q4 2021, up from $14.2 million in Q4 2020
Fourth Quarter Highlights
-
Over 500 procedures were performed globally during the quarter, representing growth of
30% over the fourth quarter 2020 - Six Senhance Surgical Programs were initiated during the quarter
-
Fourth quarter revenue of
$2.5 million
Year-End Highlights
-
Over 2,100 procedures performed globally, representing
44% growth compared to 2020 - 10 Senhance Surgical Programs were initiated
-
Received four regulatory clearances:
- FDA 510(k) clearance for expansion of machine vision capabilities for the Intelligent Surgical Unit™ (ISU™)
- FDA 510(k) clearance for articulating instruments
- Expanded FDA 510(k) clearance for general surgery indication
- CE Mark approval for the ISU
-
Full year 2021 revenue of
, representing growth of$8.2 million 159% over the prior year -
The Company had cash, cash equivalents, short-term and long-term investments, excluding restricted cash, of approximately
at$135.8 million December 31, 2021
"Despite the macro headwinds that persisted throughout the year, we were able to significantly grow our active installed base, drive the highest procedure volumes in Senhance’s commercial history, and make great strides with the development and expansion of our portfolio. We continue to believe that there is a critical need to elevate the way surgery is performed globally by bringing clinical intelligence to the OR, and the growth we achieved in 2021 validates the clinical utility Senhance delivers to surgeons and hospitals,” said
Upcoming 2022 Milestones
For the full year 2022, the Company expects to initiate 10 - 12 new Senhance Surgical Systems.
During the second half of 2022, the Company expects to achieve the following commercial and regulatory milestones:
- Full scale commercialization of articulating instruments globally
- File a 510(k) for FDA clearance of Senhance for pediatric indication
- Receive CE Mark for expanded machine vision capabilities for the ISU
Market Development
2021 Senhance Program Initiations
Throughout 2021, the Company completed 10 Senhance Surgical Program initiations: one in the US, six in EMEA, and three in
During the fourth quarter of 2021, the Company initiated six programs, one in the US, three in EMEA, and two in
Procedure Volumes
In 2021, surgeons performed over 2,100 procedures utilizing the Senhance System, representing a
Clinical Validation
During 2021, there were 21 peer-reviewed clinical papers published providing further support for the clinical utility of the Senhance System across a variety of surgical specialties.
Portfolio Expansion
Performance-Guided Surgery (PGS)
As an organization, the Company’s goal is to revolutionize the way surgery is performed. The fact that there are complications with one in five surgeries is unacceptable, and, more importantly, avoidable. The Company is helping to unlock clinical intelligence and capabilities to reduce surgical variability and the complications associated with it. PGS builds upon the foundation of Digital Laparoscopy by adding machine vision, augmented intelligence, and deep learning capabilities. These capabilities shift the promise of consistently superior surgery into practice regardless of a surgeon’s experience or skill level by guiding improved decision making, enriching collaboration, and enhancing predictability.
Expanded Global ISU Machine Vision Capabilities
In
Articulating Instrument Clearance
In
General Surgery Indication Expansion
In
CE Mark for Intelligent Surgical Unit
In
Fourth Quarter Financial Results
For the three months ended
For the three months ended
For the three months ended
Adjusted net loss is a non-GAAP financial measure. See the reconciliation of GAAP to Non-GAAP Measures below. For the three months ended
Balance Sheet Updates
The Company had cash, cash equivalents, short-term and long-term investments, excluding restricted cash of approximately
Conference Call
About
Forward-Looking Statements
This press release includes statements relating to the Senhance System and our 2021 results. 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 be able to continue to progress our strategic plan in 2022, including achieving our commercial and regulatory milestones; whether the growth we achieved in 2021 validates the clinical utility the Senhance System delivers to surgeons and hospitals; whether we can continue to drive the global adoption of Senhance through our market development and portfolio expansion efforts while at the same time focusing on the ongoing development of the platform’s innovative digital capabilities to deliver on the promise of Performance-Guided Surgery; whether we will initiate 10-12 new Senhance Surgical Systems placements in 2022; whether we can continue to increase Senhance System placements and sales; and whether we can continue to add foundational sites and receive regulatory clearances and approvals that we seek. For a discussion of the risks and uncertainties associated with the Company’s business, please review our filings with the
Consolidated Statements of Operations and Comprehensive Loss (in thousands except per share amounts) (Unaudited) |
||||||||||||||||
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|
Three Months Ended |
|
|
Years Ended |
|
||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
$ |
2,136 |
|
|
$ |
620 |
|
|
$ |
6,712 |
|
|
$ |
1,612 |
|
Service |
|
|
340 |
|
|
|
488 |
|
|
|
1,520 |
|
|
|
1,563 |
|
Total revenue |
|
|
2,476 |
|
|
|
1,108 |
|
|
|
8,232 |
|
|
|
3,175 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
|
1,457 |
|
|
|
(99) |
|
|
|
7,974 |
|
|
|
2,254 |
|
Service |
|
|
830 |
|
|
|
691 |
|
|
|
3,122 |
|
|
|
2,912 |
|
Total cost of revenue |
|
|
2,287 |
|
|
|
592 |
|
|
|
11,096 |
|
|
|
5,166 |
|
Gross profit (loss) |
|
|
189 |
|
|
|
516 |
|
|
|
(2,864 |
) |
|
|
(1,991 |
) |
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
6,575 |
|
|
|
3,752 |
|
|
|
19,348 |
|
|
|
16,621 |
|
Sales and marketing |
|
|
3,229 |
|
|
|
2,774 |
|
|
|
13,395 |
|
|
|
13,064 |
|
General and administrative |
|
|
5,926 |
|
|
|
3,712 |
|
|
|
19,323 |
|
|
|
14,137 |
|
Amortization of intangible assets |
|
|
2,721 |
|
|
|
2,837 |
|
|
|
11,254 |
|
|
|
10,801 |
|
Change in fair value of contingent consideration |
|
|
(2,578) |
|
|
|
1,154 |
|
|
|
(1,565) |
|
|
|
2,924 |
|
Restructuring and other charges |
|
|
— |
|
|
|
(8) |
|
|
|
— |
|
|
|
851 |
|
Total Operating Expenses |
|
|
15,873 |
|
|
|
14,221 |
|
|
|
61,755 |
|
|
|
58,398 |
|
Operating Loss |
|
|
(15,684 |
) |
|
|
(13,705 |
) |
|
|
(64,619 |
) |
|
|
(60,389 |
) |
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
2,847 |
|
|
|
— |
|
Change in fair value of warrant liabilities |
|
|
— |
|
|
|
(130) |
|
|
|
(1,981 |
) |
|
|
(336 |
) |
Interest income |
|
|
337 |
|
|
|
2 |
|
|
|
590 |
|
|
|
35 |
|
Interest expense |
|
|
(293 |
) |
|
|
(19) |
|
|
|
(370 |
) |
|
|
(19 |
) |
Employee retention tax credit |
|
|
— |
|
|
|
— |
|
|
|
1,311 |
|
|
|
— |
|
Other expense, net |
|
|
(12) |
|
|
|
(67) |
|
|
|
(15 |
) |
|
|
(119 |
) |
Total Other Income (Expense), net |
|
|
32 |
|
|
|
(214) |
|
|
|
2,382 |
|
|
|
(439 |
) |
Loss before income taxes |
|
|
(15,652 |
) |
|
|
(13,919 |
) |
|
|
(62,237 |
) |
|
|
(60,828 |
) |
Income tax (expense) benefit |
|
|
(229 |
) |
|
|
130 |
|
|
|
(225 |
) |
|
|
1,516 |
|
Net loss |
|
|
(15,881 |
) |
|
|
(13,789 |
) |
|
|
(62,462 |
) |
|
|
(59,312 |
) |
Deemed dividend related to beneficial conversion feature of preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(412 |
) |
Deemed dividend related to conversion of preferred stock into common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(299 |
) |
Net loss attributable to common stockholders |
|
|
(15,881 |
) |
|
|
(13,789 |
) |
|
|
(62,462 |
) |
|
|
(60,023 |
) |
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(15,881 |
) |
|
|
(13,789 |
) |
|
|
(62,462 |
) |
|
|
(59,312 |
) |
Foreign currency translation (loss) gain |
|
|
(588) |
|
|
|
2,147 |
|
|
|
(2,985 |
) |
|
|
4,338 |
|
Unrealized loss on available-for-sale investments |
|
|
(194) |
|
|
|
— |
|
|
|
(247 |
) |
|
|
— |
|
Comprehensive loss |
|
$ |
(16,663 |
) |
|
$ |
(11,642 |
) |
|
$ |
(65,694 |
) |
|
$ |
(54,974 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share attributable to common stockholders – basic and diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.28 |
) |
|
$ |
(0.85 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing net loss per common share – basic and diluted |
|
|
234,851 |
|
|
|
103,783 |
|
|
|
226,960 |
|
|
|
70,809 |
|
Consolidated Balance Sheets (in thousands, except share amounts) (Unaudited) |
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|
|
|
|
|
|
|
||
|
|
2021 |
|
|
2020 |
|
||
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
18,129 |
|
|
$ |
16,363 |
|
Short-term investments, available-for-sale |
|
|
80,262 |
|
|
|
— |
|
Accounts receivable, net |
|
|
749 |
|
|
|
1,115 |
|
Inventories |
|
|
8,634 |
|
|
|
10,034 |
|
Prepaid expenses |
|
|
3,255 |
|
|
|
3,535 |
|
Employee retention tax credit receivable |
|
|
1,311 |
|
|
|
— |
|
Other current assets |
|
|
957 |
|
|
|
2,966 |
|
Total Current Assets |
|
|
113,297 |
|
|
|
34,013 |
|
Restricted cash |
|
|
1,154 |
|
|
|
1,166 |
|
Long-term investments, available-for-sale |
|
|
37,435 |
|
|
|
— |
|
Inventories, net of current portion |
|
|
7,074 |
|
|
|
8,813 |
|
Property and equipment, net |
|
|
10,971 |
|
|
|
10,342 |
|
Intellectual property, net |
|
|
9,892 |
|
|
|
22,267 |
|
Net deferred tax assets |
|
|
288 |
|
|
|
307 |
|
Operating lease right-of-use assets, net |
|
|
5,348 |
|
|
|
1,164 |
|
Other long-term assets |
|
|
1,014 |
|
|
|
186 |
|
Total Assets |
|
$ |
186,473 |
|
|
$ |
78,258 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
3,448 |
|
|
$ |
1,965 |
|
Accrued expenses |
|
|
5,176 |
|
|
|
5,615 |
|
Operating lease liabilities – current portion |
|
|
683 |
|
|
|
686 |
|
Deferred revenue |
|
|
543 |
|
|
|
789 |
|
Notes payable – current portion, net of debt discount |
|
|
— |
|
|
|
1,228 |
|
Total Current Liabilities |
|
|
9,850 |
|
|
|
10,283 |
|
Long Term Liabilities: |
|
|
|
|
|
|
|
|
Contingent consideration |
|
|
2,371 |
|
|
|
3,936 |
|
Noncurrent operating lease liabilities |
|
|
5,006 |
|
|
|
628 |
|
Notes payable, less current portion |
|
|
— |
|
|
|
1,587 |
|
Warrant liabilities |
|
|
— |
|
|
|
255 |
|
Total Liabilities |
|
|
17,227 |
|
|
|
16,689 |
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Common stock |
|
|
235 |
|
|
|
116 |
|
Preferred stock, |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
954,649 |
|
|
|
781,397 |
|
Accumulated deficit |
|
|
(785,374 |
) |
|
|
(722,912 |
) |
Accumulated other comprehensive income |
|
|
(264 |
) |
|
|
2,968 |
|
Total Stockholders’ Equity |
|
|
169,246 |
|
|
|
61,569 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
186,473 |
|
|
$ |
78,258 |
|
Consolidated Statements of Cash Flows (in thousands) (Unaudited) |
||||||||
|
|
Years Ended |
|
|||||
|
|
|
|
|||||
|
|
2021 |
|
|
2020 |
|
||
Operating Activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(62,462) |
|
|
$ |
(59,312) |
|
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
2,857 |
|
|
|
2,898 |
|
Amortization of intangible assets |
|
|
11,254 |
|
|
|
10,801 |
|
Amortization of discounts and premiums on investments, net |
|
|
409 |
|
|
|
— |
|
Stock-based compensation |
|
|
9,429 |
|
|
|
7,911 |
|
Gain on extinguishment of debt |
|
|
(2,847) |
|
|
|
— |
|
Deferred tax expense (benefit) |
|
|
225 |
|
|
|
(1,516) |
|
Bad debt expense |
|
|
144 |
|
|
|
— |
|
Change in inventory reserves |
|
|
(492) |
|
|
|
(3,034) |
|
Change in fair value of warrant liabilities |
|
|
1,981 |
|
|
|
336 |
|
Change in fair value of contingent consideration |
|
|
(1,565) |
|
|
|
2,924 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
174 |
|
|
|
(447) |
|
Inventories |
|
|
(611) |
|
|
|
(4,164) |
|
Operating lease right-of-use assets |
|
|
(4,254) |
|
|
|
1,106 |
|
Prepaid expenses |
|
|
146 |
|
|
|
824 |
|
Employee retention tax credit receivable |
|
|
(1,311) |
|
|
|
— |
|
Other current and long-term assets |
|
|
902 |
|
|
|
366 |
|
Accounts payable |
|
|
1,614 |
|
|
|
(1,758) |
|
Accrued expenses |
|
|
(475) |
|
|
|
(2,219) |
|
Deferred revenue |
|
|
(229) |
|
|
|
(105) |
|
Operating lease liabilities |
|
|
4,452 |
|
|
|
(1,203) |
|
Other long-term liabilities |
|
|
— |
|
|
|
(83) |
|
Net cash and cash equivalents used in operating activities |
|
|
(40,659) |
|
|
|
(46,675) |
|
Investing Activities: |
|
|
|
|
|
|
|
|
Purchase of available-for-sale investments |
|
|
(122,330) |
|
|
|
— |
|
Proceeds from maturities of available-for-sale investments |
|
|
4,030 |
|
|
|
— |
|
Purchase of property and equipment |
|
|
(1,368) |
|
|
|
(3) |
|
Net cash and cash equivalents used in investing activities |
|
|
(119,668) |
|
|
|
(3) |
|
Financing Activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock, preferred stock and warrants under 2020 financing, net of issuance costs |
|
|
— |
|
|
|
13,478 |
|
Proceeds from issuance of common stock, net of issuance costs |
|
|
131,929 |
|
|
|
33,847 |
|
Proceeds from notes payable, net of issuance costs |
|
|
— |
|
|
|
2,815 |
|
Taxes paid related to net share settlement of vesting of restricted stock units |
|
|
(1,063) |
|
|
|
(36) |
|
Payment of contingent consideration |
|
|
— |
|
|
|
(74) |
|
Proceeds from exercise of stock options and warrants |
|
|
30,839 |
|
|
|
3,340 |
|
Net cash and cash equivalents provided by financing activities |
|
|
161,705 |
|
|
|
53,370 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
376 |
|
|
|
270 |
|
Net increase in cash, cash equivalents and restricted cash |
|
|
1,754 |
|
|
|
6,962 |
|
Cash, cash equivalents and restricted cash, beginning of period |
|
|
17,529 |
|
|
|
10,567 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
19,283 |
|
|
$ |
17,529 |
|
|
|
Years Ended |
|
|||||
|
|
|
|
|||||
|
|
2021 |
|
|
2020 |
|
||
Supplemental Disclosure for Cash Flow Information: |
|
|
|
|
|
|
|
|
Cash paid for taxes |
|
$ |
170 |
|
|
$ |
82 |
|
|
|
|
|
|
|
|
|
|
Supplemental Schedule of Non-cash Investing and Financing Activities: |
|
|
|
|
|
|
|
|
Transfer of inventories to property and equipment |
|
$ |
3,244 |
|
|
$ |
8,113 |
|
Right-of-use assets recognized related to new lease obligations |
|
$ |
5,119 |
|
|
$ |
— |
|
Reclass of warrant liability to common stock and additional paid-in-capital |
|
$ |
2,236 |
|
|
$ |
— |
|
Exchange of common stock for Series B Warrants |
|
$ |
— |
|
|
$ |
2,470 |
|
Transfer of in-process research and development to intellectual property |
|
$ |
— |
|
|
$ |
2,425 |
|
Deemed dividend related to beneficial conversion feature of preferred stock |
|
$ |
— |
|
|
$ |
412 |
|
Deemed dividend related to conversion of preferred stock into common stock |
|
$ |
— |
|
|
$ |
299 |
|
Conversion of preferred stock to common stock |
$ |
— |
$ |
79 |
|
|
|||||||||||||||
Reconciliation of Non-GAAP Measures |
|||||||||||||||
Adjusted Net Loss and Adjusted Net Loss per Share |
|||||||||||||||
(in thousands except per share amounts) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
Three Months Ended |
|
Years Ended |
|||||||||||||
|
|
|
|||||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
|
|||||||||||||||
Net loss attributable to common stockholders (GAAP) |
$ |
(15,881 |
) |
$ |
(13,789 |
) |
$ |
(62,462 |
) |
$ |
(60,023 |
) |
|||
Adjustments |
|||||||||||||||
Amortization of intangible assets |
2,721 |
|
2,837 |
|
11,254 |
|
10,801 |
|
|||||||
Change in fair value of contingent consideration |
(2,578 |
) |
1,154 |
|
(1,565 |
) |
2,924 |
|
|||||||
Change in fair value of warrant liabilities |
— |
|
130 |
|
1,981 |
|
336 |
|
|||||||
Restructuring and other charges |
|
— |
|
|
(8 |
) |
|
— |
|
|
851 |
|
|||
Gain on extinguishment of debt |
|
— |
|
|
— |
|
|
(2,847 |
) |
|
— |
|
|||
Employee retention tax credit |
|
— |
|
|
— |
|
|
(1,311 |
) |
|
— |
|
|||
Deemed dividend related to beneficial conversion feature of preferred stock |
|
— |
|
|
— |
|
|
— |
|
|
412 |
|
|||
Deemed dividend related to conversion of preferred stock into common stock |
— |
|
— |
|
— |
|
299 |
|
|||||||
Adjusted net loss attributable to common stockholders (Non-GAAP) |
$ |
(15,738 |
) |
$ |
(9,676 |
) |
$ |
(54,950 |
) |
$ |
(44,400 |
) |
|||
|
|
|
|
|
|
|
|
|
|||||||
Three Months Ended |
Years Ended |
||||||||||||||
|
|
||||||||||||||
2021 |
2020 |
2021 |
2020 |
||||||||||||
Net loss per share attributable to common stockholders (GAAP) |
$ |
(0.07 |
) |
$ |
(0.13 |
) |
$ |
(0.28 |
) |
$ |
(0.85 |
) |
|||
Adjustments |
|||||||||||||||
Amortization of intangible assets |
0.01 |
|
0.03 |
|
0.05 |
|
0.15 |
|
|||||||
Change in fair value of contingent consideration |
(0.01 |
) |
0.01 |
|
(0.01 |
) |
0.04 |
|
|||||||
Change in fair value of warrant liabilities |
— |
|
— |
|
0.01 |
|
— |
|
|||||||
Restructuring and other charges |
|
— |
|
|
— |
|
|
— |
|
|
0.01 |
|
|||
Gain on extinguishment of debt |
|
— |
|
|
— |
|
|
(0.01 |
) |
|
— |
|
|||
Employee retention tax credit |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||
Deemed dividend related to beneficial conversion feature of preferred stock |
|
— |
|
|
— |
|
|
— |
|
|
0.01 |
|
|||
Deemed dividend related to conversion of preferred stock into common stock |
— |
|
— |
|
— |
|
0.01 |
|
|||||||
Adjusted net loss per share attributable to common stockholders (Non-GAAP) |
$ |
(0.07 |
) |
$ |
(0.09 |
) |
$ |
(0.24 |
) |
$ |
(0.63 |
) |
The non-GAAP financial measures for the three months and year ended
a) Intangible assets that are amortized consist of developed technology and purchased patent rights recorded at cost and amortized over 5 to 10 years.
b) Contingent consideration in connection with the acquisition of the Senhance System in 2015 is recorded as a liability and is the estimate of the fair value of potential milestone payments related to business acquisitions. Contingent consideration is measured at fair value using a Monte-Carlo simulation utilizing significant unobservable inputs including the probability of achieving each of the potential milestones, revenue volatility, and an estimated discount rate associated with the risks of the expected cash flows attributable to the various milestones. Significant increases or decreases in any of the probabilities of success or changes in expected timelines for achievement of any of these milestones would result in a significantly higher or lower fair value of these milestones, respectively, and commensurate changes to the associated liability. The contingent consideration is revalued at each reporting period and changes in fair value are recognized in the consolidated statements of operations and comprehensive loss.
c) The Company’s Series B Warrants are measured at fair value using a simulation model which takes into account, as of the valuation date, factors including the current exercise price, the expected life of the warrant, the current price of the underlying stock, its expected volatility, holding cost and the risk-free interest rate for the term of the warrant. The warrant liability is revalued at each reporting period or upon exercise and changes in fair value are recognized in the consolidated statements of operations and comprehensive loss.
d) Beginning in the fourth quarter of 2019 and continuing into the first quarter of 2020, we implemented a restructuring plan to reduce operating expenses as we continue the global market development of the Senhance platform. During the first quarter of 2020, the Company continued the restructuring efforts with additional headcount reductions, which resulted in
e) During the second quarter of 2021, the Company received notification from the
f) During the third quarter of 2021, the Company submitted a refund for incurred employee payroll taxes of
g) During the first quarter of 2020, the Company closed an underwritten public offering under which it issued, as part of units and the exercise of an over-allotment option, 25,367,646 Series C Warrants, each to acquire one share of Common Stock at an exercise price of
View source version on businesswire.com: https://www.businesswire.com/news/home/20220228005917/en/
INVESTOR CONTACT:
invest@asensus.com
MEDIA CONTACT:
CG Life
kschaeffer@cglife.com
Source:
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