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Minerva Surgical, Inc. (Nasdaq: UTRS) is a pioneering medical device company dedicated to advancing women's health care, headquartered in Redwood City, CA, within the heart of Silicon Valley. Founded in 2008 by a team of medical device industry veterans, Minerva Surgical focuses on creating next-generation products to address abnormal uterine bleeding (AUB), a condition impacting nearly 1 in 5 women.
With over three decades of combined experience, the founders of Minerva Surgical have successfully brought numerous medical device therapies to market. Their expertise has culminated in a broad product line of minimally invasive solutions designed to serve as alternatives to hysterectomy. These products aim to preserve the uterus and minimize the drawbacks associated with other treatment methods.
Minerva Surgical's flagship products, such as Symphion and Minerva ES, have shown significant market traction, backed by positive feedback from physician partners. Despite challenges, the company reported a steady revenue increase of 3% for the second quarter of 2023, reaching $13.4 million, compared to $13.0 million in the same quarter of 2022. This growth was driven by a 7% increase in sales of Symphion and Minerva ES, even as Genesys HTA sales declined.
However, the gross margin for the second quarter fell to 55.3%, down from 59.0% in the previous year, primarily due to direct cost increases and a shift in product mix. Operating expenses rose to $15.1 million, attributed mainly to a $3.9 million non-cash reduction in fair value of contingent consideration from the Boston Scientific product acquisition. Despite these financial challenges, Minerva Surgical's commitment to innovation and quality remains steadfast.
Looking ahead, the company anticipates annual revenue for fiscal year 2023 to be between $52 to $55 million, maintaining a consistent financial outlook. Minerva Surgical continues to leverage its commercial team and robust product offerings to support both surgeons and patients, striving for long-term growth and excellence in women's health.
For more information, please visit the Minerva Surgical website or contact their media and investor relations teams.
Minerva Surgical, Inc. (Nasdaq: UTRS) announced it will release its first quarter 2023 financial results on May 2, 2023. The announcement comes with a scheduled conference call and webcast at 1:30 p.m. Pacific Time to discuss the financial outcomes and recent developments. The company focuses on developing minimally invasive solutions for uterine healthcare, specifically addressing Abnormal Uterine Bleeding (AUB) while aiming to eliminate unnecessary hysterectomies. Minerva Surgical's product line is commercially available and aims to cater to various uterine anatomies, meeting the distinct needs of women's healthcare.
Minerva Surgical (Nasdaq: UTRS) appointed Kaile Zagger as its new Chief Commercial Officer. Zagger brings over 20 years of healthcare experience, including leadership roles in prominent companies such as Boston Scientific and GE Healthcare. Her experience in driving growth and productivity aligns with Minerva's mission to enhance women's healthcare. Todd Usen, CEO, expressed confidence in Zagger's ability to lead strategic growth. Zagger emphasized her commitment to improving women's health and aims to reposition the company as a leader in this critical sector. Minerva Surgical focuses on minimally invasive solutions for uterine healthcare needs.
Minerva Surgical reported its fourth quarter and full-year financial results for 2022, revealing a slight increase in quarterly revenue to $13.8 million, up from $13.6 million in Q4 2021. Full-year revenue reached $50.3 million, down 3% from 2021. The CEO Todd Usen emphasized that a $30 million private placement in February 2023 positions the company for growth. However, the company faced a net loss of $34.1 million in 2022 compared to $21.5 million in 2021, and a decrease in gross margin to 54.2%.
The company plans to discuss 2023 guidance during its Q1 earnings call in May.
Minerva Surgical, Inc. (Nasdaq: UTRS) will release its Q4 and full-year 2022 financial results on March 21, 2023. A conference call is scheduled for 1:30 PM PT / 4:30 PM ET that same day to discuss the results and company highlights. Minerva focuses on minimally invasive solutions for Abnormal Uterine Bleeding (AUB), aiming to provide alternatives to hysterectomy and improve women's uterine healthcare. The company offers a range of products designed to address common causes of AUB, enhancing treatment options while avoiding unnecessary surgeries.
Minerva Surgical, Inc. (Nasdaq: UTRS) has successfully completed a private placement, selling 146,627,565 shares at $0.2046 each, raising approximately $30 million before expenses. Accelmed Partners led the placement, becoming the controlling stockholder. The funds will support operations, R&D, and general corporate purposes. CEO Todd Usen expressed optimism about this funding, indicating it will help the company grow and meet women's healthcare needs. The shares issued were sold under an exemption from the Securities Act and require an SEC registration for resale.
Minerva Surgical, focused on women's health and treatment of Abnormal Uterine Bleeding (AUB), will present at the 41st Annual J.P. Morgan Healthcare Conference on January 12th at 9:45 a.m. PT. The event will be accessible via a live audio webcast on Minerva's website. The company offers minimally invasive alternatives to hysterectomy for AUB treatment, aiming to address common uterine health issues and avoid unnecessary surgeries.
Minerva Surgical (Nasdaq: UTRS) announced that CEO David Clapper will retire effective January 2, 2023, after over 11 years in leadership. Todd Usen has been appointed as his successor. The transition will include Clapper's continued involvement through a consulting agreement for 12 months to ensure stability. Under Clapper's tenure, the company secured vital financing and established itself in women's health. Usen, previously CEO of Activ Surgical, brings extensive experience in medical devices, aiming to drive growth and enhance solutions for treating Abnormal Uterine Bleeding.
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