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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 (Nasdaq: UTRS) has announced a private placement agreement to sell 146,627,565 shares of common stock at $0.2046 per share, aiming for approximately $30 million in gross proceeds. The deal, led by Accelmed, will make Accelmed the controlling stockholder post-transaction. The funds will support operations, R&D, and extend Minerva's cash runway for at least 12 months. The placement is pending stockholder approval and customary closing conditions, with the expected close in Q1 2023.
Minerva Surgical (UTRS) reported its Q3 2022 financials with revenues of $12.6 million, a 1% increase year-over-year, despite a 3% decline from Q2 2022. Symphion revenue rose 10% year-over-year to $3.0 million. Operating expenses jumped to $17.3 million, contributing to a net loss of $11.3 million, up from $3.2 million in Q3 2021. The gross margin decreased to 54.1% from 57.0%. Revenue guidance for 2022 remains at $50 million to $53 million, reflecting ongoing challenges related to elective surgeries and staffing.
Minerva Surgical, Inc. (Nasdaq: UTRS) has announced a new date for its earnings conference call, now scheduled for November 14, 2022. The call will cover the company's third quarter 2022 financial results and recent highlights, taking place at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. Interested participants must register in advance for dial-in access. Minerva Surgical focuses on developing minimally invasive solutions for Abnormal Uterine Bleeding (AUB) and offers alternatives to hysterectomy.
Minerva Surgical, Inc. (Nasdaq: UTRS) announced it will release its third quarter 2022 financial results on November 9, 2022. The company, focused on treating Abnormal Uterine Bleeding (AUB), will host a conference call at 1:30 p.m. PT / 4:30 p.m. ET to discuss these results and recent developments. Minerva offers minimally invasive alternatives to hysterectomy, aiming to address common AUB causes and preserve the uterus. Interested participants can register for the call via the provided links.
Minerva Surgical, Inc. (Nasdaq: UTRS), a women's health company specializing in solutions for Abnormal Uterine Bleeding (AUB), will present at the H.C. Wainwright 24th Annual Global Investment Conference. The presentation will be accessible on-demand starting 7:00 a.m. ET on September 12, 2022, for registered participants. Minerva focuses on minimally invasive alternatives to hysterectomy, aiming to address AUB and improve women's healthcare.
Minerva Surgical reported second-quarter 2022 revenue of $13.0 million, up from $10.9 million in Q1 2022 but down from $14.1 million in Q2 2021. Symphion revenue rose by 19% from Q1 2022, while endometrial ablation products fell by 14% compared to Q2 2021. Gross margin improved to 59%, though lower than 61.9% in the previous year. Operating expenses decreased to $12.5 million, and net loss narrowed to $5.6 million. Annual revenue guidance is reduced to $50-$53 million due to COVID-19 impacts on elective surgeries.
Minerva Surgical (Nasdaq: UTRS) launched a Time To Talk social media campaign and local event series to raise awareness about Abnormal Uterine Bleeding (AUB), affecting 1 in 3 women. The company aims to promote open conversations on this common condition through in-person events hosted with local gynecology practices, with the inaugural event held on July 19, 2022, in Lancaster, PA. The campaign encourages women to consult with OBGYNs and join the dialogue using #TimeToTalkAUB, enhancing the accessibility of information around AUB and its treatment options.
Minerva Surgical, Inc. (Nasdaq: UTRS) announced its upcoming release of the second quarter 2022 financial results on August 9, 2022. A conference call and webcast will occur at 1:30 PM PT to discuss these results and recent developments. The company is focused on treating Abnormal Uterine Bleeding (AUB) with minimally invasive solutions aimed at preserving the uterus and avoiding unnecessary hysterectomies. This event is part of their ongoing commitment to women's health and aims to provide insights into their financial performance and product innovations.
Minerva Surgical, a company specializing in women's health, announced the appointment of Derrick Sung, Ph.D., as a Class II director on July 21, 2022. His term will last until the 2023 annual meeting of stockholders. Dr. Sung is recognized as an independent director under NASDAQ standards, bringing extensive experience from roles in finance and corporate development at companies like Pulmonx and iRhythm Technologies. Chairman Ross Jaffe expressed enthusiasm for Dr. Sung's contributions in advancing the company's mission to improve uterine health and enhance shareholder value.
Minerva Surgical, Inc. (Nasdaq: UTRS) reported $10.9 million in revenue for Q1 2022, a 7.6% decline from Q1 2021. Symphion revenue increased by 20% to $2.7 million. The gross margin dropped to 49.5% from 57.7% year-over-year, attributed to a shift towards lower-margin products. Operating expenses surged to $15.7 million, up from $11.6 million in 2021. The net loss was $10.9 million, an improvement from $14.9 million loss in 2021. Annual revenue guidance remains at $60 million to $63 million.
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