TransEnterix, Inc. Reports Operating and Financial Results for the Fourth Quarter and Full Year 2019

RESEARCH TRIANGLE PARK, N.C.–(BUSINESS WIRE)–TransEnterix, Inc. (NYSE American: TRXC), a medical device company that is digitizing the interface between the surgeon and the patient to improve minimally invasive surgery, today announced its operating and financial results for the fourth quarter and full-year 2019.

Recent Highlights

  • Three hospitals initiated Senhance Digital Laparoscopy Programs thus far in 2020
  • Announced FDA 510(k) clearance for First Machine Vision System in Robotic Surgery on March 13, 2020
  • Raised approximately $15 million in gross proceeds in an underwritten public offering in March of 2020 and $11.6 million in ATM offering gross proceeds since January 2020
  • Entered into an equity line purchase agreement on February 10, 2020 with Lincoln Park Capital Fund, LLC which provides access to up to $25 million
  • Received CE Mark approval for Pediatric indication for Senhance® Surgical System on February 12, 2020
  • Continued to execute restructuring plan to reduce cash burn

“Since the beginning of the fourth quarter, we have made tremendous progress in building the foundation to drive adoption in 2020 and beyond,” said Anthony Fernando, President and CEO of TransEnterix. “Thus far in 2020, we have already seen the successful execution of our strategy – three hospitals have initiated Senhance digital laparoscopy programs in the first quarter and we have signed two incremental agreements with hospitals to begin programs in the second quarter. In addition, we have recently achieved multiple significant regulatory milestones and bolstered our balance sheet through the completion of financings. Looking to the balance of 2020, we believe we are well positioned to continue to execute on our strategy and bring transformative technology to surgeons, hospitals, and patients globally.”

Commercial and Clinical Update

Subsequent to the end of the fourth quarter, three hospitals initiated Senhance Digital Laparoscopy Programs, one in the U.S., one in the Europe, and one in Asia:

Ochsner Health System entered into an agreement to lease and utilize a Senhance System that has been installed at the Ochsner Baptist (a campus of Ochsner Medical Center) facility and first cases have been successfully completed.

Klinikum Esslingen, a hospital in southern Germany close to Stuttgart, entered into an agreement to lease and utilize a Senhance System and first cases have been successfully completed.

Kitakyushu General Hospital, a hospital in southwestern Japan, entered into an agreement to lease and utilize a Senhance System and first cases have been successfully completed.

In addition, the Company has signed two other agreements with hospitals, one in EMEA and one in Asia, who are on track to begin their respective Senhance programs during the second quarter of 2020.

Financing Updates

Completion of Underwritten Equity Offering

In March of 2020, the Company completed an underwritten public offering, raising gross proceeds of approximately $15.0 million. The offering consisted of (i) units of common stock and two warrants to purchase shares of common stock and (ii) units of convertible preferred stock and two warrants to purchase shares of common stock. The offering was comprised of 14,121,766 common shares, 7,937,057 preferred shares, and series C warrants to purchase 22,058,823 shares of common shares and series D warrants to purchase 22,058,823 shares of common shares at a combined price of $0.68 per unit. Each warrant has an exercise price of $0.68 per common share and is exercisable at any time on or after the date of issuance. The series C warrants have a term of one year from the date of issuance and the series D warrants have a five year term.

Common Stock Purchase Agreement with Lincoln Park Capital Fund, LLC

On February 10, 2020, the company announced that it had entered into an equity line purchase agreement with Lincoln Park Capital Fund, LLC a Chicago-based institutional investor. The Company will have the right, in its sole discretion, to sell to Lincoln Park up to $25.0 million in shares of the Company’s common stock over a 36-month period.

At The Market Offering (ATM) Facility

Since the beginning of 2020, the Company has raised approximately $11.6 million at an average price per share of $1.73, through its ATM program.

Product Portfolio Initiatives

CE Mark Approval for Pediatric Indication for Senhance Surgical System

As the Company announced on February 12, 2020, the Company received CE Mark approval for an expanded indication to treat pediatric patients above 10kg (approximately 22 lbs) with the Senhance System. Pediatric surgery seeks to use the smallest instruments and scopes possible to minimize invasiveness but also maintain accuracy. The Senhance System is designed with instruments as small as 3mm and compatible with small scopes while also retaining the sense of touch through haptic feedback.

Received FDA 510(k) Clearance for First Machine Vision System in Robotic Surgery

On March 13, 2020, the Company announced that it had received FDA 510(k) clearance for its Intelligent Surgical Unit (ISU™) that enables machine vision capabilities on the Senhance System. The initial features of the ISU are designed to increase control in visualization beyond what has previously been available in digital laparoscopy or robotic surgery. The cleared Senhance System already features unique eye-tracking camera control and the new technology enables machine vision-driven control of the camera for a surgeon by responding to commands and recognizing certain objects and locations in the surgical field. The ISU hardware is also designed to be compatible with planned future augmented intelligence features such as scene cognition and surgical image analytics that are expected to continue to drive meaningful innovations in digital laparoscopy with Senhance.

Fourth Quarter Financial Results

For the three months ended December 31, 2019, the Company reported revenue of $0.7 million as compared to revenue of $7.5 million in the three months ended December 31, 2018. Revenue in the fourth quarter of 2019 included no system sales, $0.3 million in instruments and accessories, and $0.4 million in services.

For the three months ended December 31, 2019, total net operating expenses were $18.1 million, excluding the gain from the 2019 AutoLap sale, as compared to $20.1 million in the three months ended December 31, 2018.

For the three months ended December 31, 2019, net loss was $13.7 million, or $0.69 per share, as compared to a net loss of $6.4 million, or $0.39 per share, in the three months ended December 31, 2018.

For the three months ended December 31, 2019, the adjusted net loss was $16.4 million, or $0.83 per share, as compared to an adjusted net loss of $14.7 million, or $0.89 per share in the three months ended December 31, 2018, after adjusting for the following charges: net gain on the sale of the AutoLap assets, change in fair value of warrant liabilities, amortization of intangible assets, change in fair value of contingent consideration, restructuring and other charges, inventory write-down related to the restructuring plan, acquisition related costs, loss from sale of SurgiBot assets, and loss on extinguishment of debt. Adjusted net loss is a non-GAAP financial measure. See the reconciliation from GAAP to Non-GAAP Measures below.

The Company had cash and cash equivalents and restricted cash of approximately $10.6 million as of December 31, 2019.

As a result of restructuring, cost optimization efforts and recent ATM and equity financing, we believe that current cash on hand will be sufficient to meet our anticipated cash needs into the fourth quarter of 2020.

Pursuant to the disclosure requirements of the NYSE American Company Guide Section 610(b), the Company is reporting that its audited consolidated financial statements for the fiscal year ended December 31, 2019, included in the Company’s Annual Report on Form 10-K expected to be filed with the Securities and Exchange Commission on March 16, 2020, contains an audit opinion from its independent registered public accounting firm that includes an explanatory paragraph related to the Company’s ability to continue as a going concern.

2020 Corporate Objectives

The Company expects to make significant progress in 2020 as it continues to build out its leadership position in Digital Laparoscopy by focusing on the following key corporate objectives:

  • Expand the number of sites using the Senhance System in the United States, EMEA, and Japan and convert more existing sites into “foundational” sites that are on a rate to perform 100+ cases annually to drive meaningful clinical case volume growth;
  • Generate meaningful health economic data, primarily around the cost impact of Senhance relative to traditional laparoscopy as well as other surgical robotic systems; and,
  • Complete the following product portfolio initiatives:

    • launch the scene cognition and augmented intelligence module in the United States by mid-2020;
    • expand the European launch of 5mm Articulating Instruments and submit for U.S. clearance in the fourth quarter; and,
    • obtain a general surgery indication, including bariatrics in the U.S.

Although the Company is not primarily focused on revenue during 2020, for the full year 2020, the Company expects to report baseline revenue between $3.0 and $3.2 million. Any system sales would be in addition to such baseline revenue.

Conference Call

TransEnterix, Inc. will host a conference call on Monday, March 16, 2020, at 4:30 PM ET to discuss its fourth quarter and fiscal year 2019 operating and financial results. To listen to the conference call on your telephone, please dial 844-804-5261 for domestic callers and 612-979-9885 for international callers, and reference conference ID 5686095 approximately ten minutes prior to the start time. To access the live audio webcast or archived recording, use the following link http://ir.transenterix.com/events.cfm. The replay will be available on the Company’s website.

About TransEnterix

TransEnterix is a medical device company that is digitizing the interface between the surgeon and the patient to improve minimally invasive surgery by addressing the clinical and economic challenges associated with current laparoscopic and robotic options in today’s value-based healthcare environment. The Company is focused on the market development activities for, and increasing utilization of, its Senhance Surgical System, which digitizes laparoscopic minimally invasive surgery. The system allows for robotic precision, haptic feedback, surgeon camera control via eye sensing and improved ergonomics while offering responsible economics. The Senhance Surgical System is available for sale in the US, the EU, Japan and select other countries. For more information, visit www.transenterix.com.

Non-GAAP Measures

The adjusted net loss and adjusted net loss per share presented in this press release are non-GAAP financial measures. The adjustments relate to net gain on the sale of the AutoLap assets, change in fair value of warrant liabilities, amortization of intangible assets, change in fair value of contingent consideration, inventory write down related to the restructuring plan, restructuring and other charges, acquisition-related costs, loss of extinguishment of debt, SurgiBot sale gain/loss, goodwill impairment, in-process research and development impairment, and reversal of transfer fee accrual. These financial measures are presented on a basis other than in accordance with U.S. generally accepted accounting principles (“Non-GAAP Measures”). In the tables that follow under “Reconciliation of Non-GAAP Measures,” we present adjusted net loss and adjusted net loss per share, reconciled to their comparable GAAP measures. These items are adjusted because they are not operational or because these charges are non-cash or non-recurring and management believes these adjustments are meaningful to understanding the Company’s performance during the periods presented. These Non-GAAP Measures should be considered a supplement to, not a substitute for, or superior to, the corresponding financial measures calculated in accordance with GAAP.

Forward-Looking Statements

This press release includes statements relating to the current market development and operational plans for the Senhance System, as well as 2019 fourth quarter and full-year results and plans for 2020. 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 are able to achieve desired results from our change in strategic focus, successfully reduce expenses through our restructuring, continue to finance the company and meet the operational goals we have set forth for 2020. For a discussion of the risks and uncertainties associated with TransEnterix’s business, please review our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2019, which we expect to file with the SEC on or before the due date and our other filings we make with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the origination date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

TransEnterix, Inc.

Consolidated Statements of Operations and Comprehensive Loss

(in thousands except per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$

286

 

 

$

7,214

 

 

$

7,104

 

$

 

23,268

 

Service

 

 

402

 

 

 

310

 

 

 

1,427

 

 

 

834

 

Total revenue

 

 

688

 

 

 

7,524

 

 

 

8,531

 

 

 

24,102

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

 

9,812

 

 

 

5,005

 

 

 

16,439

 

 

 

14,162

 

Service

 

 

1,071

 

 

 

630

 

 

 

4,292

 

 

 

2,009

 

Total cost of revenue

 

 

10,883

 

 

 

5,635

 

 

 

20,731

 

 

 

16,171

 

Gross (loss) profit

 

 

(10,195

)

 

 

1,889

 

 

 

(12,200

)

 

 

7,931

 

Operating Expenses (Income)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

4,634

 

 

 

6,439

 

 

 

22,468

 

 

 

21,823

 

Sales and marketing

 

 

5,584

 

 

 

7,901

 

 

 

28,014

 

 

 

25,736

 

General and administrative

 

 

3,799

 

 

 

3,865

 

 

 

18,758

 

 

 

13,854

 

Amortization of intangible assets

 

 

2,547

 

 

 

2,624

 

 

 

10,301

 

 

 

10,868

 

Change in fair value of contingent consideration

 

 

136

 

 

 

(1,092

)

 

 

(9,553

)

 

 

(1,011

)

Restructuring and other charges

 

 

1,374

 

 

 

 

 

 

1,374

 

 

 

 

Goodwill impairment

 

 

 

 

 

 

 

 

78,969

 

 

 

 

In-process research and development impairment

 

 

 

 

 

 

 

 

7,912

 

 

 

 

Acquisition related costs

 

 

 

 

 

302

 

 

 

 

 

 

647

 

Loss (gain) from sale of SurgiBot assets, net

 

 

 

 

 

75

 

 

 

97

 

 

 

(11,840

)

Gain from sale of Autolap assets, net

 

 

(15,965

)

 

 

 

 

 

(15,965

)

 

 

 

Reversal of transfer fee accrual

 

 

 

 

 

 

 

 

 

 

 

(2,994

)

Total Operating Expenses

 

 

2,109

 

 

 

20,114

 

 

 

142,375

 

 

 

57,083

 

Operating Loss

 

 

(12,304

)

 

 

(18,225

)

 

 

(154,575

)

 

 

(49,152

)

Other Income (Expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of warrant liabilities

 

 

(788

)

 

 

10,118

 

 

 

2,248

 

 

 

(14,320

)

Interest income

 

 

23

 

 

 

418

 

 

 

582

 

 

 

1,400

 

Interest expense

 

 

(1,206

)

 

 

(810

)

 

 

(4,613

)

 

 

(4,208

)

Other (expense) income

 

 

(32

)

 

 

1,235

 

 

 

(967

)

 

 

1,126

 

Total Other Expense, net

 

 

(2,003

)

 

 

10,961

 

 

 

(2,750

)

 

 

(16,002

)

Loss before income taxes

 

$

(14,307

)

 

$

(7,264

)

 

$

(157,325

)

 

$

(65,154

)

Income tax benefit

 

 

575

 

 

 

823

 

 

 

3,124

 

 

 

3,377

 

Net loss

 

$

(13,732

)

 

$

(6,441

)

 

$

(154,201

)

 

$

(61,777

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

1,671

 

 

 

(1,039

)

 

 

(2,708

)

 

 

(3,690

)

Comprehensive loss

 

$

(12,061

)

 

$

(7,480

)

 

$

(156,909

)

 

$

(65,467

)

Net loss per share – basic and diluted

 

$

(0.69

)

 

$

(0.39

)

 

$

(8.69

)

 

$

(3.88

)

Weighted average common shares outstanding – basic and diluted

 

 

19,885

 

 

 

16,550

 

 

 

17,737

 

 

 

15,938

 

TransEnterix, Inc.

Consolidated Balance Sheets

(in thousands, except share amounts)

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

9,598

 

 

$

21,061

 

Short-term investments

 

 

 

 

 

51,790

 

Accounts receivable, net

 

 

620

 

 

 

8,560

 

Inventories

 

 

10,653

 

 

 

10,941

 

Interest receivable

 

 

 

 

 

26

 

Other current assets

 

 

7,084

 

 

 

9,205

 

Total Current Assets

 

 

27,955

 

 

 

101,583

 

Restricted cash

 

 

969

 

 

 

590

 

Inventories, net of current portion

 

 

7,594

 

 

 

 

Property and equipment, net

 

 

4,706

 

 

 

6,337

 

Intellectual property, net

 

 

28,596

 

 

 

39,716

 

In-process research and development

 

 

2,470

 

 

 

10,747

 

Goodwill

 

 

 

 

 

80,131

 

Other long term assets

 

 

2,489

 

 

 

203

 

Total Assets

 

$

74,779

 

 

$

239,307

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

3,579

 

 

$

4,433

 

Accrued expenses

 

 

8,553

 

 

 

9,619

 

Deferred revenue – current portion

 

 

818

 

 

 

1,733

 

Contingent consideration – current portion

 

 

73

 

 

 

72

 

Deferred consideration – MST Acquisition

 

 

 

 

 

5,962

 

Total Current Liabilities

 

 

13,023

 

 

 

21,819

 

Long Term Liabilities

 

 

 

 

 

 

 

 

Deferred revenue – less current portion

 

 

27

 

 

 

109

 

Contingent consideration – less current portion

 

 

1,011

 

 

 

10,565

 

Notes payable, net of debt discount

 

 

 

 

 

28,937

 

Warrant liabilities

 

 

2,388

 

 

 

4,636

 

Net deferred tax liabilities

 

 

1,392

 

 

 

4,720

 

Other long term liabilities

 

 

1,403

 

 

 

 

Total Liabilities

 

 

19,244

 

 

 

70,786

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

 

 

Common stock $0.001 par value, 750,000,000 shares authorized at

December 31, 2019 and December 31, 2018; 20,691,301 and

16,641,999 shares issued and outstanding at December 31, 2019 and

December 31, 2018, respectively

 

 

21

 

 

 

17

 

Additional paid-in capital

 

 

720,484

 

 

 

676,572

 

Accumulated deficit

 

 

(663,600

)

 

 

(509,406

)

Accumulated other comprehensive (loss) income

 

 

(1,370

)

 

 

1,338

 

Total Stockholders’ Equity

 

 

55,535

 

 

 

168,521

 

Total Liabilities and Stockholders’ Equity

 

$

74,779

 

 

$

239,307

 

TransEnterix, Inc.

Consolidated Statements of Cash Flows

(in thousands)

 

 

 

Twelve Months Ended

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

Operating Activities

 

 

(Unaudited)

 

 

 

 

 

 

Net loss

 

$

(154,201

)

 

$

(61,777

)

Adjustments to reconcile net loss to net cash and cash equivalents used in

operating activities:

 

 

 

 

 

 

 

 

Gain from sale of AutoLap assets, net

 

 

(15,965

)

 

 

 

Loss (gain) from sale of SurgiBot assets, net

 

 

97

 

 

 

(11,840

)

Goodwill and intangible assets impairment

 

 

86,881

 

 

 

 

Depreciation

 

 

2,166

 

 

 

2,420

 

Amortization of intangible assets

 

 

10,301

 

 

 

10,868

 

Amortization of debt discount and debt issuance costs

 

 

1,513

 

 

 

725

 

Amortization of short-term investment discount

 

 

(327

)

 

 

(351)

 

Stock-based compensation

 

 

11,508

 

 

 

9,039

 

Inventory write-down related to restructuring

 

 

7,408

 

 

 

 

Inventory write-down

 

 

1,523

 

 

 

 

 

Bad debt expense

 

 

1,634

 

 

 

 

Interest expense on deferred consideration – MST acquisition

 

 

756

 

 

 

 

Deferred tax benefit

 

 

(3,224

)

 

 

(3,377

)

Loss on extinguishment of debt

 

 

1,006

 

 

 

1,400

 

Change in fair value of warrant liabilities

 

 

(2,248

)

 

 

14,320

 

Change in fair value of contingent consideration

 

 

(9,553

)

 

 

(1,011

)

Reversal of transfer fee accrual

 

 

 

 

 

(2,994

)

Changes in operating assets and liabilities, net of effect of acquisition:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

6,083

 

 

 

(7,225

)

Interest receivable

 

 

26

 

 

 

54

 

Inventories

 

 

(16,404

)

 

 

(2,145

)

Other current and long term assets

 

 

(655

)

 

 

(325

)

Accounts payable

 

 

(668

)

 

 

767

 

Accrued expenses

 

 

(1,180

)

 

 

2,134

 

Deferred revenue

 

 

(959

)

 

 

825

 

Other long term liabilities

 

 

998

 

 

 

 

Net cash and cash equivalents used in operating activities

 

 

(73,484

)

 

 

(48,493

)

Investing Activities

 

 

 

 

 

 

 

 

Proceeds from sale of AutoLap assets

 

 

15,965

 

 

 

 

Purchase of short-term investments

 

 

(12,883

)

 

 

(55,439

)

Proceeds from maturities of short-term investments

 

 

65,000

 

 

 

4,000

 

Payment for acquisition of a business

 

 

 

 

 

(5,800

)

Proceeds related to sale of SurgiBot assets, net

 

 

 

 

 

4,496

 

Purchase of property and equipment

 

 

(437

)

 

 

(770

)

Proceeds from sale of property and equipment

 

 

 

 

 

32

 

Net cash and cash equivalents provided by (used in) investing activities

 

 

67,645

 

 

 

(53,481

)

Financing Activities

 

 

 

 

 

 

 

 

Payment of notes payable

 

 

(31,425

)

 

 

(15,305

)

Proceeds from issuance of debt and warrants, net of issuance costs

 

 

 

 

 

28,507

 

Payment of contingent consideration

 

 

 

 

 

(770

)

Proceeds from issuance of common stock and warrants, net of issuance costs

 

 

25,777

 

 

 

279

 

Taxes paid related to net share settlement of vesting of restricted stock units

 

 

(499

)

 

 

(1,662

)

Proceeds from issuance of common stock related to sale of SurgiBot assets

 

 

 

 

 

3,000

 

Proceeds from exercise of stock options and warrants

 

 

538

 

 

 

12,403

 

Net cash and cash equivalents (used in) provided by financing activities

 

 

(5,609

)

 

 

26,452

 

Effect of exchange rate changes on cash and cash equivalents

 

 

364

 

 

 

(433

)

Net (decrease) increase in cash, cash equivalents and restricted cash

 

 

(11,084

)

 

 

(75,955

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

21,651

 

 

 

97,606

 

Cash, cash equivalents and restricted cash, end of period

 

$

10,567

 

 

$

21,651

 

 

Supplemental Disclosure for Cash Flow Information

 

 

 

 

 

 

 

 

Interest paid

 

$

2,187

 

 

$

1,730

 

Supplemental Schedule of Non-cash Investing and Financing Activities

 

 

 

 

 

 

 

 

Transfer of inventories to property and equipment

 

$

486

 

 

$

2,160

 

Transfer of property and equipment to inventories

 

$

323

 

 

$

637

 

Reclass of warrant liability to common stock and additional paid-in capital

 

$

 

 

$

23,774

 

Cashless exercise of warrants

 

$

 

 

$

4,272

 

Issuance of common stock related to MST acquisition

 

$

6,600

 

 

$

8,300

 

Proceeds from sale of AutoLap assets exchanged for settlement of Company obligations

 

$

1,000

 

 

$

 

Deferred consideration – MST acquisition

 

$

 

 

$

5,962

 

Reconciliation of Non-GAAP Measures

Adjusted Net Loss and Net Loss per Share

(in thousands except per share amounts)

(Unaudited)

 

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2019

 

2018

 

2019

 

2018

(Unaudited, U.S. Dollars, in thousands)

Net loss (GAAP)

$

(13,732)

$

(6,441)

$

(154,201)

$

(61,777)

 

Adjustments

Gain from sale of AutoLap assets, net

(15,965)

(15,965)

Loss (gain) from sale of SurgiBot assets, net

75

97

(11,840)

Amortization of intangible assets

2,547

2,624

10,301

10,868

Change in fair value of contingent consideration

136

(1,092)

(9,553)

(1,011)

 

Acquisition related costs

 

 

 

302

 

 

 

 

647

 

Goodwill impairment

 

 

 

 

 

78,969

 

 

 

In-process research and development impairment

 

 

 

 

 

7,912

 

 

 

Reversal of transfer fee accrual

 

 

 

 

 

 

 

(2,994)

Change in fair value of warrant liabilities

788

(10,118)

(2,248)

14,320

 

Restructuring and other charges

 

1,374

 

 

 

 

1,374

 

 

 

Inventory write-down related to restructuring

 

7,408

 

 

 

 

7,408

 

 

Loss on extinguishment of debt

1,006

1,006

1,400

Adjusted net loss (Non-GAAP)

$

(16,438)

$

(14,650)

$

(74,900)

$

(50,387)

 

Three Months Ended

Twelve Months Ended

December 31,

December 31,

(Unaudited, per basic share)

2019

 

2018

 

2019

 

2018

Net loss per share (GAAP)

$

(0.69)

$

(0.39)

$

(8.69)

$

(3.88)

 

Adjustments

Gain from sale of AutoLap assets, net

(0.80)

(0.90)

Loss (gain) from sale of SurgiBot assets, net

0.00

0.01

(0.74)

Amortization of intangible assets

0.13

0.16

0.58

0.68

Change in fair value of contingent consideration

0.01

(0.07)

(0.54)

(0.06)

 

Acquisition related costs

 

 

 

0.02

 

 

 

 

0.04

 

Goodwill impairment

 

 

 

 

 

4.45

 

 

 

In-process research and development impairment

 

 

 

 

 

0.45

 

 

 

Reversal of transfer fee accrual

 

 

 

 

 

 

 

(0.19)

Change in fair value of warrant liabilities

0.04

(0.61)

(0.13)

0.90

 

Restructuring and other charges

 

0.07

 

 

 

 

0.08

 

 

 

Inventory write-down related to restructuring

 

0.37

 

 

 

 

0.42

 

 

Loss on extinguishment of debt

0.05

0.06

0.09

Adjusted net loss per share (Non-GAAP)

$

(0.83)

$

(0.89)

$

(4.22)

$

(3.16)

Contacts

Investors:
Mark Klausner, 443-213-0501

invest@transenterix.com
or

Media:
Terri Clevenger, 203-856-8297

terri.clevenger@icrinc.com

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