Asensus Surgical Inc Stock Price, News & Analysis

Asensus Surgical, Inc. (NYSE American: ASXC) reported its Q2 2024 financial results and announced a definitive merger agreement with KARL STORZ. Key points include:

1. KARL STORZ will acquire Asensus for $0.35 per share in cash.
2. Q2 2024 revenue: $2.2 million, up from $1.1 million in Q2 2023.
3. Cash and equivalents: $7.8 million as of June 30, 2024.
4. Net loss: $25.7 million ($0.09 per share) vs $20.7 million in Q2 2023.
5. Adjusted net loss: $18.1 million ($0.07 per share).

The company urges stockholders to vote on the merger by August 20, 2024. If not approved, Asensus may seek bankruptcy protection.

Asensus Surgical, Inc. (NYSE American: ASXC), a medical device company focused on digitizing surgeon-patient interfaces, has announced its plans to release 2024 second quarter financial and operating results after market close on Tuesday, August 13, 2024. The company will host a conference call at 4:30 p.m. ET the same day to discuss these results and provide an update on the proposed merger with KARL STORZ.

Interested parties can access the call by dialing 1-800-717-1738 (domestic) or 1-646-307-1865 (international). A live audio webcast will also be available at https://ir.asensus.com/events-and-presentations, where a replay will be accessible after the call.

Asensus Surgical (NYSE American: ASXC) has adjourned its Special Meeting of Stockholders from August 7, 2024, to August 20, 2024, at 10:00 a.m. (Eastern Time). The meeting will be held virtually. Despite receiving proxies for about 52% of outstanding shares with a majority in favor of the merger proposal, more votes are needed to approve the transaction. The company is urging stockholders to vote on three key proposals:

1. Merger Proposal: To approve the merger with KARL STORZ Endoscopy-America, Inc.
2. Merger-Related Compensation Proposal: To approve compensation for named executive officers.
3. Adjournment Proposal: To allow for meeting adjournments if necessary.

The Board recommends voting 'FOR' each proposal. Stockholders needing assistance can contact Alliance Advisors, the company's proxy solicitor.

Asensus Surgical (NYSE American: ASXC) has announced that The Rocky Mountain Hospital for Children in Denver, Colorado, will be the first dedicated pediatric hospital in the United States to utilize a Senhance® Surgical System. This agreement marks a significant milestone for Asensus Surgical in expanding its innovative digital solutions for operating rooms into pediatric care.

The Senhance System, designed to address the unique challenges of pediatric surgery while maintaining the benefits of minimally invasive procedures, is expected to improve outcomes in pediatric and adolescent surgeries. Dr. Steve S. Rothenberg from The Rocky Mountain Hospital for Children expressed enthusiasm about the system's potential to enhance patient care and align with the hospital's commitment to innovation and excellence.

Asensus Surgical (NYSE American: ASXC) has received FDA 510(k) clearance for an expanded indication to treat adult and pediatric Urology patients with the Senhance® Surgical System in the United States. This clearance opens up a significant market, with over 185,000 urological surgical procedures performed annually in the U.S. The Senhance System offers precision and advanced digital capabilities, including 3mm and 5mm instruments and digital integrations, making it well-suited for urological procedures.

The system aims to increase surgeon control and reduce variability through Augmented Intelligence and deep learning capabilities. This expansion builds on the system's successful use in Urology procedures outside the U.S. for several years, now bringing its benefits to the U.S. patient population.

Asensus Surgical (NYSE American: ASXC) announced that LKH-Universitätsklinikum Graz in Austria has agreed to lease and use a Senhance® Surgical System. This marks the second hospital in Austria and the 7th pediatric-focused site to adopt this technology. The hospital, renowned for minimally invasive pediatric and adolescent surgery, will utilize the system's 3mm and 5mm instruments for various procedures.

Professor Holger Till, Head of Pediatric and Adolescent Surgery at the hospital, expressed excitement about the partnership, highlighting the potential of Senhance's small instruments to enhance surgical outcomes for young patients. Asensus Surgical's CEO, Anthony Fernando, emphasized the collaboration's role in expanding the adoption of their innovative surgical platform globally.

Asensus Surgical has announced a partnership with St. Marianna University School of Medicine Yokohama City Seibu Hospital in Japan. The hospital will lease and utilize Asensus' Senhance® Surgical System in its Urology and Gastroenterology/General Surgery departments. This collaboration aims to bring advanced surgical capabilities to the hospital, leveraging the Intelligent Surgical Unit™ with Augmented Intelligence for real-time insights. The Senhance System is designed to enhance surgeon control and reduce variability, blending human skill with clinical intelligence.

Asensus Surgical announced a definitive merger agreement with KARL STORZ Endoscopy-America, a subsidiary of KARL STORZ SE & Co. KG. KARL STORZ will acquire Asensus for $0.35 per share in cash, representing a 67% premium over the April 2, 2024 closing price. The transaction has been unanimously approved by Asensus’ Board of Directors and is expected to close in Q3 2024, pending stockholder approval and customary conditions. Post-merger, Asensus will become a subsidiary of KARL STORZ and will delist from the NYSE American Exchange.

This merger aims to enhance KARL STORZ’s portfolio in the surgical robotics market, leveraging Asensus’ innovative technology. Financial and legal advisors for the deal include Jefferies and Ballard Spahr LLP for Asensus, and UBS Investment Bank and Ropes & Gray LLP for KARL STORZ.

Asensus Surgical announced its Q1 2024 financial results with significant updates. The company reported $1.1 million in revenue, a slight increase from $1.0 million in Q1 2023. Despite this, their net loss expanded to $22.5 million. A non-binding acquisition proposal from KARL STORZ was announced, including up to $20 million in financing. The proposal values Asensus shares at $0.35 each. Nearly 900 surgical procedures utilizing the Senhance System were performed globally. Asensus aims to initiate 8-10 new Senhance programs and expects a 15%-20% procedure volume growth for 2024. The company had $8.0 million in cash and equivalents as of March 31, 2024.