TransEnterix sees light on Q2 release, shares tick up

TransEnterix (NYSE:TRXC) hasn’t had the best luck in 2016, with the FDA denying its 510(k) clearance submission in April and shareholders suing the company in June over the nixed project, but things are looking up for the robotics company with the release of 2nd quarter earnings that beat the street and sent shares up nearly 7%.

The Research Triangle, N.C.-based company reported losses of $80.1 million, or 70¢ per share with operating expenses of $80.7 million for the 3 months ended June 30.

That amounts to an over 700% growth in losses and operating expenses compared with the same quarter in 2015. After adjusting to exclude 1-time items, losses per share were at 11¢, above the 15¢ per share losses analysts on Wall Street were expecting to see.

Shares rose 6.9% in pre-market trading after the release, at $1.56 as of 9:29 a.m. EDT.

“We are very pleased with the progress we’ve made in the commercialization of ALF-X during the quarter, as well as having closed our first ALF-X sale in July. We remain enthusiastic about the potential of ALF-X, and will continue to invest in global commercial expansion, including preparing for its 510(k) submission,” CEO Todd Pope said in prepared remarks.

The company didn’t release any updated guidance or outlook for the next quarter.

Earlier this week, TransEnterix said it sold the 1st ALF-X surgical robotic system to Milan, Italy’s Humanitas Hospital.

The company acquired the Telelap ALF-X robot-assisted surgery device from Italy’s Sofar SpA last September. The Telelap ALF-X device has CE Mark approval in the European Union for minimally invasive surgery procedures.

The post TransEnterix sees light on Q2 release, shares tick up appeared first on MassDevice.

from MassDevice http://ift.tt/2aDvlFT