TransEnterix shares dip on Q4, FY2016 earnings miss

Shares in TransEnterix (NYSE:TRXC) dipped today after the robotic surgical device developer missed expectations on Wall Street with its 4th quarter and full fiscal year 2016 earnings report.

The Research Triangle Park, N.C.-based company posted losses of $14.4 million, or 12¢ per share, on sales of $53,000 for the 3 months ended Dec. 31, with losses growing 3.5% compared with the same period last year.

Losses per share were slightly larger than analysts on Wall Street were expecting, while revenue fell far short of the $1.3 million expectation.

For the full year, TransEnterix posted losses of $123.6 million, or $1.07 per share, on sales of $1.5 million, with losses growing 166.7% compared with its fiscal year 2015.

The company fell short of the 43¢ consensus on The Street for the full year, as well last the $2.9 million revenue expectations.

“We are pleased with the significant progress we made during the year in establishing a strong foundation for Senhance commercialization. We are excited about the opportunity to leverage that foundation to drive growth in Europe and other regions, and look forward to the submission of our Senhance 510(k) and anticipated approval in 2017,” prez & CEO Todd Pope said in a press release.

TransEnterix did not release any guidance for the upcoming year or quarter.

Shares dropped 2.3% in trading today to close at $1.29.

The post TransEnterix shares dip on Q4, FY2016 earnings miss appeared first on MassDevice.

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