Asensus Surgical (NYSE:ASXC) this week announced preliminary fourth-quarter results that came up well short of Wall Street estimates.
The company expects to report revenues between $2.2 million and $2.8 million. Analysts expected the company to bring in approximately $3.7 million over the three months ended Dec. 31, 2022.
Asensus expects its full-year revenue to total between $6.8 million and $7.4 million.
During the fourth quarter, the company reported 23% growth in procedures with its Senhance surgical robot. It initiated five Senhance programs during the quarter, including multiple in Japan. The company’s 2,650 procedures performed globally in 2022 tops 2021 totals by 26%.
Shares of ASXC have been rising since the reporting of these preliminary figures. The day of the report, Jan. 9, shares closed trading at 45¢ apiece. Today, they’re up to approximately 60¢ each.
“We are very pleased with what we were able to achieve during 2022; which included making significant progress towards the development of performance-guided surgery, driving the continued adoption of Senhance surgical programs, and materially increasing its utilization globally,” said Anthony Fernando, Asensus Surgical president and CEO. “As we look ahead to 2023, we remain bullish on our ability to continue to develop the capabilities of our cutting-edge digital clinical intelligence platform to revolutionize the way surgery is performed and ultimately deliver safer, more predictable outcomes for patients.”
Senhance, a first-of-its-kind digital laparoscopic surgical robot, uses augmented intelligence to perform procedures through machine learning. It features surgical assurance through haptic feedback, eye-tracking camera control, and 3D visualization.