Asensus Surgical receives non-binding acquisition proposal from KARL STORZ at $0.35/share; Q1 revenue $1.1M

ASENSUS SURGICAL, INC.

KARL STORZ proposes to acquire 100% of Asensus for $0.35/share cash; 10-week exclusivity period for due diligence.
KARL STORZ provides up to $20M secured loan; $7M drawn to date to support operations during exclusivity.
Q1 2024 revenue $1.1M (vs $1.0M Q1 2023); net loss $22.5M ($0.08 loss per share).
Cash and short-term investments $8.0M at March 31, 2024; low liquidity position.
Nearly 900 procedures performed globally in Q1; one new Senhance program initiated YTD.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

ASENSUS SURGICAL, INC. reported the first quarter ended March 31, 2024 results: revenue $1.1 million, net income $22.5 million, EPS $0.08 per share.

Period: the first quarter ended March 31, 2024
Revenue: $1.1 million
Net income: $22.5 million
EPS: $0.08 per share
Result: reported results

Exact text from the filing

For the three months ended March 31, 2024, the Company reported revenue of $1.1 million as compared to revenue of $1.0 million in the three months ended March 31, 2023. Revenue in the first quarter of 2024 included $0.5 million in lease revenue, $0.3 million in instruments and accessories, and $0.3 million in services. For the three months ended March 31, 2024, total operating expenses were $22.7 million, as compared to $20.4 million, in the three months ended March 31, 2023. For the three months ended March 31, 2024, net loss was $22.5 million, or $0.08 per share, as compared to a net loss of $22.2 million, or $0.09 per share, in the three months ended March 31, 2023.

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Source: SEC EDGAR

accession 0001437749-24-017096

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