TransEnterix Inc (NYSEAMERICAN:TRXC) reported a wider-than-expected earnings loss in the second quarter although revenue exceeded estimates, with shares sliding in premarket trade Tuesday.
TransEnterix posted a net loss of US$0.17 per share, sharply worse than expectations for a loss of just US$0.06. in the same period a year ago it posted a loss of US$0.11. Quarterly revenue came in at US$6.4mln, above the consensus of US$5.78mln and the year-ago figure of US$1.58mln.
Shares sank 10.7% to US$4.81 in premarket trade and were seen down 6.31% at US$5.05 on Tuesday. On Monday, TransEnterix shares climbed 3.1% to US$5.39. Shares have added nearly tripled since the start of 2018, compared with a 6.6% gain in the S&P 500.
The company said it expects wider use of its Senhance robotic surgery system for use in a variety of surgical procedures such as laparoscopic gynecology or gall bladder removal, colorectal, and inguinal hernia among others. Clearance from the FDA for its surgical system would double annual procedures in the US to more than 3 million, it added.
The Senhance system can be used for some of the most common abdominal surgeries, including procedures in general surgery and gynecology.
Based in Morrisville, North Carolina, TransEnterix is a medical device that seeks to improve procedures for minimally invasive surgery.
-- Updates share price