RESEARCH TRIANGLE PARK, N.C. and TUTTLINGEN, Germany, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Asensus Surgical, Inc. (NYSE American: ASXC) (“Asensus Surgical” or “Asensus”), a global leader of innovative digital solutions for the operating room, today announced the closing of the merger (the “Merger”) with the KARL STORZ Group (“KARL STORZ”). The transaction was completed following approval by the Asensus Surgical stockholders. Under the terms of the merger agreement, KARL STORZ Endoscopy-America, Inc., a wholly ...

Asensus Surgical (ASXC) came out with a quarterly loss of $0.07 per share versus the Zacks Consensus Estimate of a loss of $0.05. This compares to loss of $0.09 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -40%. A quarter ago, it was expected that this maker of surgical robots and medical instruments would post a loss of $0.05 per share when it actually produced a loss of $0.07, delivering a surprise of -40%.Over the last f ...

Asensus Surgical, Inc. (NYSE:ASXC) Q2 2024 Earnings Conference Call August 13, 2024 4:30 PM ET Company Participants Mark Klausner - IR, Westwicke Partners Anthony Fernando - President and CEO Shameze Rampertab - CFO Conference Call Participants Operator Good afternoon, ladies and gentlemen, and welcome to Asensus Surgical Incorporated Second Quarter Financial and Operating Results Call. At this time, all lines are in listen-only mode. [Operator Instructions] This call is being recorded on August, 13, 2024. ...

Exhibit 99.1 Asensus Surgical, Inc. Reports Operating and Financial Results for the Second Quarter 2024 RESEARCH TRIANGLE PARK, N.C.-- August 13, 2024 --(GLOBE NEWSWIRE) Asensus Surgical, Inc. (NYSE American: ASXC), a global leader of innovative digital solutions for the operating room, announced its operating and financial results for the second quarter 2024. Recent Highlights ● Announced a definitive merger agreement (the "Merger Agreement") with KARL STORZ Endoscopy-America, Inc. ("KARL STORZ"), a wholly ...

Revenue Performance - Total revenue for the three months ended June 30, 2024, was $2,207,000, a 104% increase from $1,081,000 for the same period in 2023[9] - Product revenue increased to $1,396,000 for the three months ended June 30, 2024, compared to $298,000 for the same period in 2023, representing a 368% growth[9] - Total revenue for the six months ended June 30, 2024, reached $3,330 million, compared to $2,057 million for the same period in 2023, marking a 62% increase[39] - Total U.S. revenue for the three months ended June 30, 2024, was $184 thousand, compared to $133 thousand in the same period of 2023, reflecting a 38% increase[39] - Total OUS revenue for the three months ended June 30, 2024, was $2.023 million, significantly higher than $948 thousand in the same period of 2023, indicating a 113% growth[39] Financial Losses - Net loss for the three months ended June 30, 2024, was $(25,749,000), compared to $(20,662,000) for the same period in 2023, indicating a 25% increase in losses[9] - The company reported a comprehensive loss of $(25,922,000) for the three months ended June 30, 2024, compared to $(20,388,000) for the same period in 2023[9] - The company reported a net loss of $48.246 million for the six months ended June 30, 2024, compared to a net loss of $42.880 million for the same period in 2023, indicating an increase in losses[18] - The company had an accumulated deficit of $987.6 million as of June 30, 2024, highlighting ongoing financial challenges[24] Operating Expenses - Total operating expenses for the three months ended June 30, 2024, were $23,090,000, up from $18,870,000 for the same period in 2023, reflecting a 22% increase[9] - Research and development expenses for the six months ended June 30, 2024, were $15,722,000, down from $19,119,000 for the same period in 2023, a decrease of 18%[9] - Stock-based compensation for the six months ended June 30, 2024, was $3.273 million, slightly down from $3.894 million in the same period of 2023[18] Cash and Liquidity - Cash and cash equivalents decreased to $7,782,000 as of June 30, 2024, down from $17,096,000 as of December 31, 2023[11] - The company experienced a net cash used in operating activities of $28.228 million for the six months ended June 30, 2024, compared to $35.204 million for the same period in 2023, indicating improved cash flow management[18] - Cash and cash equivalents at the end of the period were $9.299 million, compared to $9.029 million at the end of the same period in 2023, showing a slight increase[18] Assets and Liabilities - Total current liabilities increased significantly to $39,920,000 as of June 30, 2024, compared to $12,628,000 as of December 31, 2023[11] - The total assets of the company were $38,502,000 as of June 30, 2024, a decrease from $59,086,000 as of December 31, 2023[11] - Total liabilities as of June 30, 2024, amounted to $19,997,000, including warrant liabilities of $5,597,000[49] - Contingent consideration increased significantly from $2,220,000 on December 31, 2023, to $14,400,000 on June 30, 2024, due to the probability-weighted fair value related to a potential merger[57] Merger and Strategic Developments - The company entered into a Merger Agreement with KARL STORZ Endoscopy-America, Inc., where each share of common stock will be converted into $0.35 in cash upon completion of the merger[23] - The company is developing the LUNA™ Surgical System, a next-generation robotic and instrument system aimed at enhancing surgical outcomes through digital technology[21] - The company is focused on the commercialization of the Senhance System, which is the first digital multi-port laparoscopic platform designed to enhance minimally invasive surgery[21] - The company requires additional capital to fund operating losses and continue its business plan, raising concerns about its ability to continue as a going concern[25] Customer Concentration and Revenue Distribution - The Company had three customers accounting for 26%, 13%, and 11% of net accounts receivable as of June 30, 2024[44] - The Company had two customers contributing 43% and 11% of revenue for the three months ended June 30, 2024, compared to no customers exceeding 10% in the same period last year[99] - For the three months ended June 30, 2024, the Company generated 8% of its revenue from the U.S., down from 12% in the same period last year[99] - EMEA accounted for 84% of revenue for the three months ended June 30, 2024, an increase from 67% year-over-year[99] Tax and Regulatory Matters - The company incurred a total tax expense of approximately $0.07 million for the three months ended June 30, 2024, compared to a tax benefit of $0.01 million for the same period in 2023[73] - The effective tax rate for the three months ended June 30, 2024, was (0.3)%, compared to 0.1% for the same period in 2023[72] - The Company is currently evaluating the impact of recently issued accounting standards, including ASU No. 2023-07 and ASU No. 2023-09, which may affect future disclosures[31][34] Stock and Equity - Stock options outstanding increased to 15,886,489 as of June 30, 2024, with a weighted average exercise price of $2.07[82] - The company granted 14,953,974 restricted stock units during the six months ended June 30, 2024, resulting in unvested shares totaling 20,427,833[85] - The total potential common shares not included in the computation of diluted net loss per share increased to 61,144,822 as of June 30, 2024[94] Future Outlook and Risks - The Company anticipates potential risks related to the Merger, including a termination fee of $3.6 million if the agreement is not completed[105] - The Company’s financial performance is subject to various risks and uncertainties that could impact future results, particularly regarding the Merger[105]

RESEARCH TRIANGLE PARK, N.C., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Asensus Surgical, Inc. (NYSE:ASXC), a global leader of innovative digital solutions for the operating room, today announced that the Company's Special Meeting of Stockholders, scheduled to be held on Wednesday, August 7, 2024 at 10:00 a.m. (Eastern Time), was adjourned to Tuesday, August 20, at 10:00 a.m. (Eastern Time). The Special Meeting will be held virtually. While we have received proxies for approximately 52% of our outstanding shares wi ...

RESEARCH TRIANGLE PARK, N.C., July 30, 2024 (GLOBE NEWSWIRE) -- Asensus Surgical, Inc. (NYSE American: ASXC), a global leader of innovative digital solutions for the operating room, announced today that leading independent proxy advisory firm, Institutional Shareholder Services Inc. (“ISS”), became the second advisory firm to recommend that Asensus Surgical stockholders vote “FOR” all proposals relating to the pending merger transaction with KARL STORZ Endoscopy-America, Inc. (“KARL STORZ”). The vote will t ...

RESEARCH TRIANGLE PARK, N.C., July 30, 2024 (GLOBE NEWSWIRE) -- Asensus Surgical, Inc. (NYSE:ASXC), a global leader of innovative digital solutions for the operating room, announced today that leading independent proxy advisory firm, Institutional Shareholder Services Inc. ("ISS"), became the second advisory firm to recommend that Asensus Surgical stockholders vote "FOR" all proposals relating to the pending merger transaction with KARL STORZ Endoscopy-America, Inc. ("KARL STORZ"). The vote will take place ...

RESEARCH TRIANGLE PARK, N.C., July 29, 2024 (GLOBE NEWSWIRE) -- Asensus Surgical, Inc. (NYSE:ASXC), a global leader of innovative digital solutions for the operating room, announced today that a leading independent proxy advisory firm, Glass, Lewis & Co. ("Glass Lewis"), has recommended that Asensus Surgical stockholders vote "FOR" all proposals relating to the pending merger transaction with KARL STORZ Endoscopy-America, Inc. ("KARL STORZ"). The vote will take place at the Company's upcoming Special Meetin ...

RESEARCH TRIANGLE PARK, N.C., July 29, 2024 (GLOBE NEWSWIRE) -- Asensus Surgical, Inc. (NYSE American: ASXC), a global leader of innovative digital solutions for the operating room, announced today that a leading independent proxy advisory firm, Glass, Lewis & Co. (“Glass Lewis”), has recommended that Asensus Surgical stockholders vote “FOR” all proposals relating to the pending merger transaction with KARL STORZ Endoscopy-America, Inc. (“KARL STORZ”). The vote will take place at the Company’s upcoming Spec ...