Asensus Surgical(ASXC)2022-03-01 01:18Financial Data and Key Metrics Changes - For Q4 2021, the company reported revenue of 1.1 million in Q4 2020, representing a year-over-year growth of approximately 127% [15] - Total operating expenses for Q4 2021 were 14.2 million in Q4 2020 [15] - The net loss attributable to common stockholders for Q4 2021 was 0.07 per share, compared to a net loss of 0.13 per share in Q4 2020 [15][16] - The adjusted net loss for Q4 2021 was 0.07 per share, compared to an adjusted net loss of 0.09 per share in Q4 2020 [16] - As of December 31, 2021, the company had cash and investments of approximately $135.8 million [16] Business Line Data and Key Metrics Changes - The company expanded its installed base by approximately 33% and increased procedure volumes by 44% in 2021 [7][17] - In 2021, over 2,100 procedures were performed, marking the highest annual procedure volume since the inception of the Senhance system [9] - In Q4 2021, over 500 procedures were performed using Senhance, representing a 30% increase compared to Q4 2020 [10] Market Data and Key Metrics Changes - The U.S. market saw a 95% growth in procedure volumes, while the EMEA region grew by 42% and Asia by 18% compared to 2020 [9] - General surgery accounted for 40% of case volumes, with gynecology, urology, bariatric, and colorectal procedures making up the remaining 60% [10] Company Strategy and Development Direction - The company aims to drive increased awareness of the Senhance platform and publish impactful clinical data to support its adoption [17][18] - Key focus areas for 2022 include market development, portfolio expansion, and technological advancements [18][20] - The company plans to add 10 to 12 new system initiations globally in 2022 and continue to invest in surgeon training and medical education [20][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges due to COVID-19, including hospital restrictions and staffing shortages, but expressed optimism about continued growth in procedure volumes [6][32] - The company is focused on leveraging clinical data to demonstrate the value of the Senhance system and expects to see growth in foundational sites throughout 2022 [23][29] Other Important Information - The company received 510(k) clearance for expanded capabilities of the Intelligent Surgical Unit and for 5-millimeter articulating instruments, enhancing the system's dexterity [11][12] - The launch of Senhance Connect, a mobile in-OR communication system, has been well-received and is expected to facilitate better collaboration during surgeries [12] Q&A Session Summary Question: How is the last 60 days looking in terms of procedure volume? - Management indicated steady volume growth but noted unpredictability due to COVID-related fluctuations [32] Question: What is the pediatric market opportunity? - Management acknowledged a significant opportunity in pediatrics, particularly in Europe, and plans to file for pediatric indication in the U.S. [33][35] Question: What is the financial impact from Russia's invasion of Ukraine? - Management stated that while there will be an impact, the extent is still undetermined [38] Question: How do you see outright sales versus sale and leaseback strategies evolving? - Management expects a mix of both outright sales and leaseback strategies, with a slight preference for direct sales as hospital budgets recover [40][41] Question: Have supply chain issues improved in 2022? - Management reported ongoing challenges with supply chains, particularly in semiconductors and medical plastics, with no clear improvement yet [43]