ASENSUS SURGICAL, INC.
asensus.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q2 FY2024 10-Q, filed Aug 13, 2024. Its latest SEC filing is a SC 13G/A from Nov 13, 2024.
10-Q for Q2 FY2024, filed Aug 13, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Sells robotic-assisted surgical systems, instruments and digital tools for surgeons and hospitals performing minimally invasive procedures.
10-K for FY2023, filed Mar 21, 2024We are a medical device company that is digitizing the interface between the surgeon and patient to pioneer a new era of surgery, that we…View ↗
Despite such limitations, traditional laparoscopy remains the prevalent technique in MIS. We believe that robotic devices that replicate…View ↗
We are addressing the challenges in laparoscopy and robotic-assisted surgery with technologically advanced products and product candidates…View ↗
The Senhance System addresses key challenges for laparoscopic surgeons and hospitals by delivering the benefits of robotics with improved…View ↗
How Did They Make Money?
Hospitals and other customers pay for Senhance systems and components when they accept delivery or installation, and for instruments and accessories when shipped or delivered. Service fees are billed up front, generally annually, and paid over the service period; lease payments cover use of the system, instruments and accessories, and servicing.
10-K for FY2023, filed Mar 21, 2024The Company’s revenue consists of product revenue resulting from the sale of Senhance Systems, Senhance System components, and instruments…View ↗
System sales. For Senhance Systems and Senhance System components sold directly to end customers (including those arising from Senhance…View ↗
Instruments and accessories. Revenue from sales of instruments and accessories is recognized when control is transferred to the customers…View ↗
Deferred revenue for the periods presented was primarily related to service obligations, for which the service fees are billed up-front…View ↗
$8.6M
-
10-K for FY2023, filed Mar 21, 2024
$8.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product
Sold outright
|
64%
FY2020: 51%
|
Product, FY2023
$5.5M Sources
|
Sold outright |
|
Service
Recurring
10-K for FY2023, filed Mar 21, 2024 |
12%
FY2020: 49%
|
Service, FY2023
$1.1M Sources
|
Recurring |
|
Lease
Recurring
10-K for FY2023, filed Mar 21, 2024 |
23% |
Lease, FY2023
$2M Sources
|
Recurring |
Who Were Their Customers?
Hospitals are the customers for Senhance systems and related services. The company sells directly in some markets and uses distributors in jurisdictions where it does not sell directly.
10-K for FY2023, filed Mar 21, 2024The Senhance System addresses key challenges for laparoscopic surgeons and hospitals by delivering the benefits of robotics with improved…View ↗
We utilize distributors in jurisdictions where we do not sell directly. Our distribution agreements typically provide exclusivity in a…View ↗
The Senhance System is available for sale in Europe, the United States, Japan, Taiwan, Russia (to the extent lawful), and select other…View ↗
10-K for FY2023, filed Mar 21, 2024
The Company’s accounts receivable are derived from sales and leases to customers located throughout the world. The Company evaluates its…View ↗
Did Revenues Turn Into Profits?
No. It lost $78.4M in FY2023.
10-K for FY2023, filed Mar 21, 2024
−$79.5MView ↗
10-K for FY2023, filed Mar 21, 2024
−$78.4MView ↗
10-K for FY2023, filed Mar 21, 2024
−$64.2MView ↗
How Were They Changing?
- Net income
-
Sources
10-Q for Q2 FY2024, filed Aug 13, 2024
−$25.7MView ↗
- ▲ +25% (Loss)
- vs −$20.7M in Q2 FY2023
10-Q for Q2 FY2024, filed Aug 13, 2024
Open tableView ↗
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Aug 22, 2024
Merger completed and Asensus shares were delisted
Each common share was converted into the right to receive $0.35 in cash; Asensus became a wholly owned subsidiary of Parent.
Sources
8-K, filed Aug 22, 2024
(i) each share of common stock of the Company (the “Common Stock”) then outstanding was converted into the right to receive $0.35 in cash…View ↗
-
Jun 7, 2024
Asensus agreed to merge with KARL STORZ for $0.35 per share
The merger agreement set cash consideration for each common share, subject to closing conditions.
Sources
8-K, filed Jun 7, 2024
The Merger Agreement sets forth a reverse triangular merger in which Merger Sub will merge with and into the Company, with the Company as…View ↗
Held flat. Revenue was $8.6M in FY2023, about the same as the $8.5M of FY2019.
A next-generation system
The latest report describes development of the LUNA robotic system alongside Senhance; the older report focused on Senhance commercialization and further development.
10-K for FY2020, filed Mar 11, 2021 10-K for FY2023, filed Mar 21, 2024During 2023, we focused our research and development, or R&D, activities on advancing the LUNA Surgical System, our next generation robotic…View ↗
We believe the LUNA System we are developing will be a best in class robot that will use 3mm and 5mm instruments (as contrasted with most…View ↗
We are addressing the challenges in laparoscopy and robotic-assisted surgery with technologically advanced products and product candidates…View ↗
Broader digital surgery tools
The latest report adds development of standalone surgical units, planning and safety tools, and a cloud portal for surgical data and guidance, expanding beyond the older report's description of data-driven guidance across surgical phases.
10-K for FY2020, filed Mar 11, 2021 10-K for FY2023, filed Mar 21, 2024initial development of an analytical tools feature set, which includes intra-operative surgical planning capabilities that will help…View ↗
creation of a safety tools feature set which includes real-time identification, notifications to the surgical team, and marking of…View ↗
During 2023 we announced a multi-year collaboration with Google Cloud to integrate Google Cloud’s secure cloud data architecture and…View ↗
We are also developing an ISU that can be utilized on a stand-alone basis apart from robotic surgery. We believe, given the market…View ↗
Who Did They Compete With?
Competes with Medtronic, Intuitive Surgical, Vicarious Surgical, Momentis Surgical, Distalmotion SA, Medicaroid, CMR Surgical, Johnson & Johnson, Theator Surgical, Activ Surgical, and CareSyntax
10-K for FY2023, filed Mar 21, 2024There are many competitive offerings in the field of MIS. Several companies have launched devices that enable reduced incision or single…View ↗
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