Q2 2024 Asensus Surgical Inc Earnings Call Transcript
Key Points
- Revenue for Q2 2024 increased to $2.2 million, doubling from $1.1 million in Q2 2023.
- Adjusted net loss per share improved to $0.07 in Q2 2024 from $0.09 in Q2 2023.
- The proposed merger with KARL STORZ has received support from over 80% of the shares that have voted.
- Leading advisory firms ISS and Glass Lewis recommend stockholders vote in favor of the merger.
- The merger proposal aims to provide some returns to stockholders, potentially avoiding a worse outcome in bankruptcy.
- Total operating expenses increased to $23.1 million in Q2 2024 from $18.9 million in Q2 2023.
- Net loss attributable to common stockholders increased to $25.7 million in Q2 2024 from $20.7 million in Q2 2023.
- The merger proposal has not yet received the necessary proxies to proceed, leading to an adjournment of the Special Meeting.
- If the merger is not approved, the company faces significant near-term financial obligations, including a $20 million repayment to KARL STORZ.
- In the event of bankruptcy, common stockholders may receive little or no consideration for their shares.
Good afternoon, ladies and gentlemen, and welcome to Asensus Surgical Incorporated second quarter financial and operating results call. (Operator Instructions) This call is being recorded on August, 13, 2024.
I would now like to turn the conference over to Mark Klausner from Westwicke Partners. Please go ahead.
Good afternoon, everyone, and thank you for joining us for the Asensus Surgical second quarter financial update conference call. On the call with me today are Anthony Fernando, President and Chief Executive Officer; and Shameze Rampertab, Chief Financial Officer.
In addition to the financial updates, we are also going to provide an update status of the proposed merger with KARL STORZ. Before we begin, I would like to caution listeners that certain information discussed by management during this conference call, including any guidance provided, are forward-looking statements covered under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
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