Asensus Surgical, Inc. (NYSE American: ASXC), a medical device
company that is digitizing the interface between the surgeon and
the patient to pioneer a new era of Performance-Guided Surgery™,
today announced its operating and financial results for the fourth
quarter and full-year 2020.
Recent Highlights
- Senhance Surgical System received expanded 510(k) clearance for
general surgery indication
- Asensus Surgical received CE Mark for Intelligent Surgical
Unit™(ISU™), enabling machine vision capabilities in Europe
- Performed first pediatric cases utilizing Senhance® Surgical
System, representing the first time that 3 mm instruments were used
in robotic pediatric surgery
- Senhance received its registration certificate by the Russian
medical device regulatory agency, Roszdravnadzor, allowing for its
sale and utilization throughout the Russian Federation
- Announced partnering arrangement with Amsterdam Skills Centre
to launch Senhance surgical training center in the Netherlands
- Closed two equity financings, totaling approximately $111
million in gross proceeds in aggregate, extending cash runway into
2024
“We are very pleased with the momentum we generated during 2020
and particularly during the fourth quarter,” said Anthony Fernando,
President and CEO of Asensus Surgical. “This momentum continued
into the early part of 2021 where we have already accomplished a
number of significant milestones, including the bolstering of our
balance sheet, the rebranding of the organization, and the
introduction of our vision for Performance-Guided Surgery. As we
look to the balance of 2021, we look to continue to drive the
adoption of Senhance, bringing transformative technology to
surgeons, hospitals and patients across the globe. Concurrently, we
will work to expand the capabilities of Senhance and deliver on our
surgical assurance framework.”
Name Change
On February 23, 2021, the Company announced that it changed its
corporate name to Asensus Surgical, Inc. The name change reflects
the company's broader vision of shaping the future of surgery by
integrating computer vision and machine learning with surgical
robotics.
Upcoming 2021 Milestones
For the full year 2021, the Company expects to install 10 - 12
new Senhance Surgical Systems.
During the first half of 2021, the Company expects to achieve
the following regulatory milestones:
- File for FDA 510(k) clearance for articulating instruments
- File for FDA 510(k) clearance for the next generation ISU
features
During the first half of 2021, the Company expects to publish
clinical papers in peer reviewed journals on the following
subjects:
- Health economic studies comparing Senhance Digital Laparoscopy,
laparoscopy, and robotic surgery
- Clinical performance when utilizing the Senhance Surgical
System
Commercial and Clinical Update
Throughout 2020, the Company initiated ten new clinical
programs: three in the US, four in Europe, and three in Asia.
On October 13, 2020, the Company announced that surgeons at
Maastricht University Medical Center+ (MUMC+) in the Netherlands,
had successfully operated on multiple pediatric patients, becoming
the first pediatric surgical program in the world to utilize the
Senhance Surgical System and integrate digital laparoscopy with
instruments as small as 3 mm into their standard of surgical
care.
On December 16, 2020, the Company announced that the Senhance
Surgical System received its registration certificate by
Roszdravnadzor, the Russian medical device regulatory agency
allowing for its sale and utilization throughout the Russian
Federation.
On January 19, 2021, the Company announced it received CE Mark
approval for the ISU that enables machine vision capabilities on
the Senhance Surgical System. This approval will provide Senhance
digital laparoscopic programs in Europe access to this new
technology, ushering them to the forefront of surgical innovation
utilizing augmented intelligence.
On February 18, 2021, the Company agreed to team with the
Amsterdam Skills Centre (ASC) in the Netherlands for surgical
training. This site will serve surgeons and staff throughout Europe
with basic and advanced training on the Senhance Surgical System.
The ASC will also provide Asensus Surgical with a world-class
facility to engage European surgeons in technology and clinical
development studies.
On March 3, 2021, the Company announced it received an
additional FDA clearance for the Senhance Surgical System which
allows for indication expansion in general surgery in the United
States.
Fourth Quarter Financial Results
For the three months ended December 31, 2020, the Company
reported revenue of $1.1 million as compared to revenue of $0.7
million in the three months ended December 31, 2019. Revenue in the
fourth quarter of 2020 included $0.3 million in system leasing,
$0.3 million in instruments and accessories, and $0.5 million in
services.
For the three months ended December 31, 2020, total net
operating expenses were $14.2 million, as compared to $18.1
million, excluding the gain from the sale of the AutoLap assets, in
the three months ended December 31, 2019.
For the three months ended December 31, 2020, net loss was $13.8
million, or $0.13 per share, as compared to a net loss of $13.7
million, or $0.69 per share, in the three months ended December 31,
2019.
For the three months ended December 31, 2020, the adjusted net
loss was $9.7 million, or $0.09 per share, as compared to an
adjusted net loss of $16.4 million, or $0.83 per share in the three
months ended December 31, 2019, after adjusting for the following
charges: net gain on the sale of the AutoLap assets, amortization
of intangible assets, change in fair value of contingent
consideration, change in fair value of warrant liabilities,
restructuring and other charges, inventory write-down related to
the restructuring plan, and loss on extinguishment of debt.
Adjusted net loss is a non-GAAP financial measure. See the
reconciliation from GAAP to Non-GAAP Measures below.
Balance Sheet Updates
The Company had cash and cash equivalents and restricted cash of
approximately $17.5 million as of December 31, 2020.
On January 14, 2021, the Company announced the closing of its
registered direct offering of 25,000,000 shares of its common
stock. The offering was priced at a purchase price per share of
$1.25, for gross proceeds of approximately $31.25 million.
On February 1, 2021, the Company announced the closing of a
bought deal offering of common stock and full exercise of the
underwriter’s option to purchase additional shares. The Company
issued 26,545,832 shares at a public offering price of $3.00 per
share, for gross proceeds of approximately $79.64 million.
Following such financing transactions as well as proceeds from
the ATM Offering and exercises of our Series C and D Warrants, the
Company has cash and cash equivalents, including restricted cash,
of $169.5 million as of February 1, 2021.
Conference Call
Asensus Surgical, Inc. will host a conference call on Thursday,
March 11, 2021, at 4:30 PM ET to discuss its fourth quarter and
fiscal year 2020 operating and financial results. To listen to the
conference call on your telephone, please dial 1-855-327-6837 for
domestic callers and 1-631-891-4304 for international callers, and
reference conference ID 10013234 approximately ten minutes prior to
the start time. To access the live audio webcast or archived
recording, use the following link http://ir.asensus.com/events.cfm.
The replay will be available on the Company’s website.
About Asensus Surgical, Inc.
Asensus Surgical, Inc. is digitizing the interface between the
surgeon and patient to pioneer a new era of Performance-Guided
Surgery™ by unlocking clinical intelligence for surgeons to enable
consistently superior outcomes and a new standard of surgery. This
builds upon the foundation of Digital Laparoscopy with the
Senhance® Surgical System powered by the Intelligent Surgical Unit™
(ISU™) to increase surgeon control and reduce surgical variability.
With the addition of machine vision, augmented intelligence, and
deep learning capabilities throughout the surgical experience, we
intend to holistically address the current clinical, cognitive and
economic shortcomings that drive surgical outcomes and value-based
healthcare. Learn more about Performance-Guided Surgery and Digital
Laparoscopy with the Senhance Surgical System here:
www.senhance.com. Now available for sale in the US, EU, Japan,
Russia, and select other countries. For a complete list of
indications for use, visit: www.senhance.com/indications. For more
information, visit www.asensus.com.
Non-GAAP Measures
The adjusted net loss and adjusted net loss per share presented
in this press release are non-GAAP financial measures. The
adjustments relate to net gain on the sale of the AutoLap assets,
loss from the sale of SurgiBot assets, amortization of intangible
assets, change in fair value of contingent consideration, goodwill
impairment, in-process research and development impairment, change
in fair value of warrant liabilities, restructuring and other
charges, inventory write down related to the restructuring plan,
loss of extinguishment of debt, deemed dividend related to
beneficial conversion feature of the preferred stock, and deemed
dividend related to the conversion of preferred stock into common
stock. These financial measures are presented on a basis other than
in accordance with U.S. generally accepted accounting principles
("Non-GAAP Measures"). In the tables that follow under
"Reconciliation of Non-GAAP Measures,” we present adjusted net loss
and adjusted net loss per share, reconciled to their comparable
GAAP measures. These items are adjusted because they are not
operational or because these charges are non-cash or non-recurring
and management believes these adjustments are meaningful to
understanding the Company's performance during the periods
presented. These Non-GAAP Measures should be considered a
supplement to, not a substitute for, or superior to, the
corresponding financial measures calculated in accordance with
GAAP.
Forward-Looking Statements
This press release includes statements relating to the current
market development and operational plans for the Senhance Surgical
System, as well as 2020 fourth quarter and full-year results and
plans for 2021. These statements and other statements regarding our
future plans and goals constitute "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, and are
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. Such
statements are subject to risks and uncertainties that are often
difficult to predict, are beyond our control and which may cause
results to differ materially from expectations and include whether
we are able to achieve desired results from our change in strategic
focus, successfully implement our Performance-Guided Surgery
initiative to grow our business, manage our cash flow efficiently,
manage the continuing impact of the COVID-19 pandemic on our
business, meet the operational and regulatory goals we have set
forth for 2021 and whether our cash on hand will be sufficient to
meet our anticipated cash needs into 2024. For a discussion of the
risks and uncertainties associated with Asensus Surgical's
business, please review our filings with the Securities and
Exchange Commission (SEC), including our Annual Report on Form 10-K
for the year ended December 31, 2020, which we expect to file with
the SEC on or before the due date and our other filings we make
with the SEC. You are cautioned not to place undue reliance on
these forward-looking statements, which are based on our
expectations as of the date of this press release and speak only as
of the origination date of this press release. We undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Asensus Surgical, Inc.
Consolidated Statements of
Operations and Comprehensive Loss
(in thousands except per share
amounts)
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2020
2019
2020
2019
Revenue:
Product
$
620
$
286
$
1,612
$
7,104
Service
488
402
1,563
1,427
Total revenue
1,108
688
3,175
8,531
Cost of revenue:
Product
(99)
9,812
2,254
16,439
Service
691
1,071
2,912
4,292
Total cost of revenue
592
10,883
5,166
20,731
Gross profit (loss)
516
(10,195
)
(1,991
)
(12,200
)
Operating Expenses:
Research and development
3,752
4,634
16,621
22,468
Sales and marketing
2,774
5,584
13,064
28,014
General and administrative
3,712
3,799
14,137
18,758
Amortization of intangible assets
2,837
2,547
10,801
10,301
Change in fair value of contingent
consideration
1,154
136
2,924
(9,553
)
Restructuring and other charges
(8
)
1,374
851
1,374
Goodwill impairment
—
—
—
78,969
In-process research and development
impairment
—
—
—
7,912
Gain from sale of AutoLap assets, net
—
(15,965
)
—
(15,965
)
Loss from sale of SurgiBot assets, net
—
—
—
97
Total Operating Expenses
14,221
2,109
58,398
142,375
Operating Loss
(13,705
)
(12,304
)
(60,389
)
(154,575
)
Other Income (Expense):
Change in fair value of warrant
liabilities
(130
)
(788
)
(336
)
2,248
Interest income
2
23
35
582
Interest expense
(19
)
(1,206
)
(19
)
(4,613
)
Other expense, net
(67
)
(32
)
(119
)
(967
)
Total Other Expense, net
(214
)
(2,003
)
(439
)
(2,750
)
Loss before income taxes
(13,919
)
(14,307
)
(60,828
)
(157,325
)
Income tax benefit
130
575
1,516
3,124
Net loss
(13,789
)
(13,732
)
(59,312
)
(154,201
)
Deemed dividend related to beneficial
conversion feature of preferred stock
—
—
(412
)
—
Deemed dividend related to conversion of
preferred stock into common stock
—
—
(299
)
—
Net loss attributable to common
stockholders
(13,789
)
(13,732
)
(60,023
)
(154,201
)
Comprehensive loss:
Net loss
(13,789
)
(13,732
)
(59,312
)
(154,201
)
Foreign currency translation gain
(loss)
2,147
1,671
4,338
(2,708
)
Comprehensive loss
$
(11,642
)
$
(12,061
)
$
(54,974
)
$
(156,909
)
Net loss per common share attributable to
common stockholders – basic and diluted
$
(0.13
)
$
(0.69
)
$
(0.85
)
$
(8.69
)
Weighted average number of shares used in
computing net loss per common share – basic and diluted
103,783
19,885
70,809
17,737
Asensus Surgical, Inc.
Consolidated Balance
Sheets
(in thousands, except share
amounts)
(Unaudited)
December 31,
December 31,
2020
2019
Assets
Current Assets:
Cash and cash equivalents
$
16,363
$
9,598
Accounts receivable, net
1,115
620
Inventories
10,034
10,653
Other current assets
6,501
7,084
Total Current Assets
34,013
27,955
Restricted cash
1,166
969
Inventories, net of current portion
8,813
7,594
Property and equipment, net
10,342
4,706
Intellectual property, net
22,267
28,596
In-process research and development
—
2,470
Net deferred tax assets
307
—
Other long term assets
1,350
2,489
Total Assets
$
78,258
$
74,779
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable
$
1,965
$
3,579
Accrued expenses
6,301
8,553
Deferred revenue – current portion
789
818
Notes payable – current portion
1,228
—
Contingent consideration – current
portion
—
73
Total Current Liabilities
10,283
13,023
Long Term Liabilities:
Deferred revenue – less current
portion
—
27
Contingent consideration – less current
portion
3,936
1,011
Notes payable – less current portion
1,587
—
Warrant liabilities
255
2,388
Net deferred tax liabilities
—
1,392
Other long term liabilities
628
1,403
Total Liabilities
16,689
19,244
Commitments and Contingencies
Stockholders’ Equity
Common stock $0.001 par value, 750,000,000
shares authorized at
December 31, 2020 and December 31, 2019;
116,231,072 and
20,691,301 shares issued and outstanding
at December 31, 2020 and
December 31, 2019, respectively
116
21
Preferred stock, $0.01 par value,
25,000,000 shares authorized, no shares issued and outstanding at
December 31, 2020 and December 31, 2019
—
—
Additional paid-in capital
781,397
720,484
Accumulated deficit
(722,912
)
(663,600
)
Accumulated other comprehensive income
(loss)
2,968
(1,370
)
Total Stockholders’ Equity
61,569
55,535
Total Liabilities and Stockholders’
Equity
$
78,258
$
74,779
Asensus Surgical, Inc.
Consolidated Statements of
Cash Flows
(in thousands)
(Unaudited)
Twelve Months Ended
December 31,
2020
2019
Operating Activities:
Net loss
$
(59,312
)
$
(154,201
)
Adjustments to reconcile net loss to net
cash and cash equivalents used in
operating activities:
Gain from sale of AutoLap assets, net
—
(15,965
)
Loss from sale of SurgiBot assets, net
—
97
Goodwill and intangible assets
impairment
—
86,881
Depreciation
2,898
2,166
Amortization of intangible assets
10,801
10,301
Amortization of debt discount and debt
issuance costs
—
1,513
Amortization of short-term investment
discount
—
(327
)
Stock-based compensation
7,911
11,508
Interest expense on deferred consideration
– MST acquisition
—
756
Deferred tax benefit
(1,516
)
(3,224
)
Bad debt expense
—
1,634
Write down of inventory
—
8,931
Change in fair value of warrant
liabilities
336
(2,248
)
Change in fair value of contingent
consideration
2,924
(9,553
)
Loss on extinguishment of debt
—
1,006
Changes in operating assets and
liabilities:
Accounts receivable
(447
)
6,083
Interest receivable
—
26
Inventories
(7,198
)
(16,404
)
Other current and long term assets
2,296
(655
)
Accounts payable
(1,758
)
(668)
Accrued expenses
(2,645
)
(1,180
)
Deferred revenue
(105
)
(959
)
Other long term liabilities
(860
)
998
Net cash and cash equivalents used in
operating activities
(46,675
)
(73,484
)
Investing Activities:
Proceeds from sale of AutoLap assets
—
15,965
Purchase of short-term investments
—
(12,883
)
Proceeds from maturities of short-term
investments
—
65,000
Purchase of property and equipment
(3
)
(437
)
Net cash and cash equivalents (used in)
provided by investing activities
(3
)
67,645
Financing Activities:
Proceeds from issuance of common stock,
preferred stock and warrants under 2020 financing, net of issuance
costs
13,478
—
Proceeds from issuance of common stock,
net of issuance costs
33,847
25,777
Proceeds from notes payable, net of
issuance costs
2,815
—
Payment of note payable
—
(31,425
)
Taxes paid related to net share settlement
of vesting of restricted stock units
(36
)
(499
)
Payment of contingent consideration
(74
)
—
Proceeds from exercise of stock options
and warrants
3,340
538
Net cash and cash equivalents provided by
(used in) financing activities
53,370
(5,609
)
Effect of exchange rate changes on cash
and cash equivalents
270
364
Net increase in cash, cash equivalents and
restricted cash
6,962
(11,084
)
Cash, cash equivalents and restricted
cash, beginning of period
10,567
21,651
Cash, cash equivalents and restricted
cash, end of period
$
17,529
$
10,567
Supplemental Disclosure for Cash Flow
Information
Interest paid
$
—
$
2,187
Supplemental Schedule of Non-cash
Investing and Financing Activities
Transfer of inventories to property and
equipment
$
8,113
$
486
Exchange of common stock for Series B
Warrants
$
2,470
$
—
Transfer of in-process research and
development to intellectual property
$
2,425
$
—
Deemed dividend related to beneficial
conversion feature of preferred stock
$
412
$
—
Deemed dividend related to conversion of
preferred stock into common stock
$
299
$
—
Issuance of common stock – MST
acquisition
$
—
$
6,600
Proceeds from sale of AutoLap assets
exchanged for settlement of Company obligations
$
—
$
1,000
Transfer of property and equipment to
inventories
$
—
$
323
Conversion of preferred stock to common
stock
$
79
$
—
Asensus Surgical, Inc.
Reconciliation of Non-GAAP
Measures
Adjusted Net Loss and Net Loss
per Share
(in thousands except per share
amounts)
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2020
2019
2020
2019
Net loss attributable to common
stockholders (GAAP)
$
(13,789)
$
(13,732)
$
(60,023)
$
(154,201)
Adjustments
Gain from sale of AutoLap assets, net
—
(15,965)
—
(15,965)
Loss from sale of SurgiBot assets, net
—
—
—
97
Amortization of intangible assets
2,837
2,547
10,801
10,301
Change in fair value of contingent
consideration
1,154
136
2,924
(9,553)
Goodwill impairment
—
—
—
78,969
In-process research and development
impairment
—
—
—
7,912
Change in fair value of warrant
liabilities
130
788
336
(2,248)
Restructuring and other charges
(8)
1,374
851
1,374
Inventory write-down related to
restructuring
—
7,408
—
7,408
Loss on extinguishment of debt
—
1,006
—
1,006
Deemed dividend related to beneficial
conversion feature of preferred stock
—
—
412
—
Deemed dividend related to conversion of
preferred stock into common stock
—
—
299
—
Adjusted net loss attributable to
common stockholders (Non-GAAP)
$
(9,676)
$
(16,438)
$
(44,400)
$
(74,900)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2020
2019
2020
2019
Net loss per share attributable to
common stockholders (GAAP)
$
(0.13)
$
(0.69)
$
(0.85)
$
(8.69)
Adjustments
Gain from sale of AutoLap assets, net
—
(0.80)
—
(0.90)
Loss from sale of SurgiBot assets, net
—
—
—
0.01
Amortization of intangible assets
0.03
0.13
0.15
0.58
Change in fair value of contingent
consideration
0.01
0.01
0.04
(0.54)
Goodwill impairment
—
—
—
4.45
In-process research and development
impairment
—
—
—
0.45
Change in fair value of warrant
liabilities
—
0.04
—
(0.13)
Restructuring and other charges
—
0.07
0.01
0.08
Inventory write-down related to
restructuring
—
0.37
—
0.42
Loss on extinguishment of debt
—
0.05
—
0.06
Deemed dividend related to beneficial
conversion feature of preferred stock
—
—
0.01
—
Deemed dividend related to conversion of
preferred stock into common stock
—
—
0.01
—
Adjusted net loss per share
attributable to common stockholders (Non-GAAP)
$
(0.09)
$
(0.83)
$
(0.63)
$
(4.22)
The non-GAAP financial measures for the three and twelve months
ended December 31, 2020 and 2019 provide management with additional
insight into the Company’s results of operations from period to
period without non-recurring and non-cash charges, and are
calculated using the following adjustments:
a) The Company entered into an agreement with Great Belief
International Limited to sell certain assets related to the AutoLap
technology. The Company recorded a $16.0 million gain on the sale
of the AutoLap assets during the three and twelve months ended
December 31, 2019, which represented the proceeds received in
excess of the carrying value of the assets, less contract
costs.
b) Loss from sale of SurgiBot assets relates to additional
outside service costs to transfer the assets in connection with the
sale of SurgiBot assets to Great Belief International Limited.
c) Intangible assets that are amortized consist of developed
technology and purchased patent rights recorded at cost and
amortized over 5 to 10 years.
d) Contingent consideration in connection with the acquisition
of the Senhance System in 2015 is recorded as a liability and is
the estimate of the fair value of potential milestone payments
related to business acquisitions. Contingent consideration is
measured at fair value using a discounted cash flow model utilizing
significant unobservable inputs including the probability of
achieving each of the potential milestones and an estimated
discount rate associated with the risks of the expected cash flows
attributable to the various milestones. Significant increases or
decreases in any of the probabilities of success or changes in
expected timelines for achievement of any of these milestones would
result in a significantly higher or lower fair value of these
milestones, respectively, and commensurate changes to the
associated liability. The contingent consideration is revalued at
each reporting period and changes in fair value are recognized in
the consolidated statements of operations and comprehensive
loss.
e) As of December 31, 2019, goodwill was deemed to be fully
impaired, and the Company recorded an impairment charge of $79.0
million. As of December 31, 2019, IPR&D was deemed to be
significantly impaired, and the Company recorded an impairment
charge of $7.9 million. No impairment charges were recorded during
the three or twelve months ended December 31, 2020.
f) The Company’s Series B Warrants are measured at fair value
using a simulation model which takes into account, as of the
valuation date, factors including the current exercise price, the
expected life of the warrant, the current price of the underlying
stock, its expected volatility, holding cost and the risk-free
interest rate for the term of the warrant. The warrant liability is
revalued at each reporting period or upon exercise and changes in
fair value are recognized in the consolidated statements of
operations and comprehensive loss.
g) During the fourth quarter of 2019, we announced the
implementation of a restructuring plan to reduce operating expenses
as we continue the global market development of the Senhance
platform. The restructuring charges amounted to $8.8 million of
which $7.4 million was an inventory write down and was included in
cost of product revenue and $1.4 million related to employee
severance costs and was included as restructuring and other charges
in the consolidated statements of operations and comprehensive
loss. During March 2020, the Company continued the restructuring
efforts with additional headcount reductions which resulted in $0.9
million related to severance costs in the twelve months ended
December 31, 2020.
h) In November 2019, the Company entered into a payoff letter
with Hercules Capital, Inc. to terminate the Hercules Loan
Agreement, as amended. The Company repaid all amounts owed under
the Hercules Loan Agreement and recognized a loss of $1.0 million
on the extinguishment of notes payable which is included in
interest expense on the consolidated statements of operations and
comprehensive loss for the three and twelve months ended December
31, 2019.
i) During the first quarter of 2020, the Company closed an
underwritten public offering under which it issued, as part of
units and the exercise of an over-allotment option, 25,367,646
Series C Warrants, each to acquire one share of Common Stock at an
exercise price of $0.68 per share, and 25,367,646 Series D
Warrants, each to acquire one share of Common Stock at an exercise
price of $0.68 per share. The Company concluded that the Series C
Warrants and Series D Warrants are considered equity instruments.
The fair value of the Series C and Series D Warrants on the
issuance date was determined using a Black-Scholes Merton model.
The unit proceeds were then allocated to the Series A preferred
stock, Series C Warrants, and Series D Warrants, respectively,
based on their relative fair values. As a result, the Company
determined that a beneficial conversion feature was created by the
difference between the effective conversion price of the preferred
stock of $0.37 and the fair value of the Company's common stock as
of the issuance date of $0.42. The Company therefore recorded a
beneficial conversion charge of $0.4 million as an immediate charge
to earnings available to common stockholders for the twelve months
ended December 31, 2020. Upon conversion of the preferred stock to
common stock during the three months ended June 30, 2020, an
additional deemed dividend of $0.3 million was recorded as an
immediate charge to earnings available to common stockholders for
the twelve months ended December 31, 2020.
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version on businesswire.com: https://www.businesswire.com/news/home/20210311005945/en/
INVESTOR CONTACT: Mark Klausner or Mike Vallie,
443-213-0499 invest@asensus.com or MEDIA CONTACT: Kristin
Schaeffer CG Life kschaeffer@cglife.com
Asensus Surgical, Inc. (NYSE:ASXC)
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