Exhibit 99.1

 

TransEnterix, Inc. Reports Operating and Financial Results for the Second Quarter 2020

 

August 5, 2020

 

RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)-- August 5, 2020 -- TransEnterix, Inc. (NYSE American: TRXC), a medical device company that is digitizing the interface between the surgeon and the patient to improve minimally invasive surgery, today announced its operating and financial results for the second quarter of 2020.

 

Recent Highlights

 

 

Submitted CE Mark application for the initial Intelligent Surgical Unit in the second quarter and expect approval by the end of 2020

 

Filed FDA 510(k) submission for general surgery indication in the third quarter

 

Reduced operating expenses sequentially over the first quarter of 2020 as a result of cost saving initiatives

 

Raised approximately $15.0 million in gross proceeds in an underwritten public offering in July of 2020

 

The Company now expects to have cash to support its operations into the second quarter of 2021

 

Year-to-date, six clinical programs initiated with two additional systems pending installation

 

“Despite operating in a challenging environment throughout the second quarter, we made significant progress towards our goals for the year, which include increasing system installations, increasing procedure volumes globally, and continuing to gain regulatory approvals for new technologies and expanding indications for use for the Senhance,” said Anthony Fernando, President, and CEO of TransEnterix. “Leveraging the momentum we generated in the first quarter, we were able to sign two new system leases in the quarter while at the same time maintaining the quality of our pipeline. Additionally, we made progress against our portfolio expansion and clinical validation efforts. While procedure volumes were down in the quarter, we saw a strong rebound from April to June which has continued into July. We continue to believe we are well-positioned to deliver on our strategy and bring transformative technology to surgeons, hospitals, and patients globally.”

 

Commercial and Clinical Update

 

During the quarter, two Senhance systems were installed, one in the U.S. and one in Europe.

 

Subsequent to the end of the second quarter, one additional system has been installed in Europe.

 

Year to date in 2020, the Company has installed six Senhance systems globally and has two systems pending installation.

 

 

The following information was filed by Transenterix Inc. (TRXC) on Monday, August 10, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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