RESEARCH TRIANGLE PARK –TransEnterix stock (NYSE: TRXC) soared as much as 20 percent Wednesday after its first quarter earnings topped analyst expectations and it reported more sales of its surgical robots. The stock price settled down later in the day but was still up 13 percent to $2.08 a share in mid-afternoon trading.
The company reported $4.8 million in first quarter revenue, compared with $1.9 million in the first quarter of 2017. Analysts had forecast $3.8 million in revenue. Its adjusted net loss of $11.3 million or six cents a share was a penny better than analysts forecast.
The revenue included $3.5 million for twosales of its Senhance surgical robot systems as well as $1.1 million in sales of instruments and accessories and $200,000 for services.
What likely impressed investors, however, is that the company said it has already sold three more Senhance systems in the second quarter and its gross margin expanded to 46 percent in the first quarter.
The company said its cash balance of $94.4 million at the end of the quarter is expected to be enough to fund the company through 2019.
Analysts expect the company to hit $20.6 million in 2018 revenue and see that rise to $41.3 million in 2019.
