MORRISVILLE – Robotic surgery company TransEnterix has put a new chief executive officer in place as the company – its stock trading around 30 cents, one 10th its value a year ago, continues to mull its strategic options such as a possible sale.
Before reporting its latest financial results, which were disclosed Tuesday, TransEnterix (TRXC) on Friday disclosed that longtime CEO Todd Pope was being replaced by Anthony Fernando, its chief operating officer and chief technology officer.
Todd Pope
“Mr. Pope is committed to assisting with the transition and will serve as a senior advisor to the Company,” TransEnterix explained.
In a statement, Pope noted: ”It has been a privilege to serve as CEO of TransEnterix over the past 10 years and I am proud of the significant progress we have made,.”
He became CEO in 2008.
Just a year ago, Pope was named a member of Time’s Health Care Top 50.
About Pope, TransEnterix Chairman Paul LaViolette noted: “Under his vision and guidance, the Company acquired and advanced the Senhance System, received multiple regulatory approvals and clearances, including FDA clearance of the Senhance System, launched in key markets around the world and is well positioned for future success.”
on Oct. 30, the company said it would seek shareholder approval for a reverse stock split as part of a strategy to improve share price.
TransEnterix to seek shareholder approval for reverse stock split
That news followed word two weeks earlier that the firm would explore options for future operations and would restructure.
Robotic surgery firm TransEnterix to explore possible sale, will restructure
In accepting the job, Fernando said a “refocus strategy” was part of the firm’s future.
“I have a strong belief in the technology and the team we have assembled at TransEnterix. The Senhance System has a unique role to play as we bring digital laparoscopy to the fast-growing surgical robotics market,” Fernando said. “I will work diligently to realize the promise of this technology and grow our value in the future. I look forward to working closely with our team and the Board of Directors executing on our refocused strategy as we digitize the interface between surgeons and patients.”
TransEnterix reported a loss of $97.8 million in its third quarter.
The company said it had a loss of 43 cents per share. Losses, adjusted for one-time gains and costs, came to 9 cents per share.
The maker of surgical robots and medical instruments posted revenue of $2 million in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $4.7 million.
In the final minutes of trading on Tuesday, the company’s shares hit 31 cents. A year ago, they were trading at $3.09.
