Asensus Surgical, Inc.

For the three months ended June 30, 2024, Asensus reported revenue of $2.2 million versus $1.1 million in the prior-year period. Total operating expenses were $23.1 million compared with $18.9 million a year ago. Net loss attributable to common stockholders was $25.7 million, or $0.09 per share, versus a net loss of $20.7 million, or $0.09 per share, in Q2 2023. Adjusted net loss attributable to common stockholders was $18.1 million, or $0.07 per share, compared with $20.3 million, or $0.09 per share last year. Cash and cash equivalents, excluding restricted cash, were approximately $7.8 million at June 30, 2024. The company did not provide traditional business guidance; instead, management said the merger vote was being pushed to August 20 and warned that if the merger is not approved, they expect to seek bankruptcy protection because near-term obligations, including repayment of KARL STORZ’s $20 million securitized note plus interest, premiums, and transaction expenses, exceed available capital.

Anthony Fernando focused almost entirely on the proposed merger with KARL STORZ and framed the vote as the company’s defining near-term event. He said the board believes $0.35 per share is the best price reasonably obtainable after exploring alternatives and that no other party has come forward with a higher offer since the April 3 announcement. His tone was urgent and cautionary, repeatedly emphasizing that stockholders should vote and that failure to approve the deal could leave common holders with little or no recovery.

Shameze Rampertab reviewed the quarter’s financials: revenue of $2.2 million, operating expenses of $23.1 million, net loss of $25.7 million, adjusted net loss of $18.1 million, and cash of about $7.8 million at quarter-end. He did not give margin guidance or capital-allocation plans, but the balance-sheet commentary from management made clear liquidity is tight. On the call, the company’s financial discussion was mostly a backdrop to the merger process rather than a forward operating plan.

There was no Q&A on this call; management explicitly said it would not take questions because of the merger process. The main issue raised was whether stockholders should approve the KARL STORZ merger, with management stressing that only about 55% of outstanding shares had been voted and that the company needed the vote to close. Management also answered the implied concern about price by saying they had exhausted reasonable alternatives and viewed $0.35 per share as the best available outcome.