Minerva Surgical, Inc.

Revenue for Q2 2023 was $13.4 million, up from $13.0 million in Q2 2022. Minerva ES revenue was $6.1 million, up 7% from $5.8 million; Genesys HTA revenue was $3.6 million, down 8% from $3.9 million; and Symphion revenue was $3.5 million, up 7% from $3.3 million. Gross margin was 55.3% versus 59.0% a year ago and 56.0% in Q1 2023. Total operating expenses were $15.1 million versus $12.5 million last year, with the prior-year quarter including a $3.9 million noncash contingent consideration adjustment. Net loss was $8.7 million versus $5.6 million in Q2 2022, and adjusted EBITDA was negative $4.6 million versus negative $4.5 million. Cash finished at $15.7 million unrestricted. Management guided full-year 2023 revenue to $52 million to $55 million.

Todd Usen said he remains optimistic about Minerva's mission and the company's future serving women's healthcare needs. He emphasized that the team is willing to change the playbook, that the commercial organization was reorganized to better align costs and delivery, and that operational work is underway to improve manufacturing efficiency and gross margins. He also said customer feedback continues to indicate Minerva's technology provides strong outcomes and solves real problems in uterine health.

Joel Jung focused on the quarter's revenue mix and margin profile, noting that the revenue gains in Minerva ES and Symphion came despite a temporary commercial reorganization. He said gross margin was 55.3%, down from 59.0% a year ago but slightly below the 56.0% in Q1, and explained the decline was driven by a mix shift away from Genesys HTA toward lower-margin Symphion plus higher transfer prices from contract manufacturers. He also highlighted $15.7 million in unrestricted cash, noncash D&A expense of about $1.5 million, stock-based compensation of $1.1 million, and full-year revenue guidance of $52 million to $55 million.

There was no analyst Q&A in the transcript provided, so no additional questions or management follow-ups were disclosed. The main forward-looking points came from management's prepared remarks: the commercial reset was described as temporary, customer retention and new customer additions were improving, and management expects further work on cost and gross margin improvement as supply chains stabilize.