ASXC - Asensus Surgical down 5% on Q1 misses

2023-05-11 17:27:32 ET

• Asensus Surgical ( NYSE: ASXC ) is down 5% in after-hours trading after reporting Q1 2023 financial results that missed on the top and bottom lines.
• In the quarter, Asensus' ( ASXC ) net loss widened ~16% to ~$22.2M (-$0.09 per share basic and diluted vs -$0.08).
• The company was hurt in the quarter by a ~8% decline in revenue to $976M as well as a ~12% increase in operating expenses to ~$20.3M.
• Asensus Surgical ( ASXC ) had had cash, cash equivalents, short-term and long-term investments, excluding restricted cash, of ~$56.4M at the end of the quarter compared to $70.5M on Dec. 31, 2022.

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