Transenterix Inc (NYSEAMERICAN:TRXC), a medical device firm that is pioneering the application of robotics to enhance minimally invasive surgery, reported that the U.S. District Court has dismissed the securities class action case filed in June 2016. Todd M. Pope, the CEO and President, expressed that they are delighted that the securities class action case was dismissed. They remain confident in accomplishing FDA 510(k) permission of the Senhance Surgical Robotic System and continue to emphasis on transitioning toward commercialization in the United States.
Earlier in August, Transenterix announced revenue of $1.6 million for the quarter closed June 30, 2017, primarily linked to the sale of one Senhance during the reported quarter. Total operating expenses came at $15.4 million versus $80.7 million in the quarter closed June 30, 2016. The preceding year quarter included non-recurring impairment charges of approximately $67.4 million. For the quarter closed June 30, 2017, net loss came at $14.7 million versus $80.1 million, in the quarter closed June 30, 2016
In the second quarter, Transenterix offered a Senhance Robotic Surgery System to the renowned Saitama Medical University International Medical Center in the Saitama Prefecture based in the Greater Tokyo area. The Senhance System was bought in Japan under a physician import approval, which permits cutting-edge medical devices to be directly bought by Japanese physicians. Japan marks as the second leading market for medical devices and robotic assisted surgery devices.
As of June 30, 2017, Transenterix had 8 Senhance systems installed in Italy, the United Kingdom, Japan, France and Germany. Within these hospitals, 21 surgeons did surgery in the second quarter across general surgery, urology, thoracic, gynecology and colorectal specialties.
In July, the Senhance system was utilized in the initial robotic micro-laparoscopic surgeries using 3mm instruments. Cases were done at numerous clinical sites and included endometrial excisions, ovarian cystectomies, total laparoscopic hysterectomies, cholecystectomies and bilateral salpingo-oophorectomies.