Asensus Surgical, Inc. (NYSEAMERICAN: ASXC) closed at $2.99 on Friday, up 10.74%. With a market capitalization of $697.23 million, there was 11.89M share volume trading on the Friday session. Asensus Surgical has a 5% market share for laparoscopy, which also supports its >$7 share price target. With a good market share and rebranding efforts, the price target doesn’t seem far from reach. Apart from repositioning itself as a brand, better sales is also another target of ASXC, which might keep it bullish for the times ahead.
At the beginning of this year, the company had started at $0.6. When January ended, ASXC was trading at $3.8. This was even before the company announcing that it received CE Mark approval for Senhance Surgical System. By the mid of February, the share price had surged to $6.3. Now, the company is changing its narrative of a brand where it’s going from robotics to digital. So will the rebranding and change of chronicle bring it to the position investors are hopeful of?
Take a look at the financial health
Peeping into Q4-2020, we see $1.1 million of revenue, increasing from a year before when it had reported $0.7 million revenues. In Q1-2021, the company reported a revenue of $2.08 million, up 247.17% on a YoY basis.
Net loss on a GAAP basis for Q4-2020 came in at $13.8 million, while in Q1-2021, the net income is reported at -$17.34 million, down 4.47% from a year before. The net profit margin is -832.45%, up 69.91% on a YoY basis. There has been a 1,122.81% positive net change in cash, and at the end of Q1-2021, the company stands at $148.87 million. Its cash in hand is $165.25 million, and there’s also capital raise of $69.25 million through 23.1m shares being sold. The firm has changed its ticker symbol, name, and the way it is being seen.