TransEnterix (TRXC) Stock Tumbles After Posting Q1 Results
NEW YORK (TheStreet) -- Shares of TransEnterix (TRXC) - Get Report are plunging by 25.97% to $1.52 on Wednesday morning, after the Morrisville, NC-based company reported its 2016 first quarter results.
After yesterday's closing bell, the medical device company posted a net loss of 12 cents per share, narrower than the loss of 13 cents per share that analysts had expected.
TransEnterix is focused on the use of robotics to improve minimally invasive surgery.
The company reported total operating expenses of $15 million, compared to $9.8 million during the same period last year.
Higher expenses were primarily due to increased investment in the development and commercialization of the ALF-X surgical robotic system and other costs related to the ALF-X platform.
"We were surprised and disappointed with the outcome of our SurgiBot 510(k) submission and expect to gain further clarity from the FDA on its response," CEO Todd Pope said in a statement.
"We remain enthusiastic about the significant opportunity for ALF-X and are continuing to invest in our commercialization efforts and preparing for our ALF-X 510(k) submission," he added.
