Transenterix Inc (NYSEMKT:TRXC) shares were moderately higher Friday, closing at $2.04 and up 2%.
Transenterix is a medical device company that employs robotics in laparascopic surgery. It is developing the Senhance Surgical Robotic System, a multi-port robotic system that brings the advantages of robotic surgery to patients while enabling surgeons with innovative technology such as haptic feedback and eye sensing camera control. The company is also developing the SurgiBot System, a single-port, robotically enhanced laparoscopic surgical platform.
The company announced October 13 that it will exhibit its Senhance system at the Clinical Congress 2016 of the American College of Surgeons (ACS) to be held on October 16-20, 2016 in Washington, DC, and that the system will be available for surgical evaluations at the congress.
Transenterix Inc (NYSEMKT:TRXC) is making a bullish saucer formation
Technically, on the daily chart, the stock is making a rounding bottom. The saucer pattern base has formed during the period April through October, and the stock is now showing signs of breaking above the rim line located at $2.34, which also coincides with the 50-day moving average.
If the stock is able to close above the $2.34 level, there are bright chances of further upside.
Transenterix Inc (NYSEMKT:TRXC) makes breakthroughs
On October 4, the company announced that its Senhance surgical robotic system was applied for the first time to perform radical hysterectomy, a major surgical treatment procedure for patients with early stage cervical cancer.
The company also said in its Q2 earnings release that on July 29, 2016, it had closed its first sale of the ALF-X® Surgical Robotic System to Humanitas Hospital, a highly-specialized research and teaching hospital partnered with Humanitas University Medical School, located in Milan, Italy. The company said it will pursue the global commercial expansion of ALF-X, including its 510 (k) submission.
Transenterix Inc (NYSEMKT:TRXC) in Q2 2016
The company reported Q2 EPS of $-0.11, which beat estimates by $0.04.
It had cash and cash equivalents of about $64.6 million as of June 30, 2016. This is adequate to fund operations through the third quarter of 2017.