TransEnterix, Inc. (NYSE MKT:TRXC) Q4 2018 Earnings Conference Call - Final Transcript

Feb 26, 2019 • 08:00 am ET

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TransEnterix, Inc. (NYSE MKT:TRXC) Q4 2018 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon, ladies and gentlemen. Welcome to the TransEnterix Fourth Quarter and Full Year 2018 Financial and Operating Results Conference Call. As a reminder, this call is webcast live and recorded.

It is now pleasure to introduce your host Mr. Mark Klausner of Westwicke Partners. Please go ahead, sir.

Executive
Mark R. Klausner

Good morning, and thank you for joining us for the TransEnterix fourth quarter conference call. Joining us on today's call are TransEnterix President and Chief Executive Officer, Todd Pope; and its Executive Vice President and Chief Financial Officer, Joe Slattery.

I would like to remind you that this call is being webcast live and recorded. A replay of the event will be available following the call on our website. To access the webcast, please visit the Events link in the IR section of our website, transenterix.com.

Before we begin, I would like to caution listeners that certain information discussed by management during this conference call, including guidance related to the number of Senhance Systems expected to be sold in the first quarter of 2019, are forward-looking statements covered under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those stated or implied by our forward-looking statements due to risks and uncertainties associated with the Company's business. The company undertakes no obligation to update the information provided on this call.

For discussion of risks and uncertainties associated with TransEnterix business, I encourage you to review the Company's filings with the Securities and Exchange Commission, including the Form 10-K for the year ended December 31, 2018 to be filed this week.

During this call, we will also present certain non-GAAP financial information related to adjusted net loss and adjusted earnings per share. Management believes that non-GAAP financial measures taken in conjunction with US GAAP financial measures provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of the Company's core results.

Management uses non-GAAP measures to compare our performance relative to forecast and strategic plans to benchmark our performance externally against competitors and for certain compensation decisions. Reconciliations from US GAAP to non-GAAP results are presented in the tables accompanying our earnings release, which can be found in the Investor Relations section of our website.

With that it's my pleasure to turn the call over to TransEnterix President and Chief Executive Officer, Todd Pope.

Executive
Todd M. Pope

Thank you, Mark, and welcome to our fourth quarter 2018 conference call. We will begin today's call by providing a high level overview of our fourth quarter performance followed by review of the progress we made during 2018. I'll then turn the call over to Joe to provide a financial overview, after which I will discuss our priorities for 2019.

Starting with our fourth quarter performance. In the fourth quarter we sold five systems -- region one in the US and one in Asia. We were very pleased with our results during the quarter. Notably, this was the first quarter in