Asensus Surgical (ASXC) Completes Surgeon Lab for LUNA
Asensus Surgical, Inc. ASXC achieved a new milestone in the development of its second-generation surgical robotic system, LUNA. The recently conducted Surgeon Lab in Research Triangle Park, NC allowed nine surgeons to conduct in vivo evaluations across various procedures, including gynecology, urology and general surgery.
This marked a pivotal step in LUNA's evolution in the booming field of surgical robotics.
More on the News
Asensus Surgical highlighted the positive responses received from participating surgeons. Their feedback, showcased in a video on the company's website, emphasized the innovative features of LUNA, including the advanced arm range of motion, instrument dexterity and the reliability of the 5mm TrueWrist instrument line.
For a closer look and insights from the participating surgeons, a video is available on the company’s website too.
The Surgeon Lab contributed to moving closer to a finalized LUNA product. Dr. Amit Trivedi, Chair Department of Surgery at Pascack Valley Medical Center, praised the system's precision, versatility and ergonomic design.
The company will provide further details on LUNA's development and regulatory submission timeline on its fourth quarter and full-year 2023 earnings call.
Image Source: Zacks Investment Research
Market Prospects
Going by a recent Mordor Intelligence report, the global surgical robots market is poised for substantial growth. It is estimated to be $7.62 billion in 2024 and projected to reach $11.76 billion by 2029. Fueled by the demand for healthcare automation, rising chronic illnesses, an aging population and the preference for non-invasive precision surgeries, the market is expanding. Minimally invasive robotic surgeries, which reduce pain, lower blood loss and enable quicker recoveries, attract global patient interest.
Cancer cases, projected to rise to 22 million by 2030, further contribute to market growth. Despite challenges such as high installation costs and safety concerns, advancements in technology are expected to decrease equipment costs, facilitating increased market penetration. The recent strain on healthcare systems during the pandemic underscores the importance of innovative solutions like surgical robotics in overcoming challenges and meeting patient needs efficiently.
Share Price Performance
Shares of Asensus Surgical have plunged 29.4% over the past year compared with the industry’s 0.1% drop.
Zacks Rank and Other Key Picks
ASXC carries a Zacks Rank #2 (Buy) currently.
A few other top-ranked stocks in the broader medical space are DaVita DVA, Haemonetics HAE and HealthEquity HQY. DaVita sports a Zacks Rank #1 (Strong Buy), while Haemonetics and HealthEquity presently carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Estimates for DaVita’s 2023 earnings per share have remained constant at $8.07 in the past 30 days. Shares of the company have risen 36.5% in the past year compared with the industry’s rise of 10%.
DVA’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 36.6%. In the last reported quarter, it delivered an average earnings surprise of 48.4%.
Haemonetics’ stock has increased 8.7% in the past year. Earnings estimates for Haemonetics have remained constant at $3.89 for 2023 and at $4.15 for 2024 in the past 30 days.
HAE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 16.1%. In the last reported quarter, it posted an earnings surprise of 5.3%.
Estimates for HealthEquity’s 2023 earnings per share have increased from $2.03 to $2.15 in the past 30 days. Shares of the company have increased 12.1% in the past year against the industry’s 2.1% fall.
HQY’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 16.5%. In the last reported quarter, it delivered an average earnings surprise of 22.5%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
DaVita Inc. (DVA) : Free Stock Analysis Report
Haemonetics Corporation (HAE) : Free Stock Analysis Report
HealthEquity, Inc. (HQY) : Free Stock Analysis Report
Asensus Surgical, Inc. (ASXC) : Free Stock Analysis Report
