TransEnterix, Inc. (AMEX: TRXC) shares plunged 4.62% during the trading session of Friday. The share of the firm has surged around 600% higher this year but there is still a long way to go. Let's see if it is a good time to buy TransEnterix shares or not. Earlier, the firm disclosed that it has decided to change its name from TransEnterix to Asensus Surgical, Inc.
TRXC has also revealed the reason why it has changed its name. The firm stated that the main reason is to highlight the lead product of the firm, the Senhance Surgical System. TRXC is planning to introduce Senhance Surgical System is the digital laparoscopic platform that utilizes augmented intelligence to offer unrivaled efficiency and sufferers results through ML.
The name changes mirror the vast vision of the firm. TRXC is striving to reshape the future of surgery by combining computer vision and ML with surgical robotics. The firm will resume trading on NYSE American under the symbol “NYSE: American: ASXC”.
From the last three years of 2020, the firm has not disclosed the financial results, but its preliminary data demonstrates the success of the upcoming launch of the Senhance System. TransEnterix has commenced the 10 clinical programs in 2020. The programs which the firm has started were in the US.
At the end of 2020, the Southern Surgical Hospital of Louisiana has become the third hospital in the nation to start a Senhance program. Hospitals were flooded with COVID-19 sufferer, so the hospitals have withdrawn a lot of planned procedures which utilize surgical-robotics systems.
Senhance systems executed over 1,450 processes in 2020 in spite of the issues. There are the chances of success of this new program of the firm. So, the right decision for the investors is to wait till the launch of this new system to buy the share of this firm.