Announcement • Jan 05
Minerva Surgical Files Form 15 Minerva Surgical, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Common Stock under the Securities Exchange Act of 1934, as amended. The par value of the company's Common Stock was $0.001 per share. Announcement • Dec 29
Minerva Surgical, Inc.(OTCPK:UTRS) dropped from NASDAQ Composite Index Minerva Surgical, Inc. has been dropped from NASDAQ Composite Index (^COMP) . Announcement • Dec 18
Minerva Surgical, Inc. Announces Voluntary SEC Deregistration and Nasdaq Delisting Minerva Surgical, Inc. announced its voluntary decision to deregister its common stock (the “Common Stock”) with the U.S. Securities and Exchange Commission (the “SEC”) and delist its Common Stock from The Nasdaq Stock Market LLC (“Nasdaq”). The Company intends to file a Form 25 with the SEC to remove its Common Stock from listing on Nasdaq and to deregister its Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), on or about December 26, 2023, and as a result, the Company expects that the last trading day of its Common Stock on Nasdaq will be on or about December 28, 2023. The Company also expects to file a Form 15 with the SEC on or about January 4, 2024, to commence the process of terminating the registration of its Common Stock under Section 12(g) of the Exchange Act and to immediately suspend the Company’s reporting obligations under Sections 13(a) and 15(d) of the Exchange Act, including Forms 10-K, 10-Q, and 8-K, which refer to as “going dark”. Minerva Surgical expects that the voluntary delisting from Nasdaq and “going dark” will eliminate the effort required to maintain compliance as an Exchange Act reporting company, and save the Company significant time and money in General and Administrative expenses. These time and expense savings can be used to execute the Company’s operating plan, thus better enabling the Company to focus on its customers, its business and the patients whose lives are enhanced as a result of its work. With a more streamlined cost profile, the Company will be better able to invest in its business and focus on reducing its cash burn, and thus provide a future benefit to the Company’s stockholders. From an operational standpoint, delisting from Nasdaq and “going dark” is expected to minimize Company management attention related to its reporting obligations associated with being a Nasdaq and Exchange Act reporting company, and enable increased focus on longer-term value creation. The Board considered the fact that the Company’s Common Stock would become more illiquid as a result of “going dark”, and that stockholders may experience difficulties in selling their shares of Common Stock. However, the decision to proceed took into consideration the current as well as potential future costs of remaining a listed company versus the benefits to the longer term health of the Company. Minerva Surgical stockholders who are concerned about liquidity may be able to sell their shares of Common Stock before the delisting becomes effective. Reported Earnings • Nov 16
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: US$0.81 loss per share (improved from US$7.92 loss in 3Q 2022). Revenue: US$12.0m (down 4.9% from 3Q 2022). Net loss: US$7.18m (loss narrowed 37% from 3Q 2022). Revenue missed analyst estimates by 9.4%. Earnings per share (EPS) exceeded analyst estimates by 19%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Medical Equipment industry in the US. New Risk • Nov 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$39m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$39m free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$30m net loss in 2 years). Market cap is less than US$100m (US$14.8m market cap). Announcement • Oct 14
Minerva Surgical, Inc. Announces the Resignation of Jill D. Anderson from the Board of Directors On October 13, 2023, Jill D. Anderson resigned from the Board of Directors of Minerva Surgical, Inc. (the “ Company ”). Announcement • Sep 29
Minerva Surgical, Inc. announced that it expects to receive $20 million in funding from Accelmed Partners Minerva Surgical, Inc. announced that it has entered into a Share Purchase Agreement as part of a private placement with new investor, Accelmed Partners II LP managed by Accelmed Partners, the company agreed to sell 97,751,711 shares of the company’s common stock, par value $0.001 per share at a purchase price of $0.2046 per share for the gross proceeds of $20 million before deducting offering expenses on September 28, 2023. The transaction is expected to close on or before October 31, 2023, subject to the satisfaction of the closing conditions. The company and purchaser also have agreed to enter into a Registration Rights Agreement at closing. Under the terms of the Registration Rights Agreement, the company will be obligated to register the shares for resale within 30 days of closing. Major Estimate Revision • Aug 10
Consensus EPS estimates upgraded to US$0.22 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -US$0.37 to -US$0.22 per share. Revenue forecast steady at US$53.6m. Medical Equipment industry in the US expected to see average net income growth of 22% next year. Consensus price target of US$1.00 unchanged from last update. Share price fell 2.8% to US$0.24 over the past week. Announcement • Aug 04
Minerva Surgical, Inc. Provides Earnings Guidance for the Fiscal Year 2023 Minerva Surgical, Inc. provided earnings guidance for the fiscal year 2023. For the period, the company expects Revenue guidance remains consistent with the guidance given during the previous quarter, with annual revenue anticipated to be in the range of $52 to $55 million. Reported Earnings • Aug 04
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: US$0.049 loss per share. Revenue: US$13.4m (up 3.3% from 2Q 2022). Net loss: US$8.68m (loss widened 55% from 2Q 2022). Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) exceeded analyst estimates by 44%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Medical Equipment industry in the US. Announcement • Aug 03
Minerva Surgical, Inc. to Report Q2, 2023 Results on Aug 02, 2023 Minerva Surgical, Inc. announced that they will report Q2, 2023 results After-Market on Aug 02, 2023 Announcement • Jul 10
Minerva Surgical, Inc. Announces Resignation of Ross A. Jaffe from the Board and from the Compensation Committee of the Board On July 1, 2023, Dr. Ross A. Jaffe, Chairman of the Board of Directors, resigned from the Board and from the compensation committee of the Board of Minerva Surgical, Inc. Dr. Jaffe’s decision to resign was not the result of any disagreement with the policies, procedures or practices of the Company. Announcement • May 04
Minerva Surgical Provides Revenue Guidance for the Full Year of 2023 Minerva Surgical, Inc. expects revenue for the full year of 2023 to be in the range of $51 to $55 million. Reported Earnings • May 03
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: US$0.12 loss per share. Revenue: US$12.5m (up 15% from 1Q 2022). Net loss: US$11.3m (loss widened 3.8% from 1Q 2022). Revenue exceeded analyst estimates by 6.9%. Earnings per share (EPS) missed analyst estimates by 9.1%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Medical Equipment industry in the US. Reported Earnings • Mar 22
Full year 2022 earnings released: US$1.18 loss per share (vs US$3.06 loss in FY 2021) Full year 2022 results: US$1.18 loss per share. Revenue: US$50.3m (down 3.5% from FY 2021). Net loss: US$34.1m (loss widened 59% from FY 2021). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Medical Equipment industry in the US. Board Change • Feb 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. President, CEO & Director Todd Usen was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 18
Minerva Surgical, Inc. Announces Resignation of David M. Renzi from Board of Directors and as Chairman of its Nominating and Corporate Governance Committee Minerva Surgical, Inc. announced that on January 13, 2023, David M. Renzi indicated his intent to resign from Board of Directors of the Company and as Chairman of its nominating and corporate governance committee, contingent and effective upon the closing of the Private Placement, which is expected to occur in the first quarter of 2023, subject to the satisfaction of the closing conditions described in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 28, 2022. Mr. Renzi’s decision to resign was not the result of any disagreement with the policies, procedures or practices of the Company. Announcement • Jan 02
Minerva Surgical Receives Written Notice from Nasdaq Regarding Minimum Market Value of Publicly Held Shares On December 28, 2022, Minerva Surgical, Inc. ("Minerva" or the Company") received written notice (the Notice") from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") indicating that the Company is not in compliance with the minimum Market Value of Publicly Held Shares (MVPHS") of $5,000,000 under the Nasdaq Listing Rules (the Listing Rules"). Based on the Company's MVPHS for the last thirty-one (31) consecutive business days from November 11, 2022 to December 27, 2022, the Company no longer meets the minimum MVPHS requirement set in Listing Rule 5450(b)(1)(C). The Notice is only a notification of deficiency and has no current effect on the listing or trading of the Company's securities on the Nasdaq Global Market subject to previous disclosures on Form 8-K. The Notice states that under Listing Rule 5810(c)(3)(D), the Company is provided with a compliance period of 180 calendar days, or until June 23, 2023 to regain compliance under the Listing Rules. To regain compliance under the Listing Rules, the Company's MVPHS must close at $5,000,000 for a minimum of ten (10) consecutive business days. In the event the Company does not regain compliance by June 23, 2023, the Company may face delisting. The Company intends to monitor its MVPHS between now and June 23, 2023, and to evaluate its available options to regain compliance within the compliance period. Announcement • Dec 28
Minerva Surgical, Inc. announced that it expects to receive $30 million in funding from Accelmed Partners, New Enterprise Associates, Inc. Minerva Surgical, Inc. announced that it has entered into a security purchase agreement for the issuance of 146,627,565 common shares at a price of $0.2046 per share for gross proceeds of approximately $30,000,000 led by new investor Accelmed Partners to become the controlling stockholder on December 27, 2022. The transaction will also include participation from returning investor New Enterprise Associates, Inc. The transaction is expected to close in first quarter of 2023, subject to the satisfaction of customary closing conditions and approval of the private placement by the shareholders of the company. The securities being issued and sold in the private placement have not been registered under the Securities Act of 1933, as amended. Major Estimate Revision • Nov 21
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -US$1.14 to -US$1.26 per share. Revenue forecast unchanged at US$51.1m. Medical Equipment industry in the US expected to see average net income growth of 14% next year. Consensus price target of US$5.00 unchanged from last update. Share price fell 21% to US$0.23 over the past week. Announcement • Nov 16
Minerva Surgical, Inc. Provides Revenue Guidance for 2022 Minerva Surgical, Inc. provided Revenue guidance which is unchanged from the guidance given during the previous quarter, with annual revenue anticipated to be between $50 million and $53 million. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS misses analyst expectations Third quarter 2022 results: US$0.40 loss per share. Revenue: US$12.6m (flat on 3Q 2021). Net loss: US$11.3m (loss widened 251% from 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 44%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Medical Equipment industry in the US. Price Target Changed • Nov 16
Price target decreased to US$5.00 Down from US$9.00, the current price target is provided by 1 analyst. New target price is 2,047% above last closing price of US$0.23. Stock is down 98% over the past year. The company is forecast to post a net loss per share of US$1.14 next year compared to a net loss per share of US$3.06 last year. Announcement • Nov 03
Minerva Surgical Receives Notification Regarding Minimum Bid Price from the Listing Qualifications Department of the Nasdaq On October 31, 2022, Minerva Surgical, Inc. received a notification from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that for the last 30 consecutive business days, the closing bid price of the Company’s common stock was below $1.00 per share, which is the minimum required closing bid price for continued listing on the Nasdaq Global Select Market pursuant to Listing Rule 5450(a)(1). This notice has no immediate effect on the Company’s Nasdaq listing or trading of its common stock. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until May 1, 2023 to regain compliance. To regain compliance, the closing bid price of the Company’s common stock must be at least $1.00 per share for a minimum of ten consecutive business days. If the Company does not regain compliance by May 1, 2023, the Company may be eligible for a second 180-calendar-day period, provided that the Company meets the continued listing requirement for market value of publicly held shares and all other initial listing requirements for Nasdaq, other than the minimum bid price requirement, and the Company provides written notice to Nasdaq of its intention to cure the deficiency during the second compliance period. If the Company is not eligible for the second compliance period or Nasdaq staff concludes that the Company will not be able to cure the deficiency during the second compliance period, Nasdaq will provide written notice to the Company that the Company’s common stock will be subject to delisting. In the event of such notification, the Company may appeal Nasdaq’s determination to delist its securities, but there can be no assurance that Nasdaq would grant the Company’s request for continued listing. Announcement • Oct 27
Minerva Surgical, Inc. to Report Q3, 2022 Results on Nov 09, 2022 Minerva Surgical, Inc. announced that they will report Q3, 2022 results on Nov 09, 2022 Major Estimate Revision • Aug 16
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from US$61.2m to US$51.1m. EPS estimate increased from -US$1.29 to -US$1.14 per share. Medical Equipment industry in the US expected to see average net income growth of 11% next year. Consensus price target down from US$9.00 to US$5.00. Share price fell 27% to US$1.96 over the past week. Reported Earnings • Aug 11
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: US$0.20 loss per share (up from US$5.46 loss in 2Q 2021). Revenue: US$13.0m (down 8.1% from 2Q 2021). Net loss: US$5.61m (loss narrowed 60% from 2Q 2021). Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) exceeded analyst estimates by 41%. Over the next year, revenue is forecast to grow 7.9%, compared to a 6.3% growth forecast for the industry in the US. Announcement • Aug 10
Minerva Surgical, Inc. Revises Revenue Guidance for the Year 2022 Minerva Surgical, Inc. revised revenue guidance for the year 2022. Due to the ongoing impacts of COVID-19 on elective ablation procedures, annual revenue guidance for 2022 is being reduced to a range of $50 million to $53 million. Sales revenue has been significantly impacted over the past two years, including the first two quarters of 2022, by both government and hospital restrictions on elective surgeries in select markets and staffing challenges at hospitals. Announcement • Jul 29
Minerva Surgical, Inc. to Report Q2, 2022 Results on Aug 09, 2022 Minerva Surgical, Inc. announced that they will report Q2, 2022 results on Aug 09, 2022 Announcement • Jul 22
Minerva Surgical, Inc. Appoints Derrick Sung as Director Minerva Surgical, Inc. announced that the board of directors of Minerva Surgical has appointed Derrick Sung, Ph.D. to serve as a Class II director, with a term expiring at the 2023 annual meeting of stockholders or until his successor has been duly elected and qualified. The Board has affirmatively determined that Dr. Sung is an independent director pursuant to the listing standards of The NASDAQ Stock Market. Dr. Sung has served as the Chief Financial Officer of Pulmonx Corporation since May 2019. From May 2015 to May 2019, Dr. Sung served as the Executive Vice President of Strategy and Corporate Development for iRhythm Technologies, Inc., a digital healthcare and medical technology company. From February 2008 to April 2015, Dr. Sung was the senior equity research analyst covering the medical devices sector for Sanford C. Bernstein & Co., LLC, a subsidiary of AllianceBernstein L.P. From 2004 to 2008, he served as Director of Marketing and Business Development in the Neuromodulation division of Boston Scientific Corporation. From 2000 to 2004, Dr. Sung was a management consultant at The Boston Consulting Group, a business consulting firm. He started his career as an R&D engineer for Guidant Corporation. Dr. Sung holds a Ph.D. in Bioengineering from U.C. San Diego, an M.B.A. from San Diego State University and a B.S. in Mechanical Engineering from Stanford University. Announcement • Jun 26
Minerva Surgical, Inc.(NasdaqGM:UTRS) dropped from Russell Microcap Value Index Minerva Surgical, Inc.(NasdaqGM:UTRS) dropped from Russell Microcap Value Index Major Estimate Revision • May 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -US$1.03 to -US$1.24 per share. Revenue forecast unchanged at US$61.1m. Medical Equipment industry in the US expected to see average net income growth of 16% next year. Consensus price target down from US$10.67 to US$8.33. Share price rose 18% to US$2.35 over the past week. Reported Earnings • May 13
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: US$0.38 loss per share (up from US$12.77 loss in 1Q 2021). Revenue: US$10.9m (down 7.6% from 1Q 2021). Net loss: US$10.9m (loss narrowed 27% from 1Q 2021). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 23%. Over the next year, revenue is forecast to grow 29%, compared to a 8.8% growth forecast for the industry in the US. Announcement • May 12
Minerva Surgical, Inc. Provides Earnings Guidance for 2022 Minerva Surgical, Inc. provided earnings guidance for 2022. For the period, the company expects annual revenue is unchanged from previous levels of $60 million to $63 million. Sales revenue has been significantly impacted over the past two years, including the first quarter 2022, by both government and hospital restrictions on elective surgeries in select markets and staffing challenges at hospitals. Announcement • Apr 23
Minerva Surgical, Inc., Annual General Meeting, Jun 09, 2022 Minerva Surgical, Inc., Annual General Meeting, Jun 09, 2022, at 09:00 Pacific Standard Time. Agenda: To consider elect three Class I directors to hold office until company's 2025 annual meeting of stockholders and until their respective successors are elected and qualified; to consider ratify the appointment of BDO USA, LLP as company's independent registered public accounting firm for company's fiscal year ending December 31, 2022; and to consider transact other business that may properly come before the annual meeting or any adjournments or postponements thereof. Announcement • Mar 10
Minerva Surgical, Inc. Provides Revenue Guidance for the Full Year 2022 Minerva Surgical, Inc. provided revenue guidance for the full year 2022. The company expects full year 2022 revenue in the range of $60 million to $63 million. Reported Earnings • Mar 10
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: US$3.06 loss per share (up from US$18.92 loss in FY 2020). Revenue: US$52.1m (up 38% from FY 2020). Net loss: US$21.5m (loss widened 18% from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Over the next year, revenue is forecast to grow 17%, compared to a 11% growth forecast for the industry in the US. Announcement • Feb 24
Minerva Surgical, Inc. to Report Q4, 2021 Results on Mar 08, 2022 Minerva Surgical, Inc. announced that they will report Q4, 2021 results on Mar 08, 2022 Announcement • Jan 14
Minerva Surgical, Inc. Provides Revenue Guidance for the Fourth Quarter and Full Year 2021 Minerva Surgical, Inc. provided revenue guidance for the fourth quarter and full year 2021. For the quarter, the company expected revenue to be in the range of $13.5 million to $13.7 million. Full year 2021 revenues are expected to be in the range of $52.0 million to $52.2 million. Recent Insider Transactions • Dec 17
President recently bought US$123k worth of stock On the 13th of December, David Clapper bought around 25k shares on-market at roughly US$4.94 per share. This was the largest purchase by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Reported Earnings • Dec 05
Third quarter 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2021 results: US$1.15 loss per share. Revenue: US$12.5m (flat on 3Q 2020). Net loss: US$3.23m (flat on 3Q 2020). Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) missed analyst estimates by 74%. Earnings per share (EPS) missed analyst estimates by 74%. Over the next year, revenue is forecast to grow 14%, compared to a 13% growth forecast for the industry in the US. Announcement • Dec 03
Minerva Surgical, Inc. Provides Revenue Guidance for the Full Year 2021 Minerva Surgical, Inc. provided revenue guidance for the full year 2021. The company expected full year 2021 revenue in the range of $51.0 to $52.0 million.