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Minerva Surgical Announces Time To Talk Campaign

By IR News

Click here for PDF Version

August 3, 2022

Social Media Campaign and Event Series Encourage Women to Talk Openly About Their Periods

SANTA CLARA, Calif., Aug. 03, 2022 (GLOBE NEWSWIRE) — Minerva Surgical, Inc. – The Uterine Health Company (Nasdaq: UTRS), focused on the treatment of Abnormal Uterine Bleeding (AUB), today announced their Time To Talk social media campaign and local event series.

Abnormal Uterine Bleeding, or AUB, is a common medical condition affecting 1 in 3 women1 that results in heavy periods and uterine bleeding outside the normal duration, regularity, or frequency. AUB encompasses a variety of causes and symptoms that can leave women feeling as if life revolves around their period.

The Clinical Education team at Minerva recently began hosting Time To Talk…LIVE in person events. Together with local gynecology practices, the team invites those who have questions about their period to attend open, informational conversations about all things period.

Dr. Elizabeth Roth and Dr. Kent Meldrum from May-Grant Obstetrics & Gynecology spoke at the inaugural Time To Talk…LIVE event on July 19 in Lancaster, PA. Dr. Roth stressed the importance of talking about your period. She stated, “We are here to help you. Open communication with your physician is key to getting your heavy period treated.”

Upcoming events include locations in Suwanee, GA, Wheeling, WV, Morgantown, WV and Lancaster, OH. We encourage you to come as you are for a casual conversation with a doctor that specializes in AUB near you. If you are interested in holding a Time To Talk…LIVE event in your area, contact Minerva at aub@minervasurgical.com.

“We strongly encourage anyone who thinks they may be living with AUB to talk to an OBGYN who understands the condition. Attending a Time To Talk…LIVE event is a fantastic first step in initiating the discussion,” said Mike Clapper, Director of Brand Strategy at Market Development at Minerva Surgical.

Supporters can join the conversation using #TimeToTalkAUB. Visit www.aubandme.com to understand the symptoms, causes and minimally invasive treatment options for Abnormal Uterine Bleeding.

  1. Davis E, Sparzak PB. Abnormal Uterine Bleeding. [Updated 2022 Feb 10]. In: StatPearls [Internet]. Treasure Island (FL): StatPearls Publishing; 2022 Jan. Accessed July 14, 2022, from https://www.ncbinlm.nih.gov/books/NBK532913/

About Minerva Surgical, Inc. – The Uterine Health Company

Minerva Surgical is a commercial-stage medical technology company focused on developing, manufacturing, and commercializing minimally invasive solutions to meet the distinct uterine healthcare needs of women. The Company has established a broad product line of commercially available, minimally invasive alternatives to hysterectomy, which are designed to address the most common causes of Abnormal Uterine Bleeding (AUB) in most uterine anatomies. The Minerva Surgical solutions can be used in a variety of medical treatment settings and aim to address the drawbacks associated with alternative treatment methods and to preserve the uterus by avoiding unnecessary hysterectomies.

MEDIA CONTACT

Mike Clapper
mike.clapper@minervasurgical.com
804-295-7676

INVESTOR RELATIONS CONTACT

Caroline Corner
investors@minervasurgical.com
415-202-5678

RELATED LINKS

https://www.aubandme.com

https://www.minervasurgical.com

Minerva Surgical to Announce Second Quarter 2022 Financial Results

By IR News

Click here for PDF Version

July 28, 2022

SANTA CLARA, Calif., July 28, 2022 (GLOBE NEWSWIRE) — Minerva Surgical, Inc. (Nasdaq: UTRS), a woman’s health company focused on the treatment of Abnormal Uterine Bleeding (AUB), announced today that it will release its second quarter 2022 financial results on Tuesday, August 9, 2022. In conjunction with the release, the company will host a conference call and webcast that day at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time to discuss its financial results and recent highlights.

To access the live call via telephone, please register in advance using the link here. Upon registering, each participant will receive an email confirmation with dial-in numbers and a unique personal PIN that can be used to join the call.

The live webinar of the call may be accessed by visiting the Recent Events section of the company’s website at http://ir.minervasurgical.com. A replay of the webinar will be available on the Company’s website shortly after the conclusion of the call.

About Minerva Surgical, Inc.

Minerva Surgical is a commercial-stage medical technology company focused on developing, manufacturing, and commercializing minimally invasive solutions to meet the distinct uterine healthcare needs of women. The Company has established a broad product line of commercially available, minimally invasive alternatives to hysterectomy, which are designed to address the most common causes of Abnormal Uterine Bleeding (AUB) in most uterine anatomies. The Minerva Surgical solutions can be used in a variety of medical treatment settings and aim to address the drawbacks associated with alternative treatment methods and to preserve the uterus by avoiding unnecessary hysterectomies.

MEDIA CONTACT

Mike Clapper
mike.clapper@minervasurgical.com
804-295-7676

INVESTOR RELATIONS CONTACT

Caroline Corner
investors@minervasurgical.com
415-202-5678

RELATED LINKS

https://www.aubandme.com

https://www.minervasurgical.com

Minerva Surgical Announces Appointment of Derrick Sung, Ph.D. to Board of Directors

By IR News

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July 21, 2022

SANTA CLARA, Calif., July 21, 2022 (GLOBE NEWSWIRE) — Minerva Surgical, Inc. (Nasdaq: UTRS) (“Minerva Surgical” or the “Company”), a woman’s health company focused on the treatment of Abnormal Uterine Bleeding (AUB), today announced that the board of directors (the “Board”) 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.

“We are excited to have Derrick Sung, Ph.D. join the Board of Directors of Minerva Surgical,” said Ross Jaffe, M.D., Chairman of the Board. “Derrick brings a wealth of experience in finance, corporate strategy, marketing, and business development that will add a valuable perspective to our Board discussions. We welcome his engagement as we work with the team to continue to grow the Company by helping physicians improve women’s uterine health.”

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.

“I am honored to join the Minerva Surgical Board of Directors,” said Dr. Sung. “Minerva Surgical offers physicians outstanding medical technology for addressing important issues in uterine health. I look forward to working with the Board and the Minerva Surgical’s dedicated employees to continue growing the Company and delivering shareholder value while making important clinical improvements in women’s lives.”

About Minerva Surgical, Inc.

Minerva Surgical is a commercial-stage medical technology company focused on developing, manufacturing, and commercializing minimally invasive solutions to meet the distinct uterine healthcare needs of women. The Company has established a broad product line of commercially available, minimally-invasive alternatives to hysterectomy, which are designed to address the most common causes of Abnormal Uterine Bleeding (AUB) in most uterine anatomies. The Minerva Surgical solutions can be used in a variety of medical treatment settings and aim to address the drawbacks associated with alternative treatment methods and to preserve the uterus by avoiding unnecessary hysterectomies.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and actual results may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements may include information regarding trends and expectations for the Company’s products and technology, demand for the Company’s products, the Company’s expected financial performance, expenses, and position in the market and outlook for fiscal year 2022, and the impact of COVID-19 and its variants on the Company’s operations and those of its customers. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2022, which was filed with the U.S. Securities and Exchange Commission (SEC, and available at www.SEC.gov). Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical fact are forward-looking statements. Except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business.

MEDIA CONTACT

Mike Clapper
mike.clapper@minervasurgical.com
804-295-7676

INVESTOR RELATIONS CONTACT

Caroline Corner
investors@minervasurgical.com
415-202-5678

RELATED LINKS

https://www.aubandme.com

https://www.minervasurgical.com

Minerva Surgical Reports First Quarter 2022 Financial Results

By IR News

Click here for PDF Version

May 11, 2022

SANTA CLARA, Calif., May 11, 2022 (GLOBE NEWSWIRE) — Minerva Surgical, Inc. (Nasdaq: UTRS) (Minerva Surgical or the Company), a woman’s health company focused on the treatment of Abnormal Uterine Bleeding (AUB), today reported first quarter financial results for the period ended March 31, 2022.

First Quarter and Business Highlights:

  • Reported revenue of $10.9 million in the first quarter of 2022, compared with revenue of $11.8 million in the first quarter of 2021.
  • Symphion revenues of $2.7 million were up 20% from Q1 2021.
  • DTC (direct-to-consumer) digital marketing campaign launched in 10 markets.
  • Website visitors for AUBandMe.com up from 650 visitors in January to over 14,000 new visitors in April.
  • 238 new accounts added in the past 12 months focusing on both new Minerva and Symphion products.

“In March we held our first in-person national sales meeting in two years, and despite the rather slow start to sales experienced in January and February, our team is now seeing our sales trending up, especially with Symphion,” said David M. Clapper, Minerva Surgical’s Chief Executive Officer. “We’re encouraged with the number of Symphion evaluations currently in process at both existing Minerva accounts and new hospitals. We look forward to continuing to grow the business as patients feel more comfortable returning to the hospital setting to seek treatment for their abnormal uterine bleeding.”

First Quarter 2022 Financial Results

Revenue was $10.9 million for the first quarter of 2022, compared to $13.6 million in the fourth quarter of 2021 and $11.8 million for the first quarter of 2021. The 7.6% decrease in revenue compared to the first quarter of 2021, was the result of a decrease in revenue for our endometrial ablation products, Minerva ES and Genesys HTA, partially offset by an increase in Symphion product revenue. We believe these trends are consistent with those experienced by other participants in the markets that we serve.

Overall gross margin was 49.5% for the first quarter of 2022, compared to 57.7% in the same period of 2021. The gross margin was negatively impacted by the product mix shift from Minerva ES and Genesys HTA to Symphion which has a lower gross margin. Additionally, our fixed overhead costs were spread over a smaller base of product revenue in the first quarter of 2022, contributing to the decrease in gross margin.

Operating expenses were $15.7 million for the first quarter of 2022, compared to $11.6 million in the same period of 2021. The increase in operating expenses was driven by: (1) increases in sales and marketing expenses due to expansion of the sales force as well as an increase in spending on physician and patient outreach, (2) additional general and administrative expenses associated with operating as a public company, and (3) an increase in non-cash stock-based compensation expenses due to option grants to new employees, and refresh option and restricted stock unit (RSU) grants to existing employees, combined with an increase in the per share fair value of the options and RSUs granted compared to prior periods.

Net loss in the first quarter 2022 was $10.9 million, compared to a net loss of $14.9 million for the same period in 2021.

Adjusted EBITDA for the first quarter of 2022 was negative $6.3 million, compared to negative $2.2 million in the same period of 2021.

Financial Outlook for Fiscal Year 2022

Annual revenue guidance 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. Our guidance assumes that recent increases and ordering patterns with our customers continue to return to pre-pandemic levels. For the remaining three quarters of 2022, the Company is cautiously optimistic that its customers will return to surgery schedules that are more in-line with pre-COVID levels with hospital environments and patient behaviors continuing to improve.

Webcast and Conference Call Information

Minerva Surgical will host a conference call to discuss the first quarter 2022 financial results after market close on Wednesday, May 11, 2022 at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. The conference call can be accessed live over the phone (877) 804-7316 for U.S. callers or (629) 228-0696 for international callers, using conference ID: 5665795. The live webinar can be accessed at https://ir.minervasurgical.com.

Use of Non-GAAP Financial Measures

Adjusted EBITDA and Adjusted EBITDA Margin

To provide investors with additional information regarding the Company’s financial results, it has provided EBITDA and adjusted EBITDA. The Company calculates EBITDA, a non-GAAP financial measure, as net income/(loss) excluding depreciation and amortization, interest expense and income tax benefit. The Company calculates adjusted EBITDA, a non-GAAP financial measure by further excluding non-cash items for stock-based compensation expenses, change in fair value of redeemable convertible preferred stock warrant liability, change in fair value of contingent consideration liability and change in fair value of derivative liabilities. EBITDA margin represents EBITDA as a percentage of revenue. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of revenue. EBITDA and Adjusted EBITDA should be viewed as measures of operating performance that are supplements to, and not substitutes for, operating (income) loss, net (income) loss and other U.S. GAAP measures of income and loss.

The Company has included adjusted EBITDA in this earnings release because it is a key measure used by the Company’s management and board of directors to evaluate and compare the Company’s financial and operational performance over multiple periods, identifying trends affecting the Company’s business, formulating business plans and making strategic decisions. In particular, the exclusion of certain expenses in calculating adjusted EBITDA facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses and certain non-recurring variable charges. In addition, the Company believes that providing each of EBITDA and Adjusted EBITDA, together with a reconciliation of net loss to each such measure, helps investors make comparisons between Minerva Surgical and other companies that may have different capital structures, different tax rates, and/or different forms of employee compensation.

Each of EBITDA and Adjusted EBITDA is used by the Company’s management team as an additional measure of Company performance for purposes of business decision-making, including managing expenditures, and evaluating potential acquisitions. Period-to-period comparisons of EBITDA and Adjusted EBITDA help the Company’s management identify additional trends in our financial results that may not be shown solely by period-to-period comparisons of net income or income from continuing operations. Each of EBITDA and Adjusted EBITDA has inherent limitations because of the excluded items, and may not be directly comparable to similarly titled metrics used by other companies.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and actual results may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements may include information regarding trends and expectations for the Company’s products and technology, demand for the Company’s products, the Company’s expected financial performance, expenses, and position in the market and outlook for fiscal year 2022, and the impact of COVID-19 and its variants on the Company’s operations and those of its customers. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2022, which was filed with the U.S. Securities and Exchange Commission (SEC) on May 11, 2022, and available at www.SEC.gov. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical fact are forward-looking statements. Except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business.

About Minerva Surgical, Inc.

Minerva Surgical is a commercial-stage medical technology company focused on developing, manufacturing, and commercializing minimally invasive solutions to meet the distinct uterine healthcare needs of women. The Company has established a broad product line of commercially available, minimally invasive alternatives to hysterectomy, which are designed to address the most common causes of Abnormal Uterine Bleeding (AUB) in most uterine anatomies. The Minerva Surgical solutions can be used in a variety of medical treatment settings and aim to address the drawbacks associated with alternative treatment methods and to preserve the uterus by avoiding unnecessary hysterectomies.

MEDIA CONTACT

Mike Clapper
mike.clapper@minervasurgical.com
804-295-7676

INVESTOR RELATIONS CONTACT

Caroline Corner
investors@minervasurgical.com
415-202-5678

RELATED LINKS

https://www.aubandme.com

https://www.minervasurgical.com

Minerva Surgical to Present at Upcoming Investor Conferences

By IR News

Click here for PDF Version

May 10, 2022

SANTA CLARA, Calif., May 10, 2022 (GLOBE NEWSWIRE) — Minerva Surgical, Inc. (Nasdaq: UTRS), a woman’s health company focused on the treatment of Abnormal Uterine Bleeding (AUB), announced today that its management will present at the following investor conferences:

  • H.C. Wainwright Global Investment Conference
    The presentation will be available on-demand through the H.C. Wainwright conference portal, starting at 7:00 a.m. Eastern Time on Tuesday, May 24, 2022.
  • UBS Global Healthcare Conference 2022
    Presenting on Wednesday, May 25, 2022 at 7:45 a.m. Eastern Time at the Lotte New York Palace Hotel in New York

The audio webcasts and replays of the presentations may be accessed through the “Recent Events” section of Minerva’s website at http://ir.minervasurgical.com.

About Minerva Surgical, Inc.

Minerva Surgical is a commercial-stage medical technology company focused on developing, manufacturing, and commercializing minimally invasive solutions to meet the distinct uterine healthcare needs of women. The Company has established a broad product line of commercially available, minimally invasive alternatives to hysterectomy, which are designed to address the most common causes of Abnormal Uterine Bleeding (AUB) in most uterine anatomies. The Minerva Surgical solutions can be used in a variety of medical treatment settings and aim to address the drawbacks associated with alternative treatment methods and to preserve the uterus by avoiding unnecessary hysterectomies.

MEDIA CONTACT

Mike Clapper
mike.clapper@minervasurgical.com
804-295-7676

INVESTOR RELATIONS CONTACT

Caroline Corner
investors@minervasurgical.com
415-202-5678

RELATED LINKS

https://www.aubandme.com

https://www.minervasurgical.com

Minerva Surgical to Announce First Quarter 2022 Financial Results

By IR News

Click here for PDF Version

April 27, 2022

SANTA CLARA, Calif., April 27, 2022 (GLOBE NEWSWIRE) — Minerva Surgical, Inc. (Nasdaq: UTRS), a woman’s health company focused on the treatment of Abnormal Uterine Bleeding (AUB), announced today that it will release its first quarter 2022 financial results on Wednesday, May 11, 2022. In conjunction with the release, the company will host a conference call and webcast that day at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time to discuss its financial results and recent highlights.

Interested parties may access the live call via telephone by dialing (877) 804-7316 for domestic callers or (629) 228-0696 for international callers, using conference ID: 5665795. The live webinar of the call may be accessed by visiting the Recent Events section of the company’s website at http://ir.minervasurgical.com. A replay of the webinar will be available on the Company’s website shortly after the conclusion of the call.

About Minerva Surgical, Inc.

Minerva Surgical is a commercial-stage medical technology company focused on developing, manufacturing, and commercializing minimally invasive solutions to meet the distinct uterine healthcare needs of women. The Company has established a broad product line of commercially available, minimally invasive alternatives to hysterectomy, which are designed to address the most common causes of Abnormal Uterine Bleeding (AUB) in most uterine anatomies. The Minerva Surgical solutions can be used in a variety of medical treatment settings and aim to address the drawbacks associated with alternative treatment methods and to preserve the uterus by avoiding unnecessary hysterectomies.

MEDIA CONTACT

Mike Clapper
mike.clapper@minervasurgical.com
804-295-7676

INVESTOR RELATIONS CONTACT

Caroline Corner
investors@minervasurgical.com
415-202-5678

RELATED LINKS

https://www.aubandme.com

https://www.minervasurgical.com

Minerva Surgical Announces AUB Awareness Day

By IR News

Click here for PDF Version

April 26, 2022

Minerva calls on women to talk about their periods

SANTA CLARA, Calif., April 26, 2022 (GLOBE NEWSWIRE) — Minerva Surgical, Inc. (Nasdaq: UTRS), a women’s health company focused on the treatment of AUB (Abnormal Uterine Bleeding), today announced the debut of the first ever AUB Awareness Day on May 18, 2022.

The activation is designed to raise awareness about this common medical condition that affects 1 in 3 women, and results in uterine bleeding outside the normal volume, duration, regularity, or frequency. AUB has a variety of causes and symptoms and can leave a woman feeling as if life revolves around her period.

Dave Clapper, President & CEO of Minerva Surgical, states, “Our mission is to increase awareness of this common condition that affects 1 in 3 women and is the leading cause of hysterectomies. We know our mothers, our sisters, and our wives don’t talk about the negative effects their periods have on their lives every month, and that needs to change.”

Supporters can join the conversation by using hashtags #AUBAwareness and #TimeToTalkAUB. They are also encouraged to visit www.aubandme.com to understand the symptoms and causes and learn about the minimally invasive treatment options for Abnormal Uterine Bleeding.

“Our website, www.aubandme.com, was developed as an educational tool for women to learn more about AUB and available treatment options. This enables a productive two-way conversation between a patient and her physician, so that she can select the treatment that’s best for her. We encourage any woman living with AUB to talk to her doctor about their problematic periods,” concluded Mr. Clapper.

Minerva is attending the American College of Obstetrics and Gynecology (ACOG) Annual Meeting in San Diego, CA from May 6-8, 2022, and invites attendees to visit Booth 1821 to meet our team, learn about AUB Awareness Day and the educational resources available to them.

ABOUT MINERVA SURGICAL, INC. – THE UTERINE HEALTH COMPANY

Minerva Surgical is a commercial-stage medical technology company focused on developing, manufacturing, and commercializing minimally invasive solutions to meet the distinct uterine healthcare needs of women. The Company has established a broad product line of commercially available, minimally invasive alternatives to hysterectomy, which are designed to address the most common causes of Abnormal Uterine Bleeding (AUB) in most uterine anatomies. The Minerva Surgical solutions can be used in a variety of medical treatment settings and aim to address the drawbacks associated with alternative treatment methods and to preserve the uterus by avoiding unnecessary hysterectomies.

MEDIA CONTACT

Mike Clapper
mike.clapper@minervasurgical.com
804-295-7676

INVESTOR RELATIONS CONTACT

Caroline Corner
investors@minervasurgical.com
415-202-5678

RELATED LINKS

https://www.aubandme.com

https://www.minervasurgical.com

Minerva Surgical Reports Fourth Quarter and Full-Year 2021 Financial Results

By IR News

Click here for PDF Version

March 8, 2022

SANTA CLARA, Calif., March 08, 2022 (GLOBE NEWSWIRE) — Minerva Surgical, Inc. (Nasdaq: UTRS) (Minerva Surgical or the Company), a woman’s health company focused on the treatment of Abnormal Uterine Bleeding (AUB), today reported fourth quarter and full-year financial results for the period ended December 31, 2021.

Fourth Quarter and Business Highlights:

  • Reported revenue of $13.65 million in the fourth quarter of 2021, compared with revenue of $13.55 million in the fourth quarter of 2020, a nominal increase over the prior period.
  • Expanded contract coverage in 2021 to broaden commercial opportunity in approximately 500 hospitals.
  • Drove first time orders with 285 new hospital customers in 2021.
  • Refinanced existing long-term debt facility with a new $40 million, five-year term loan from CIBC, substantially reducing the Company’s cost of debt capital.
  • Ended the fourth quarter with over $40 million in unrestricted cash and cash equivalents, reflecting the proceeds from the Company’s initial public offering completed on October 26, 2021.

“Both Minerva ES and Symphion demonstrated double-digit sales growth in 2021 and I am encouraged by Minerva’s results for the fourth quarter, especially given the continuing headwinds that COVID-19 has had on elective surgeries and staffing in hospitals,” said David M. Clapper, Minerva Surgical’s Chief Executive Officer. “We’re looking forward to continuing to grow the business in 2022 once restrictions are relaxed, patients return, and hospital staffing issues resolve.”

Fourth Quarter 2021 Financial Results

Revenue was $13.65 million for the fourth quarter of 2021, compared to $12.51 million in the prior quarter and $13.55 million for the same period in 2020. The 1% increase in revenue compared to the fourth quarter of 2020, was driven by an increase in the volume of Symphion product sales, partially offset by decreases in revenue for Minerva ES and Genesys HTA product sales from the prior year’s fourth quarter.

Gross margin was 57.3% for the fourth quarter of 2021, compared to 60.4% in the same period of 2020. The gross margin in the fourth quarter of 2020 was positively impacted by a one-time inventory revaluation following the integration of the Boston Scientific assets which decreased the cost of goods sold below ordinary levels.

Operating expenses were $14.5 million for the fourth quarter of 2021, compared to $10.3 million in the same period of 2020. The increase in operating expenses was driven by: (1) increases in sales and marketing expenses due to expansion of the sales force as well as an increase in spending on physician and patient outreach, (2) additional general and administrative expenses associated with operating as a public company, and (3) an increase in non-cash stock-based compensation expenses due to option grants to new employees, and refresh grants to existing employees, combined with an increase in the per share fair value of the options granted compared to prior periods.

Net profit in the fourth quarter 2021 was $10.8 million, compared to a net loss of $6.4 million for the same period in 2020. This reported net profit is a result of significant non-recurring, non-cash income primarily attributed to the revaluation of derivative liabilities following the conversion of convertible promissory notes to equity in conjunction with the Company’s IPO, and the refinancing of long-term debt. The embedded derivative liabilities previously included on the Company’s balance sheet were extinguished as a result of the debt refinancing and IPO.

Adjusted EBITDA for the fourth quarter of 2021 was negative $3.2 million, compared to positive $0.5 million in the same period of 2020.

Full-Year 2021 Financial Results

Revenue was $52.1 million for the full-year 2021, compared to $37.8 million for the prior year. The increase in revenue was primarily driven by an increase in the volume of Genesys HTA and Symphion product sales, both of which were acquired from Boston Scientific in May 2020.

Gross margin was 58.6% for the full-year of 2021, compared to 50.6% for the prior year. The increase in gross margin was primarily due to the product sales mix along with improved operational efficiency of fixed overhead costs spread over a larger base of product shipments.

Operating expenses were $59.7 million for the full-year 2021, compared to $34.5 million for the prior year. The increase in operating expenses was primarily driven by a significant increase in non-cash amortization expense from the intangible assets associated with the products acquired from Boston Scientific in May 2020, an increase in legal expenses that are anticipated to be trending down in the future, increased employee compensation and related expenses associated with additional employees, and increased non-cash stock-based compensation expenses recognized throughout the year.

Net loss was $21.5 million, or $3.06 per share attributable to common stockholders, basic and diluted, for the full-year 2021, compared to a net loss of $18.3 million, or $18.85 per share for the prior year. The year-over-year comparison of net loss per share attributable to common stockholders was significantly impacted by the conversion of preferred stock and convertible promissory notes to common stock in connection with the IPO in October 2021, which resulted in an additional 19.4 million shares of common stock outstanding.

Adjusted EBITDA for the full-year of 2021 was negative $11.3 million, compared to negative $7.6 million in the prior year.

Financial Outlook for Fiscal Year 2022

Sales revenue has been significantly impacted over the past two years by government and hospital restrictions on elective surgeries, and staffing levels in hospitals that were impacted by the treatment of COVID-19 patients. For 2022, the Company is cautiously optimistic that its customers will return to surgery schedules that are more in-line with pre-Covid levels. With that as an assumption, the Company expects full year 2022 revenue in the range of $60 to $63 million.

Webcast and Conference Call Information

Minerva Surgical will host a conference call to discuss the fourth quarter and full year 2021 financial results after market close on Tuesday, March 8, 2022 at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. The conference call can be accessed live over the phone (877) 804-7316 for U.S. callers or (629) 228-0696 for international callers, using conference ID: 5577372. The live webinar can be accessed at https://ir.minervasurgical.com.

Use of Non-GAAP Financial Measures

Adjusted EBITDA and Adjusted EBITDA Margin

To provide investors with additional information regarding the Company’s financial results, it has provided EBITDA and adjusted EBITDA. The Company calculates EBITDA, a non-GAAP financial measure, as net income/(loss) excluding depreciation and amortization, interest expense and income tax benefit. The Company calculates adjusted EBITDA, a non-GAAP financial measure by further excluding non-cash items for stock-based compensation expenses, bargain purchase gain, loss on extinguishment of long-term debt and convertible promissory notes, gain on extinguishment of PPP loan, change in fair value of redeemable convertible preferred stock warrant liability, change in fair value of contingent consideration liability and change in fair value of derivative liabilities. EBITDA margin represents EBITDA as a percentage of revenue. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of revenue. EBITDA and Adjusted EBITDA should be viewed as measures of operating performance that are supplements to, and not substitutes for, operating (income) loss, net (income) loss and other U.S. GAAP measures of income and loss.

The Company has included adjusted EBITDA in this earnings release because it is a key measure used by the Company’s management and board of directors to evaluate and compare the Company’s financial and operational performance over multiple periods, identifying trends affecting the Company’s business, formulating business plans and making strategic decisions. In particular, the exclusion of certain expenses in calculating adjusted EBITDA facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses and certain non-recurring variable charges. In addition, the Company believes that providing each of EBITDA and Adjusted EBITDA, together with a reconciliation of net loss to each such measure, helps investors make comparisons between Minerva Surgical and other companies that may have different capital structures, different tax rates, and/or different forms of employee compensation.

Each of EBITDA and Adjusted EBITDA is used by the Company’s management team as an additional measure of Company performance for purposes of business decision-making, including managing expenditures, and evaluating potential acquisitions. Period-to-period comparisons of EBITDA and Adjusted EBITDA help the Company’s management identify additional trends in our financial results that may not be shown solely by period-to-period comparisons of net income or income from continuing operations. Each of EBITDA and Adjusted EBITDA has inherent limitations because of the excluded items, and may not be directly comparable to similarly titled metrics used by other companies.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and actual results may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements may include information regarding trends and expectations for the Company’s products and technology, demand for the Company’s products, the Company’s expected financial performance, expenses, and position in the market and outlook for fiscal year 2022, and the impact of COVID-19 and its variants on the Company’s operations and those of its customers. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of the Company’s Third Quarter Report on Form 10-Q which was filed with the U.S. Securities and Exchange Commission (SEC) on December 2, 2021, and available at www.SEC.gov, and which will be updated in our 2021 Annual Report on Form 10-K which we expect to file with the SEC later this month. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical fact are forward-looking statements. Except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business.

About Minerva Surgical, Inc.

Minerva Surgical is a commercial-stage medical technology company focused on developing, manufacturing, and commercializing minimally invasive solutions to meet the distinct uterine healthcare needs of women. The Company has established a broad product line of commercially available, minimally invasive alternatives to hysterectomy, which are designed to address the most common causes of Abnormal Uterine Bleeding (AUB) in most uterine anatomies. The Minerva Surgical solutions can be used in a variety of medical treatment settings and aim to address the drawbacks associated with alternative treatment methods and to preserve the uterus by avoiding unnecessary hysterectomies.

MEDIA CONTACT

Mike Clapper
mike.clapper@minervasurgical.com
804-295-7676

INVESTOR RELATIONS CONTACT

Caroline Corner
investors@minervasurgical.com
415-202-5678

RELATED LINKS

https://www.aubandme.com

https://www.minervasurgical.com

Minerva Surgical to Announce Fourth Quarter and Full-Year Financial Results

By IR News

Click here for PDF Version

February 22, 2022

SANTA CLARA, Calif., Feb. 22, 2022 (GLOBE NEWSWIRE) — Minerva Surgical, Inc. (Nasdaq: UTRS), a woman’s health company focused on the treatment of Abnormal Uterine Bleeding (AUB), announced today that it will release its fourth quarter and full-year 2021 financial results on Tuesday, March 8, 2022. In conjunction with the release, the company will host a conference call and webcast that day at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time to discuss its financial results and recent highlights.

Interested parties may access the live call via telephone by dialing (877) 804-7316 for domestic callers or (629) 228-0696 for international callers, using conference ID: 5577372. The live webinar of the call may be accessed by visiting the Recent Events section of the company’s website at http://ir.minervasurgical.com. A replay of the webinar will be available shortly after the conclusion of the call and will be archived on the company’s website.

ABOUT MINERVA SURGICAL – THE UTERINE HEALTH COMPANY

Minerva Surgical is a commercial-stage medical technology company focused on developing, manufacturing, and commercializing minimally invasive solutions to meet the distinct uterine healthcare needs of women. The company has established a broad product line of commercially available, minimally invasive alternatives to hysterectomy, which are designed to address the most common causes of Abnormal Uterine Bleeding (AUB) in most uterine anatomies. The Minerva Surgical solutions can be used in a variety of medical treatment settings and aim to address the drawbacks associated with alternative treatment methods and to preserve the uterus by avoiding unnecessary hysterectomies.

MEDIA CONTACT

Mike Clapper
mike.clapper@minervasurgical.com
804-295-7676

INVESTOR RELATIONS CONTACT

Caroline Corner
investors@minervasurgical.com
415-202-5678

RELATED LINKS

https://www.aubandme.com

https://www.minervasurgical.com

Minerva Surgical to Present at the 11th Annual SVB Leerink Global Healthcare Conference

By IR News

Click here for PDF Version

January 31, 2022

SANTA CLARA, Calif., Jan. 31, 2022 (GLOBE NEWSWIRE) — Minerva Surgical, Inc. (Nasdaq: UTRS), a woman’s health company focused on the treatment of Abnormal Uterine Bleeding (AUB), announced today that its management will present at the 11th Annual SVB Leerink Global Healthcare Conference on Wednesday, February 16, 2022 at 3:40 p.m. Eastern Time.

A live audio webcast and replay of the presentation may be accessed through the “Recent Events” section of Minerva’s website at http://ir.minervasurgical.com.

ABOUT MINERVA SURGICAL – THE UTERINE HEALTH COMPANY

Minerva Surgical is a commercial-stage medical technology company focused on developing, manufacturing, and commercializing minimally invasive solutions to meet the distinct uterine healthcare needs of women. The company has established a broad product line of commercially available, minimally invasive alternatives to hysterectomy, which are designed to address the most common causes of Abnormal Uterine Bleeding (AUB) in most uterine anatomies. The Minerva Surgical solutions can be used in a variety of medical treatment settings and aim to address the drawbacks associated with alternative treatment methods and to preserve the uterus by avoiding unnecessary hysterectomies.

MEDIA CONTACT

Mike Clapper
mike.clapper@minervasurgical.com
804-295-7676

INVESTOR RELATIONS CONTACT

Caroline Corner
investors@minervasurgical.com
415-202-5678

RELATED LINKS

https://www.aubandme.com

https://www.minervasurgical.com