Q2 2024 Vicarious Surgical Inc Earnings Call Transcript
Key Points
- Vicarious Surgical Inc (RBOT) has made significant progress in refining their Version 1.0 system, with both the surgeon console and patient cart in the latter stages of planned refinements.
- The company successfully conducted a formative assessment of their Version 1.0 system, focusing on human factors such as maneuverability and instrument insertion, with positive results.
- Vicarious Surgical Inc (RBOT) announced a new partnership with LSU Health New Orleans, enhancing their market strategy and providing valuable insights into administrative and clinical protocols.
- The company reported a decrease in operating expenses, reflecting improved capital efficiency and cash burn management.
- Vicarious Surgical Inc (RBOT) ended the second quarter with $73 million in cash, cash equivalents, and short-term investments, providing a strong financial position to support future milestones.
- The company reported an adjusted net loss of $16.8 million for the second quarter of 2024, indicating ongoing financial challenges.
- There is uncertainty regarding the selection of clinical sites for trials, as the company has not yet announced a formal decision.
- The integration of the Version 1.0 system is complex, with potential risks and challenges in bringing together the subsystems.
- The company anticipates a cash burn of approximately $50 million for the full year 2024, which may impact their financial flexibility.
- Vicarious Surgical Inc (RBOT) faces material risks and uncertainties that could affect future results, as highlighted in their forward-looking statements.
Good afternoon. Thank you for attending the Vicarious Surgical's 2024 second-quarter earnings call. My name is Cameron, and I will be your moderator for today. (Operator Instructions)
I would now like to pass the conference over to your host, Kaitlyn Brosco, Director of Investor Relations. You may proceed.
Thanks, Cameron, and thank you all for joining. With me today for prepared remarks are Adam Sachs, our Co-Founder and Chief Executive Officer; Bill Kelly, Chief Financial Officer; and Randy Clark, our company President, will join for the Q&A portion of the call. Today, after market closed, Vicarious Surgical released financial results for the three months ended June 30, 2024. A copy of this press release is available on the company website.
Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the safe harbor
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