Vicarious Surgical Inc (NYSE:RBOT)
$ 7.89 -0.47 (-5.62%) Market Cap: 46.53 Mil Enterprise Value: -9.60 Mil PE Ratio: 0 PB Ratio: 0.68 GF Score: 35/100

Q2 2024 Vicarious Surgical Inc Earnings Call Transcript

Aug 12, 2024 / 08:30PM GMT
Release Date Price: $5.5 (-9.39%)

Key Points

Positve
  • 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.
Negative
  • 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.
Operator

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.

Kaitlyn Brosco
Vicarious Surgical Inc - Director, Investor Relations

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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