Vicarious Surgical (RBOT) Q2 2024 earnings summary

Executive summary

• Achieved significant progress on the V1.0 system, with design optimizations and subsystem refinements nearing completion and integration targeted for fall 2024, followed by the first clinical patient in 2025.

• Entered a partnership with LSU Health New Orleans, expanding to five U.S. hospital partners and enhancing clinical and training insights.

• Developing a next-generation, single-port surgical robotic system aimed at improving minimally invasive surgery outcomes and adoption, with no revenue generated as of June 30, 2024.

• Regained compliance with NYSE listing requirements following a 1-for-30 reverse stock split effective June 12, 2024.

Financial highlights

• Q2 2024 operating expenses were $17.7 million, down 17% year-over-year; R&D expenses fell to $10.9 million, G&A to $5.6 million, and sales and marketing to $1.2 million.

• Adjusted Net Loss for Q2 2024 was $16.8 million ($2.86/share), improved from $20.4 million ($4.82/share) in Q2 2023; GAAP Net Loss was $15.2 million ($2.59/share), nearly flat year-over-year.

• Cash and investments totaled $73.2 million as of June 30, 2024; Q2 cash burn was $10.9 million.

• Net loss for the six months ended June 30, 2024 was $32.2 million, a 24% improvement compared to $42.3 million for the same period in 2023.

• Net cash used in operating activities was $25.5 million for the six months ended June 30, 2024, down from $33.7 million in the prior year period.

Outlook and guidance

• On track for V1.0 system integration in fall 2024 and first clinical patient in 2025.

• Full-year 2024 cash burn expected to be approximately $50 million.

• Sufficient cash runway for about 1.5 years based on current burn rate and balance; current liquidity of $73.2 million expected to support operations beyond the next twelve months.

• Additional capital will be required to fund development through commercialization; options include equity, debt, or strategic partnerships.

• No change in clinical indication strategy; hernia remains the initial focus.