Vicarious Surgical (RBOT) Q3 2024 earnings summary

Executive summary

• Significant progress made toward integrating the Version 1.0 single-port robotic surgery system, with completion expected within weeks and first clinical patient anticipated in under a year.

• The company is pre-revenue as of September 30, 2024, with no FDA authorization yet; regulatory submission is planned for ventral hernia procedures.

• Net loss for the nine months ended September 30, 2024 was $49.3 million, a 15% improvement from $58.0 million in the prior year period, driven by cost reductions and headcount cuts.

• Regained NYSE compliance in July 2024 after a reverse stock split in June 2024.

Financial highlights

• Total operating expenses for Q3 2024 fell 17% year-over-year to $17.8 million; for the nine months ended September 30, 2024, operating expenses decreased 21% to $51.6 million.

• R&D expenses were $10.8 million for Q3 2024, down from $13 million in Q3 2023; for the nine months, R&D was $31.7 million.

• Adjusted net loss for Q3 2024 was $17 million ($2.87/share), improved from $20.4 million ($3.95/share) in Q3 2023; net loss for the nine months was $49.3 million.

• Cash and investments totaled $60.9 million as of September 30, 2024; Q3 cash burn was $12.4 million.

• Net cash used in operating activities was $38.2 million for the nine months ended September 30, 2024.

Outlook and guidance

• On track to complete system integration and begin verification and validation testing by early 2025.

• First clinical patient expected to be treated in less than a year, with pivotal trial to follow quickly.

• Cash burn for 2024 projected at ~$50 million, with runway into 2026; current cash and investments expected to support operations beyond the next twelve months.

• Additional capital will be required to fund development through commercialization.