Vicarious Surgical Inc (RBOT) (Q1 2024) Earnings Call Transcript Highlights: Strategic Cost ...

GuruFocus Research
3 min read

In This Article:

  • Total Operating Expenses: $16.1 million in Q1 2024, down 28% from $22.3 million in Q1 2023.

  • R&D Expenses: $10 million in Q1 2024, decreased from $13.4 million in Q1 2023.

  • General and Administrative Expenses: $5 million in Q1 2024, reduced from $7 million in Q1 2023.

  • Sales and Marketing Expenses: $1.1 million in Q1 2024, down from $2 million in Q1 2023.

  • Adjusted Net Loss: $15.1 million in Q1 2024, or $0.09 per share, improved from $20.8 million, or $0.17 per share in Q1 2023.

  • GAAP Net Loss: $17 million in Q1 2024, or $0.10 per share, compared to $26.9 million, or $0.21 per share in Q1 2023.

  • Cash, Cash Equivalents, and Short-term Investments: Approximately $84 million at the end of Q1 2024.

  • Quarterly Cash Burn Rate: Approximately $14 million in Q1 2024.

  • Annual Cash Burn Forecast: Expected to be around $50 million for 2024.

Release Date: April 29, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Q & A Highlights

Q: Can you discuss the balance between R&D expenses and SG&A, and how you're managing these aspects of the P&L for the rest of the year? A: William Kelly, CFO, noted that the focus has been on building a quality robot and getting it to market as quickly as possible, aligning and prioritizing spending towards this goal. Despite a slight increase in the burn rate due to seasonal spending, the company remains committed to a $50 million cash burn for the year.

Q: What are the next steps after the completion of the V. 1.0 system in the fall, and how does this align with the planned clinical trial in mid to late 2025? A: Adam Sachs, CEO, explained that after finalizing the V. 1.0 system and conducting preliminary verification and validation testing, the company will proceed to essential performance and safety testing. This will set the stage for starting the clinical trial in 2025.

Q: Can you provide more details on the spring cadaver lab, including the number of cadavers used, who performed the procedures, and the key learnings from this experience? A: Adam Sachs mentioned that the lab involved a single cadaver and was conducted early in the spring to evaluate potential issues. The procedure was performed by internal U.S. surgeon research partners, focusing on testing the core functionality of the system and identifying necessary revisions.

Q: What specific refinements are needed for the final V. 1.0 system following the spring cadaver lab? A: Adam Sachs highlighted several areas needing refinement, including software bugs and firmware issues within the arms, as well as interactions between the trocar seals and the arm. These issues are relatively straightforward to resolve, but there are several others that the team needs to address over the next few quarters.

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