Vicarious Surgical Inc. (“Vicarious Surgical” or the “Company”)
(NYSE: RBOT, RBOT WS), a next-generation robotics technology
company seeking to improve patient outcomes as well as both the
cost and efficiency of surgical procedures, today announced
financial results for the quarter ended March 31, 2023. Management
will host a corresponding conference call at 4:30 p.m. ET today,
May 8, 2023.
“At Vicarious Surgical, we envision a future where exceptional
surgical outcomes are achieved for every patient and by every
surgeon,” said Adam Sachs, Chief Executive Officer at Vicarious
Surgical. “With the design lock of our V1.0 system, we take another
important step towards realizing this future. The Vicarious System
reengineers the foundational architecture of surgical robotics,
starting with our proprietary decoupled actuator, to deliver a
robotic platform for patients and providers with superior
capabilities, streamlined training and OR workflow and compelling
economics. We believe our unique system architecture and enhanced
functionality will unlock the future promise of true digital
surgery.”
First Quarter 2023 Financial Results
- Operating expenses were $22.3 million for the first quarter of
2023, compared to $18.2 million in the corresponding prior year
period, an increase of 23%.
- R&D expenses for the first quarter of 2023 were $13.4
million, compared to $9.8 million in the first quarter of
2022.
- General and administrative expenses for the first quarter of
2023 were $7.0 million, compared to $6.9 million in the first
quarter of 2022.
- Sales and marketing expenses for the first quarter of 2023 were
$2.0 million, compared to $1.4 million in the first quarter of
2022.
- Adjusted net loss for the first quarter was $20.8 million,
equating to a loss of $0.17 per share, as compared to an adjusted
net loss of $18.2 million, or a loss of $0.15 per share, for the
same period of the prior year. GAAP net loss for the first quarter
was $26.9 million, equating to a net loss per share of $0.21, as
compared to a GAAP net income of $42.5 million, equating to a basic
and diluted net income per share of $0.35 and $0.33 respectively
for the same period of the prior year.
- The company had $97.6 million in cash, cash equivalents and
short-term investments as of March 31, 2023 and continues to expect
FY 2023 cash burn of $55-$65 million.
Conference Call
Vicarious Surgical will host a conference call at 4:30 p.m. ET
on Monday, May 8, 2023, to discuss its first quarter 2023 financial
results. The call may be accessed through an operator by dialing +1
(404) 975-4839 for domestic callers or + 1 (929) 526-1599 for
international callers, using access code: 985501. A live and
archived webcast of the event will be available at
https://investor.vicarioussurgical.com.
About Vicarious Surgical
Founded in 2014, Vicarious Surgical is a next generation
robotics company, developing a unique disruptive technology with
the multiple goals of substantially increasing the efficiency of
surgical procedures, improving patient outcomes, and reducing
healthcare costs. The Company’s novel surgical approach uses
proprietary human-like surgical robots to transport surgeons inside
the patient to perform minimally invasive surgery. The Company is
led by an experienced team of technologists, medical device
professionals and physicians, and is backed by technology
luminaries including Bill Gates, Vinod Khosla’s Khosla Ventures,
Innovation Endeavors, Jerry Yang’s AME Cloud Ventures, Sun Hung Kai
& Co. Ltd and Philip Liang’s E15 VC. The Company is
headquartered in Waltham, Massachusetts. Learn more at
www.vicarioussurgical.com.
Use of Non-GAAP Financial Measures
In addition to providing financial measurements that have been
prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”), Vicarious
Surgical provides additional financial metrics that are not
prepared in accordance with U.S. GAAP (“non-GAAP”). The non-GAAP
financial measures included in this press release are Adjusted Net
Loss and Adjusted Net Loss Per Share (“Adjusted EPS”, and together
with Adjusted Net Loss, “Non-GAAP Financial Measures”). The Company
presents Non-GAAP Financial Measures in order to assist readers of
its consolidated financial statements in understanding the core
operating results that its management uses to evaluate the business
and for financial planning purposes. Vicarious Surgical’s Non-GAAP
financial measures provide an additional tool for investors to use
in comparing its financial performance over multiple periods.
Adjusted Net Loss and Adjusted EPS are key performance measures
that Vicarious Surgical’s management uses to assess its operating
performance. These Non-GAAP Financial Measures facilitate internal
comparisons of Vicarious Surgical’s operating performance on a more
consistent basis. Vicarious Surgical uses these performance
measures for business planning purposes and forecasting. Vicarious
Surgical believes that the Non-GAAP Financial Measures enhance an
investor’s understanding of Vicarious Surgical’s financial
performance as it is useful in assessing its operating performance
from period-to-period, by excluding certain items that Vicarious
Surgical believes are not representative of its core business.
The Non-GAAP Financials Measures may not be comparable to
similarly titled measures of other companies because they may not
calculate this measure in the same manner. Adjusted Net Loss and
Adjusted EPS are not prepared in accordance with U.S. GAAP and
should not be considered in isolation of, or as an alternative to,
measures prepared in accordance with U.S. GAAP. When evaluating
Vicarious Surgical’s performance, you should consider the Non-GAAP
Financial Measures alongside other financial performance measures
prepared in accordance with U.S. GAAP, including net loss.
The Non-GAAP Financial Measures do not replace the presentation
of Vicarious Surgical’s U.S. GAAP financial results and should only
be used as a supplement to, not as a substitute for, Vicarious
Surgical’s financial results presented in accordance with U.S.
GAAP. In this press release, Vicarious Surgical has provided a
reconciliation of Adjusted Net Loss to net loss, the most directly
comparable U.S. GAAP financial measure, and the calculation for
Adjusted EPS.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. The company’s
actual results may differ from its expectations, estimates, and
projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. All
statements other than statements of historical facts contained
herein, including without limitation the quotations of our Chief
Executive Officer regarding Vicarious Surgical’s opportunity, among
other things, are forward-looking statements that reflect the
current beliefs and expectations of management. These
forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from those discussed in the forward-looking statements.
Most of these factors are outside Vicarious Surgical’s control and
are difficult to predict. Factors that may cause such differences
include, but are not limited to: the impact of COVID-19 on
Vicarious Surgical’s business; changes in applicable laws or
regulations; the ability of Vicarious Surgical to raise financing
in the future; the success, cost and timing of Vicarious Surgical’s
product and service development activities; the potential
attributes and benefits of Vicarious Surgical’s product candidates
and services; Vicarious Surgical’s ability to obtain and maintain
regulatory approval for the Vicarious System, and any related
restrictions and limitations of any approved product; the size and
duration of human clinical trials for the Vicarious Surgical;
Vicarious Surgical’s ability to identify, in-license or acquire
additional technology; Vicarious Surgical’s ability to maintain its
existing license, manufacture, supply and distribution agreements;
Vicarious Surgical’s ability to compete with other companies
currently marketing or engaged in the development of products and
services that Vicarious Surgical is currently marketing or
developing; the size and growth potential of the markets for
Vicarious Surgical’s product candidates and services, and its
ability to serve those markets, either alone or in partnership with
others; the pricing of Vicarious Surgical’s product candidates and
services and reimbursement for medical procedures conducted using
its product candidates and services; the company’s estimates
regarding expenses, revenue, capital requirements and needs for
additional financing; Vicarious Surgical’s financial performance;
economic downturns, political and market conditions and their
potential to adversely affect Vicarious Surgical’s business,
financial condition and results of operations; and other risks and
uncertainties indicated from time to time in Vicarious Surgical’s
filings with the SEC. Vicarious Surgical cautions that the
foregoing list of factors is not exclusive. The company cautions
readers not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. Vicarious
Surgical does not undertake or accept any obligation or undertaking
to release publicly any updates or revisions to any forward-looking
statements to reflect any change in its expectations or any change
in events, conditions or circumstances on which any such statement
is based.
VICARIOUS SURGICAL
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except share
and per share data)
Three Months Ended March
31,
2023
2022
Operating expenses:
Research and development
$
13,356
$
9,848
Sales and marketing
1,960
1,402
General and administrative
6,999
6,930
Total operating expenses
22,315
18,180
Loss from operations
(22,315
)
(18,180
)
Other income (expense):
Change in fair value of warrant
liabilities
(6,079
)
60,728
Interest and other income
1,473
8
Interest expense
(1
)
(29
)
Income/(loss) before income taxes
(26,922
)
42,527
Provision for income taxes
—
—
Net income/(loss)
$
(26,922
)
$
42,527
Net income/(loss) per share of Class A and
Class B common stock, basic
$
(0.21
)
$
0.35
Net income/(loss) per share of Class A and
Class B common stock, diluted
$
(0.21
)
$
0.33
Weighted average shares, basic
126,130,189
120,279,819
Weighted average shares, diluted
126,130,189
127,593,181
Other comprehensive income:
Net unrealized gain on investments
65
-
Other comprehensive gain
65
-
Comprehensive net income/(loss)
$
(26,857
)
$
42,527
VICARIOUS SURGICAL
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(in thousands, except share
and per share data)
March 31,
December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
54,083
$
116,208
Short-term investments
43,487
—
Prepaid expenses and other current
assets
3,842
4,196
Total current assets
101,412
120,404
Restricted cash
936
936
Property and equipment, net
6,461
6,586
Right-of-use assets
12,076
12,273
Other long-term assets
205
92
Total assets
$
121,090
$
140,291
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
1,910
$
1,731
Accrued expenses
3,828
5,808
Lease liabilities, current portion
928
838
Current portion of equipment loans
4
16
Total current liabilities
6,670
8,393
Lease liabilities, net of current
portion
14,592
14,832
Warrant liabilities
12,100
6,021
Total liabilities
33,362
29,246
Stockholders’ equity:
Class A Common stock
11
11
Class B Common stock
2
2
Additional paid-in capital
176,213
172,673
Accumulated other comprehensive gain
65
—
Accumulated deficit
(88,563
)
(61,641
)
Total stockholders’ equity
87,728
111,045
Total liabilities and stockholders’
equity
$
121,090
$
140,291
VICARIOUS SURGICAL
INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(in thousands, except share
and per share data)
Adjusted net loss and Adjusted
EPS
Three Months Ended March
31,
2023
2022
Net income/(loss)
$
(26,922
)
$
42,527
Change in fair value of warrant
liabilities
(6,079
)
60,728
Adjusted net loss
(20,843
)
(18,201
)
Adjusted EPS, basic
$
(0.17
)
$
(0.15
)
Adjusted EPS, diluted
$
(0.17
)
$
(0.14
)
Weighted average shares, basic
126,130,189
120,279,819
Weighted average shares, diluted
126,130,189
127,593,181
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230508005484/en/
Investor Contact
Kaitlyn Brosco Vicarious Surgical
Kbrosco@vicarioussurgical.com
Marissa Bych Gilmartin Group Marissa@gilmartinir.com
Media Inquiries
Abby Mayo for Matter Health media@vicarioussurgical.com
Vicarious Surgical (NYSE:RBOT)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Vicarious Surgical (NYSE:RBOT)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024