Vicarious Surgical Reports Second Quarter 2023 Financial Results and Announces Clinical Plan and Regulatory Intent
- Received clarity on the clinical and regulatory pathway with the expectation to complete the first ventral hernia procedure in a patient mid-2024.
- Signed a fourth major U.S. hospital system agreement, bringing the total number of hospitals represented by Vicarious Surgical partners to over 250.
- Promoted John Mazzola, previously SVP of Operations, to the newly created Chief Operating Officer role.
- The company had $82.8 million in cash, cash equivalents, and short-term investments as of June 30, 2023, representing a quarterly cash burn of $14.9 million.
- Operating expenses were $21.5 million for the second quarter of 2023, compared to $19.1 million in the corresponding prior year period, an increase of 12%.
- Adjusted net loss for the second quarter was $20.4 million, equating to a net loss of $0.16 per share, as compared to an adjusted net loss of $19.1 million, or a net loss of $0.16 per share, for the same period of the prior year.
“Following our latest pre-submission meeting with the FDA, we are thrilled to have clarity on our regulatory pathway, giving us reassurance in our plans for a first in human procedure mid-next year,” said Adam Sachs, Chief Executive Officer at Vicarious Surgical. “With a clear path ahead, our team is now hard at work assembling and integrating initial units ahead of V1.0 Integration in the fall. We believe that our innovative approach will allow us to transform the standard of care in surgical robotics.”
Second Quarter 2023 and Recent Highlights
- Received clarity on the clinical and regulatory pathway with the expectation to complete the first ventral hernia procedure in a patient mid-2024.
-
Signed a fourth major
U.S. hospital system agreement, bringing the total number of hospitals represented by Vicarious Surgical partners to over 250. - Completed design freeze of the Vicarious Surgical Version 1.0 System in April with integration and build of system units on-track for Fall 2023.
- Promoted John Mazzola, previously SVP of Operations, to the newly created Chief Operating Officer role. John has over 35 years of medical device industry experience and direct involvement in over 25 Class II and Class III medical device product launches.
Second Quarter 2023 Financial Results
-
Operating expenses were
$21.5 million $19.1 million 12% . -
R&D expenses for the second quarter of 2023 were
$12.7 million $10.1 million -
General and administrative expenses for the second quarter of 2023 were
$7.1 million $7.8 million -
Sales and marketing expenses for the second quarter of 2023 were
$1.7 million $1.3 million -
GAAP net loss for the second quarter was
$15.3 million $0.12 $1.5 million $0.01 $20.4 million $0.16 $19.1 million $0.16 -
The company had
$82.8 million $14.9 million $55 -$65 million
Conference Call
Vicarious Surgical will host a conference call at 4:30 p.m. ET on Thursday, July 27, 2023, to discuss its second quarter 2023 financial results. The call may be accessed through an operator by dialing +1 (404) 975-4839 for domestic callers or clicking this link for international callers, and using access code: 114480. 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
Use of Non-GAAP Financial Measures
In addition to providing financial measurements that have been prepared in accordance with accounting principles generally accepted in
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
The Non-GAAP Financial Measures do not replace the presentation of Vicarious Surgical’s
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: 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 on the timeline it expects, 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 and scale manufacturing of the Vicarious Surgical System and any future product candidates to commercial quantities; 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, as well as with the use of open surgeries; 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 ability to meet its estimates regarding expenses, revenue, capital requirements, cash runway and needs for additional financing; Vicarious Surgical’s financial performance; Vicarious Surgical’s intellectual property rights, its ability to protect or enforce these rights, and the impact on its business, results and financial condition if it is unsuccessful in doing so; economic downturns, political and market conditions and their potential to adversely affect Vicarious Surgical’s business, financial condition and results of operations; the impact of COVID-19 on Vicarious Surgical’s business; 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.
(in thousands, except share and per share data) |
|||||||||||||||||||
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Three Months Ended
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Six Months Ended
|
||||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
||||||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Research and development |
|
$ |
12,714 |
|
|
|
$ |
10,055 |
|
|
|
$ |
26,070 |
|
|
|
$ |
19,903 |
|
Sales and marketing |
|
|
1,666 |
|
|
|
|
1,311 |
|
|
|
|
3,626 |
|
|
|
|
2,713 |
|
General and administrative |
|
|
7,078 |
|
|
|
|
7,760 |
|
|
|
|
14,077 |
|
|
|
|
14,690 |
|
Total operating expenses |
|
|
21,458 |
|
|
|
|
19,126 |
|
|
|
|
43,773 |
|
|
|
|
37,306 |
|
Loss from operations |
|
|
(21,458 |
) |
|
|
(19,126 |
) |
|
|
(43,773 |
) |
|
|
(37,306 |
) |
|||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Change in fair value of warrant liabilities |
|
|
5,081 |
|
|
|
|
17,601 |
|
|
|
|
(998 |
) |
|
|
|
78,329 |
|
Interest and other income |
|
|
1,044 |
|
|
|
|
101 |
|
|
|
|
2,517 |
|
|
|
|
109 |
|
Interest expense |
|
|
(1 |
) |
|
|
(29 |
) |
|
|
(2 |
) |
|
|
(58 |
) |
|||
Income/(loss) before income taxes |
|
|
(15,334 |
) |
|
|
(1,453 |
) |
|
|
(42,256 |
) |
|
|
|
41,074 |
|
||
Provision for income taxes |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Net income/(loss) |
|
$ |
(15,334 |
) |
|
|
$ |
(1,453 |
) |
|
|
$ |
(42,256 |
) |
|
|
$ |
41,074 |
|
Net income/(loss) per share of Class A and Class B common stock, basic |
|
$ |
(0.12 |
) |
|
|
$ |
(0.01 |
) |
|
|
$ |
(0.33 |
) |
|
|
$ |
0.34 |
|
Net income/(loss) per share of Class A and Class B common stock, diluted |
|
$ |
(0.12 |
) |
|
|
$ |
(0.01 |
) |
|
|
$ |
(0.33 |
) |
|
|
$ |
0.32 |
|
Weighted average shares, basic |
|
|
126,992,152 |
|
|
|
|
121,341,460 |
|
|
|
|
126,563,552 |
|
|
|
|
120,813,572 |
|
Weighted average shares, diluted |
|
|
126,992,152 |
|
|
|
|
121,341,460 |
|
|
|
|
126,563,552 |
|
|
|
|
127,847,825 |
|
Other comprehensive income/(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net unrealized gain/(loss) on investments |
|
|
(195 |
) |
|
|
|
— |
|
|
|
|
(130 |
) |
|
|
|
— |
|
Other comprehensive gain/(loss) |
|
|
(195 |
) |
|
|
|
— |
|
|
|
|
(130 |
) |
|
|
|
— |
|
Comprehensive net income/(loss) |
|
$ |
(15,529 |
) |
|
|
$ |
(1,453 |
) |
|
|
$ |
(42,386 |
) |
|
|
$ |
41,074 |
|
VICARIOUS SURGICAL INC.
|
||||||||
|
|
June 30, |
|
December 31, |
||||
|
|
2023 |
|
2022 |
||||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
32,807 |
|
|
$ |
116,208 |
|
Short-term investments |
|
|
49,976 |
|
|
$ |
— |
|
Prepaid expenses and other current assets |
|
|
2,498 |
|
|
|
4,196 |
|
Total current assets |
|
|
85,281 |
|
|
|
120,404 |
|
Restricted cash |
|
|
936 |
|
|
|
936 |
|
Property and equipment, net |
|
|
6,254 |
|
|
|
6,586 |
|
Right-of-use assets |
|
|
11,875 |
|
|
|
12,273 |
|
Other long-term assets |
|
|
180 |
|
|
|
92 |
|
Total assets |
|
$ |
104,526 |
|
|
$ |
140,291 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,585 |
|
|
$ |
1,731 |
|
Accrued expenses |
|
|
4,937 |
|
|
|
5,808 |
|
Lease liabilities, current portion |
|
|
967 |
|
|
|
838 |
|
Current portion of equipment loans |
|
|
— |
|
|
|
16 |
|
Total current liabilities |
|
|
7,489 |
|
|
|
8,393 |
|
Lease liabilities, net of current portion |
|
|
14,329 |
|
|
|
14,832 |
|
Warrant liabilities |
|
|
7,019 |
|
|
|
6,021 |
|
Total liabilities |
|
|
28,837 |
|
|
|
29,246 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Class A Common stock |
|
|
11 |
|
|
|
11 |
|
Class B Common stock |
|
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
179,703 |
|
|
|
172,673 |
|
Accumulated other comprehensive loss |
|
|
(130 |
) |
|
|
— |
|
Accumulated deficit |
|
|
(103,897 |
) |
|
|
(61,641 |
) |
Total stockholders’ equity |
|
|
75,689 |
|
|
|
111,045 |
|
Total liabilities and stockholders’ equity |
|
$ |
104,526 |
|
|
$ |
140,291 |
|
VICARIOUS SURGICAL INC.
|
||||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Net income/(loss) |
|
$ |
(15,334 |
) |
|
$ |
(1,453 |
) |
|
$ |
(42,256 |
) |
|
$ |
41,074 |
|
Change in fair value of warrant liabilities |
|
|
5,081 |
|
|
|
17,601 |
|
|
|
(998 |
) |
|
|
78,329 |
|
Adjusted net loss |
|
|
(20,415 |
) |
|
|
(19,054 |
) |
|
|
(41,258 |
) |
|
|
(37,255 |
) |
Adjusted EPS, basic and diluted |
|
$ |
(0.16 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.31 |
) |
Weighted average shares, basic and diluted |
|
|
126,992,152 |
|
|
|
121,341,460 |
|
|
|
126,563,552 |
|
|
|
120,813,572 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230727297093/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
Source: Vicarious Surgical Inc.
FAQ
What are Vicarious Surgical's recent financial results?
How much cash does Vicarious Surgical have as of June 30, 2023?
What is the expected cash burn for FY 2023 for Vicarious Surgical?
What is the expectation for the first ventral hernia procedure for Vicarious Surgical?
