Vicarious Surgical Reports Third Quarter 2024 Financial Results
Vicarious Surgical announced its Q3 2024 financial results. Operating expenses decreased by 17% to $17.8M from $21.4M in Q3 2023. R&D expenses dropped to $10.8M from $13.0M, general and administrative expenses fell to $5.7M from $6.9M, and sales and marketing expenses decreased to $1.2M from $1.4M. The adjusted net loss was $17.0M, or $2.87 per share, compared to $20.4M, or $3.95 per share, in the same period last year. GAAP net loss was $17.1M, or $2.90 per share, versus $15.7M, or $3.04 per share, last year. The company had $60.9M in cash and investments as of September 30, 2024, with a Q3 cash burn rate of $12.4M. Full-year 2024 cash burn is expected to be approximately $50M. CEO Adam Sachs highlighted the upcoming milestone for the Version 1.0 System integration and the goal to complete the first clinical patient within a year.
Vicarious Surgical ha annunciato i risultati finanziari del terzo trimestre 2024. Le spese operative sono diminuite del 17%, passando da 21,4 milioni di dollari a 17,8 milioni di dollari nel terzo trimestre 2023. Le spese per R&S sono scese a 10,8 milioni di dollari rispetto ai 13,0 milioni di dollari, mentre le spese generali e amministrative sono diminuite a 5,7 milioni di dollari da 6,9 milioni di dollari, e le spese per vendite e marketing sono scese a 1,2 milioni di dollari da 1,4 milioni di dollari. La perdita netta rettificata è stata di 17,0 milioni di dollari, o 2,87 dollari per azione, rispetto ai 20,4 milioni di dollari, o 3,95 dollari per azione, nello stesso periodo dell'anno scorso. La perdita netta secondo i principi contabili GAAP è stata di 17,1 milioni di dollari, o 2,90 dollari per azione, contro i 15,7 milioni di dollari, o 3,04 dollari per azione, dello scorso anno. L'azienda possedeva 60,9 milioni di dollari in contante e investimenti al 30 settembre 2024, con un tasso di consumo di cassa nel terzo trimestre di 12,4 milioni di dollari. Si prevede che il consumo di cassa per l'intero anno 2024 sia di circa 50 milioni di dollari. Il CEO Adam Sachs ha sottolineato il prossimo traguardo per l'integrazione del Sistema Version 1.0 e l'obiettivo di completare il primo paziente clinico entro un anno.
Vicarious Surgical anunció sus resultados financieros del tercer trimestre de 2024. Los gastos operativos disminuyeron un 17%, pasando de $21.4 millones a $17.8 millones en el tercer trimestre de 2023. Los gastos en I+D cayeron a $10.8 millones desde $13.0 millones, los gastos generales y administrativos bajaron a $5.7 millones desde $6.9 millones, y los gastos en ventas y marketing disminuyeron a $1.2 millones desde $1.4 millones. La pérdida neta ajustada fue de $17.0 millones, o $2.87 por acción, comparado con $20.4 millones, o $3.95 por acción, en el mismo período del año pasado. La pérdida neta GAAP fue de $17.1 millones, o $2.90 por acción, frente a $15.7 millones, o $3.04 por acción, del año pasado. La empresa tenía $60.9 millones en efectivo e inversiones al 30 de septiembre de 2024, con una tasa de consumo de efectivo en el tercer trimestre de $12.4 millones. Se espera que el consumo total de efectivo para 2024 sea de aproximadamente $50 millones. El CEO Adam Sachs destacó el próximo hito para la integración del Sistema Versión 1.0 y el objetivo de completar al primer paciente clínico dentro de un año.
비카리어스 서지컬(Vicarious Surgical)은 2024년 3분기 재무 결과를 발표했습니다. 운영비용은 21.4백만 달러에서 17.8백만 달러로 17% 감소했습니다. 연구개발(R&D) 비용은 13.0백만 달러에서 10.8백만 달러로 떨어졌고, 일반 및 관리비는 6.9백만 달러에서 5.7백만 달러로 감소했으며, 판매 및 마케팅 비용은 1.4백만 달러에서 1.2백만 달러로 줄었습니다. 조정된 순손실은 17.0백만 달러, 즉 주당 2.87달러였으며, 지난해 같은 기간 20.4백만 달러, 즉 주당 3.95달러와 비교됩니다. GAAP 기준 순손실은 17.1백만 달러, 주당 2.90달러로 작년의 15.7백만 달러, 주당 3.04달러와 대조됩니다. 회사는 2024년 9월 30일 기준으로 현금 및 투자 자산이 60.9백만 달러 있었으며, 3분기 현금 소모율은 12.4백만 달러로 나타났습니다. 2024년 전체 현금 소모는 약 50백만 달러가 될 것으로 예상됩니다. CEO 아담 삭스(Adam Sachs)는 버전 1.0 시스템 통합의 향후 이정표와 1년 이내에 첫 임상 환자를 완료할 목표를 강조했습니다.
Vicarious Surgical a annoncé ses résultats financiers du troisième trimestre 2024. Les charges d'exploitation ont diminué de 17 %, passant de 21,4 millions de dollars à 17,8 millions de dollars au troisième trimestre 2023. Les dépenses de R&D ont chuté à 10,8 millions de dollars contre 13,0 millions de dollars, les dépenses générales et administratives ont baissé à 5,7 millions de dollars contre 6,9 millions de dollars, et les dépenses de vente et de marketing ont diminué à 1,2 million de dollars contre 1,4 million de dollars. La perte nette ajustée était de 17,0 millions de dollars, soit 2,87 dollars par action, contre 20,4 millions de dollars, soit 3,95 dollars par action, au cours de la même période l'année dernière. La perte nette selon les normes GAAP était de 17,1 millions de dollars, soit 2,90 dollars par action, contre 15,7 millions de dollars, soit 3,04 dollars par action, l'année dernière. L'entreprise disposait de 60,9 millions de dollars en liquidités et investissements au 30 septembre 2024, avec un taux de consommation de trésorerie de 12,4 millions de dollars au troisième trimestre. On prévoit que la consommation de trésorerie pour l'ensemble de l'année 2024 atteindra environ 50 millions de dollars. Le PDG Adam Sachs a souligné la prochaine étape importante pour l'intégration du système Version 1.0 et l'objectif de finaliser le premier patient clinique dans un délai d'un an.
Vicarious Surgical hat seine Finanzzahlen für das 3. Quartal 2024 bekannt gegeben. Die Betriebsausgaben sanken um 17% auf 17,8 Millionen Dollar von 21,4 Millionen Dollar im 3. Quartal 2023. Die F&E-Ausgaben fielen von 13,0 Millionen Dollar auf 10,8 Millionen Dollar, die allgemeinen und administrativen Ausgaben gingen von 6,9 Millionen Dollar auf 5,7 Millionen Dollar zurück, und die Verkaufs- und Marketingausgaben sanken von 1,4 Millionen Dollar auf 1,2 Millionen Dollar. Der adjustierte Nettoverlust betrug 17,0 Millionen Dollar oder 2,87 Dollar pro Aktie, im Vergleich zu 20,4 Millionen Dollar oder 3,95 Dollar pro Aktie im gleichen Zeitraum des Vorjahres. Der GAAP-Nettoverlust betrug 17,1 Millionen Dollar oder 2,90 Dollar pro Aktie, gegenüber 15,7 Millionen Dollar oder 3,04 Dollar pro Aktie im letzten Jahr. Das Unternehmen verfügte zum 30. September 2024 über 60,9 Millionen Dollar in bar und Investitionen, mit einer Cash-Burn-Rate von 12,4 Millionen Dollar im 3. Quartal. Für das Gesamtjahr 2024 wird mit einem Cash-Burn von etwa 50 Millionen Dollar gerechnet. CEO Adam Sachs hob den bevorstehenden Meilenstein für die Integration des Systems Version 1.0 hervor und das Ziel, innerhalb eines Jahres den ersten klinischen Patienten abzuschließen.
- Operating expenses decreased by 17%.
- R&D expenses decreased.
- General and administrative expenses decreased.
- Sales and marketing expenses decreased.
- Adjusted net loss decreased to $17.0M from $20.4M.
- Cash and investments total $60.9M.
- GAAP net loss increased to $17.1M from $15.7M.
- Q3 cash burn rate was $12.4M.
Insights
The Q3 results reveal concerning financial metrics for this micro-cap surgical robotics company. Operating expenses of
While management's projected annual cash burn of
“Our team's strong execution throughout the year, continuing in the third quarter, has us on track to achieve our Version 1.0 System integration milestone within the next few weeks," said Adam Sachs, Co-Founder and Chief Executive Officer. “This sets the stage for us to complete our first clinical patient in less than a year, a critical step that we believe will demonstrate the immense clinical value of our single-port robotic system for both patients and surgeons."
Third Quarter 2024 Financial Results
-
Operating expenses were
$17.8 million $21.4 million 17% .
-
R&D expenses for the third quarter of 2024 were
$10.8 million $13.0 million
-
General and administrative expenses for the third quarter of 2024 were
$5.7 million $6.9 million
-
Sales and marketing expenses for the third quarter of 2024 were
$1.2 million $1.4 million
-
Adjusted net loss for the third quarter was
$17.0 million $2.87 $20.4 million $3.95 $17.1 million $2.90 $15.7 million $3.04
-
The Company had
$60.9 million $12.4 million
Full Year 2024 Cash Burn Guidance
-
Vicarious Surgical reiterates expected full year 2024 cash burn of approximately
$50 million
Conference Call
Vicarious Surgical will host a conference call today, Tuesday, November 12, 2024, at 4:30 p.m. ET to discuss its third quarter 2024 financial results. The call may be accessed through an operator by dialing +1 833-470-1428 for domestic callers or +1 404-975-4839 for international callers, using access code: 246564. 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 virtually 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, timeline for achieving our Version 1.0 System integration and timeline for completing our first clinical patient, 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 ability to maintain the listing of Vicarious Surgical’s Class A common stock on the New York Stock Exchange; the approval, commercialization and adoption of Vicarious Surgical’s initial product candidates and the success of its single-port surgical robot, called the Vicarious Surgical System, and any of its future product candidates and service offerings; 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 Surgical System, and any related restrictions and limitations of any approved product; the size and duration of human clinical trials for the Vicarious Surgical System; 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; Vicarious Surgical’s intellectual property rights and its ability to protect or enforce those rights, and the impact on its business, results and financial condition if it is unsuccessful in doing so; 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
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
$ |
10,800 |
|
|
$ |
13,040 |
|
|
$ |
31,692 |
|
|
$ |
39,110 |
|
Sales and marketing |
|
|
1,208 |
|
|
|
1,401 |
|
|
|
3,546 |
|
|
|
5,027 |
|
General and administrative |
|
|
5,747 |
|
|
|
6,911 |
|
|
|
16,339 |
|
|
|
20,988 |
|
Total operating expenses |
|
|
17,755 |
|
|
|
21,352 |
|
|
|
51,577 |
|
|
|
65,125 |
|
Loss from operations |
|
|
(17,755 |
) |
|
|
(21,352 |
) |
|
|
(51,577 |
) |
|
|
(65,125 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Change in fair value of warrant liabilities |
|
|
(138 |
) |
|
|
4,703 |
|
|
|
(415 |
) |
|
|
3,705 |
|
Interest and other income |
|
|
802 |
|
|
|
946 |
|
|
|
2,695 |
|
|
|
3,463 |
|
Interest expense |
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(3 |
) |
Income/(loss) before income taxes |
|
|
(17,091 |
) |
|
|
(15,704 |
) |
|
|
(49,297 |
) |
|
|
(57,960 |
) |
Provision for income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income/(loss) |
|
$ |
(17,091 |
) |
|
$ |
(15,704 |
) |
|
$ |
(49,297 |
) |
|
$ |
(57,960 |
) |
Net income/(loss) per share of Class A and Class B common stock, basic |
|
$ |
(2.90 |
) |
|
$ |
(3.04 |
) |
|
$ |
(8.39 |
) |
|
$ |
(12.77 |
) |
Weighted average shares, diluted |
|
|
5,899,616 |
|
|
|
5,171,380 |
|
|
|
5,876,626 |
|
|
|
4,539,806 |
|
Other comprehensive income/(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net unrealized gain/(loss) on investments |
|
|
175 |
|
|
|
41 |
|
|
|
114 |
|
|
|
(89 |
) |
Other comprehensive gain/(loss) |
|
|
175 |
|
|
|
41 |
|
|
|
114 |
|
|
|
(89 |
) |
Comprehensive net income/(loss) |
|
$ |
(16,916 |
) |
|
$ |
(15,663 |
) |
|
$ |
(49,183 |
) |
|
$ |
(58,049 |
) |
VICARIOUS SURGICAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share and per share data) |
|||||||||
|
|
September 30, |
|
|
December 31, |
|
|||
|
|
2024 |
|
|
|
2023 |
|
||
Assets |
|
|
|
|
|
|
|||
Current assets: |
|
|
|
|
|
|
|||
Cash and cash equivalents |
|
$ |
7,069 |
|
|
|
$ |
52,822 |
|
Short-term investments |
|
|
53,795 |
|
|
|
|
45,355 |
|
Prepaid expenses and other current assets |
|
|
3,113 |
|
|
|
|
2,776 |
|
Total current assets |
|
|
63,977 |
|
|
|
|
100,953 |
|
Restricted cash |
|
|
936 |
|
|
|
|
936 |
|
Property and equipment, net |
|
|
4,820 |
|
|
|
|
6,402 |
|
Right-of-use assets |
|
|
10,794 |
|
|
|
|
11,459 |
|
Other long-term assets |
|
|
89 |
|
|
|
|
114 |
|
Total assets |
|
$ |
80,616 |
|
|
|
$ |
119,864 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities, Convertible Preferred Stock and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
2,416 |
|
|
|
$ |
1,258 |
|
Accrued expenses |
|
|
5,013 |
|
|
|
|
4,975 |
|
Lease liabilities, current portion |
|
|
1,174 |
|
|
|
|
1,047 |
|
Total current liabilities |
|
|
8,603 |
|
|
|
|
7,280 |
|
Lease liabilities, net of current portion |
|
|
12,886 |
|
|
|
|
13,785 |
|
Warrant liabilities |
|
|
1,245 |
|
|
|
|
830 |
|
Total liabilities |
|
|
22,734 |
|
|
|
|
21,895 |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Class A Common Stock |
|
|
15 |
|
|
|
|
15 |
|
Class B Common Stock |
|
|
2 |
|
|
|
|
2 |
|
Additional paid-in capital |
|
|
239,750 |
|
|
|
|
230,654 |
|
Accumulated other comprehensive income |
|
|
124 |
|
|
|
|
10 |
|
Accumulated deficit |
|
|
(182,009 |
) |
|
|
|
(132,712 |
) |
Total stockholders’ equity |
|
|
57,882 |
|
|
|
|
97,969 |
|
Total liabilities and stockholders’ equity |
|
$ |
80,616 |
|
|
|
$ |
119,864 |
|
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
|
|
|
Nine Months Ended
|
|
|||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
||||
Net income/(loss) |
|
$ |
(17,091 |
) |
|
$ |
(15,704 |
) |
|
$ |
(49,297) |
|
|
$ |
(57,960 |
) |
|
Change in fair value of warrant liabilities |
|
|
(138) |
|
|
|
4,703 |
|
|
|
(415 |
) |
|
|
3,705 |
|
|
Adjusted net loss |
|
|
(16,953 |
) |
|
|
(20,407 |
) |
|
|
(48,882 |
) |
|
|
(61,665 |
) |
|
Adjusted EPS, basic and diluted |
|
$ |
(2.87) |
|
|
$ |
(3.95) |
|
|
$ |
(8.32) |
|
|
$ |
(13.58 |
) |
|
Weighted average shares, basic and diluted |
|
|
5,899,616 |
|
|
|
5,171,380 |
|
|
|
5,876,626 |
|
|
|
4,539,806 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112216275/en/
Investor
Kaitlyn Brosco
Vicarious Surgical
Kbrosco@vicarioussurgical.com
Media Inquiries
media@vicarioussurgical.com
Source: Vicarious Surgical Inc.
FAQ
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