The following is a summary of the Vicarious Surgical Inc. (RBOT) Q3 2024 Earnings Call Transcript:
Financial Performance:
Vicarious Surgical reported a reduction in total operating expenses by 17% year-over-year to $17.8 million.
R&D expenses decreased from $13 million in Q3 2023 to $10.8 million in Q3 2024.
General and administrative expenses were reduced from $6.9 million in Q3 2023 to $5.7 million in Q3 2024.Sales and marketing expenses decreased from $1.4 million in Q3 2023 to $1.2 million in Q3 2024.
Adjusted net loss was $17 million, or $2.87 per share, compared to $20.4 million, or $3.95 per share, in the previous year.
GAAP net loss for Q3 2024 was $17.1 million, or $2.90 per share, compared to a net loss of $15.7 million, or $3.04 per share, in Q3 2023.
Business Progress:
Vicarious Surgical is nearing integration of their Version 1.0 System and preparing for first clinical trials.
The company is weeks away from a year-end cadaver lab marking the integration of the V1.0 system.
Plans to enroll 30-60 subjects outside the U.S. for a pivotal clinical trial focused initially on ventral hernia repair.
Opportunities:
Expansion into single-port robotic surgery, anticipated to redefine minimally invasive procedures.
Targeting participation in rapidly growing surgical markets through clinical trials and eventual commercial product offerings.
Risks:
Pending regulatory approvals and successful completion of upcoming clinical trials pose potential risks.
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