Vicarious Surgical Inc. ( (RBOT) ) has released its Q3 earnings. Here is a breakdown of the information Vicarious Surgical Inc. presented to its investors.
Vicarious Surgical Inc., headquartered in Waltham, Massachusetts, is a pioneering company in robotics technology, focusing on enhancing surgical procedures through their innovative single-port surgical robots.
In its third-quarter 2024 earnings report, Vicarious Surgical Inc. revealed a continued strong execution towards achieving significant milestones, including the imminent completion of their Version 1.0 System integration and the anticipated first clinical patient within a year.
The company’s financial performance for the third quarter showed a reduction in operating expenses by 17% year-over-year, highlighting improved cost management. R&D expenses decreased to $10.8 million, while general and administrative costs were reduced to $5.7 million. The adjusted net loss was reported at $17.0 million, or $2.87 per share, compared to a loss of $3.95 per share in the previous year. Furthermore, the company’s cash and investments stood at $60.9 million, with a quarterly cash burn rate of $12.4 million.
Vicarious Surgical remains committed to its full-year 2024 cash burn guidance of approximately $50 million, indicating a strategic focus on operational efficiency. The company’s management is optimistic about demonstrating the clinical value of its robotic system, which is expected to enhance patient outcomes and surgical efficiency.
Looking forward, Vicarious Surgical’s management is poised to deliver on its strategic goals, with a strong emphasis on innovation and efficiency, as they continue to advance their robotic surgical systems towards commercialization and regulatory approval.
