Successful Completion of Version 1.0 System Integration
The company successfully completed the integration of its Version 1.0 system, demonstrating functionality and performance in a cadaveric preclinical setting, marking a significant step forward in bringing their robotic surgery platform to market.
Expansion of Hospital System Partnerships
Vicarious Surgical announced agreements with several major academic health institutions such as LSU Health New Orleans, Temple Health, and University of Illinois Health, which will aid in developing medical education and training protocols.
Reduced Operating Expenses
Total operating expenses for full year 2024 were reduced by 17% year-over-year, with R&D expenses down from $47.6 million in 2023 to $40.2 million in 2024.
Strong Cash Management
The company reported a cash burn rate of $49 million, achieving a favorable variance from the original guidance of $50 million, ending the year with approximately $49 million in cash, cash equivalents, and short-term investments.