Vicarious Surgical Inc. (NYSE:RBOT) Q4 2023 Earnings Conference Call March 4, 2024 4:30 PM ET Company Participants Kaitlyn Brosco - IR Adam Sachs - CEO William Kelly - CFO Conference Call Participants Ryan Zimmerman - BTIG Operator Good afternoon, and welcome to Vicarious Surgical's Fourth Quarter 2023 Earnings Conference Call. My name is Matt, and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards t ...

Financial Performance - Vicarious Surgical achieved a full year 2023 cash burn objective of $63.4 million and narrowed full year 2024 cash burn guidance to approximately $50 million[1][7] - Adjusted net loss for Q4 2023 was $14.6 million, or $0.07 per share, compared to an adjusted net loss of $19.9 million, or $0.16 per share, in the same period of the prior year[5][7] - Net loss for the year was $71,071 in 2023 compared to a loss of $5,157 in 2022, indicating a significant increase in losses[21] - Adjusted net loss improved from $(19,889) in 2022 to $(14,597) in 2023, showing a reduction of approximately 26.5%[21] - Adjusted EPS improved from $(0.16) in 2022 to $(0.07) in 2023, indicating a positive trend in earnings per share[21] Operating Expenses - Operating expenses for Q4 2023 were $15.5 million, a decrease of 25% compared to $20.6 million in Q4 2022[3][5] - R&D expenses for Q4 2023 were $8.5 million, down from $11.9 million in Q4 2022[4] - Full year 2023 operating expenses totaled $80.7 million, slightly up from $80.1 million in 2022[6] - General and administrative expenses for the full year 2023 were $26.9 million, down from $29.7 million in 2022[6] Cash and Investments - The company ended 2023 with $98.2 million in cash and investments, positioning it well for future milestones[7] - The company successfully executed a $47 million equity follow-on offering, extending its cash runway[3] Assets and Liabilities - Total current assets decreased from $120,404 in 2022 to $100,953 in 2023, a decline of approximately 16.1%[19] - Total assets decreased from $140,291 in 2022 to $119,864 in 2023, representing a reduction of about 15.5%[19] - Total current liabilities decreased from $8,393 in 2022 to $7,280 in 2023, a decrease of approximately 13.3%[19] - Total liabilities decreased from $29,246 in 2022 to $21,895 in 2023, a decline of about 25.1%[19] - Stockholders' equity decreased from $111,045 in 2022 to $97,969 in 2023, a reduction of approximately 11.7%[19] Shareholder Information - The weighted average shares outstanding increased from 123,515,191 in 2022 to 175,123,050 in 2023, an increase of about 41.8%[21] Partnerships and Future Plans - Vicarious Surgical signed a fourth major U.S. hospital system agreement, increasing partner hospitals to over 250[3] - The integration of the Version 1.0 surgical system is expected to be completed in the fall of 2024[3][6] Fair Value of Warrant Liabilities - The change in fair value of warrant liabilities was $1,486 in December 2023 compared to $8,709 in December 2022, reflecting a decrease of approximately 83%[21]

Financial Performance - The company incurred a net loss of $71.1 million for the year ended December 31, 2023, compared to a net income of $5.2 million for 2022[128]. - The accumulated deficit as of December 31, 2023, was $132.7 million, indicating significant financial challenges since inception[132]. - The company anticipates continued significant losses for at least the next several years as it develops and commercializes the Vicarious Surgical System[128]. - The company may need to raise additional funding to support its operations and product development, which could affect shareholder rights and market price[134]. - The company has recorded a full valuation allowance related to its NOLs and other deferred tax assets due to uncertainty regarding the realization of future benefits[204]. Revenue Generation - The company has not generated any revenue from the sales of the Vicarious Surgical System to date, which is critical for future financial performance[128]. - Future revenue generation heavily depends on successful commercialization of the Vicarious Surgical System for ventral hernia repair and other surgical applications[129]. - Successful market acceptance of the Vicarious Surgical System is crucial for generating future revenue and achieving profitability[145]. - The company plans to expand its product applications to include gynecological, urological, and other general surgical uses[128]. Competition and Market Challenges - The company faces competition from established companies in the robotic-assisted surgical market, which may impact its market share and pricing strategies[143]. - Major competitors include Intuitive Surgical, Johnson & Johnson, and Medtronic, which have greater financial and marketing resources[156]. - The company may face pricing pressure from managed care organizations and increased competition, potentially leading to decreased prices for the Vicarious Surgical System[168]. - The introduction of new products by competitors and rapid technological changes could render the company's offerings obsolete[189]. Operational Risks - Manufacturing problems or delays could limit revenue growth and increase losses, impacting the ability to meet demand[169]. - The company relies on limited suppliers for key components, and losing these suppliers could disrupt operations and require redesigns[171]. - Quality issues could lead to product recalls, safety alerts, and reputational harm, impacting financial condition and cash flows[182]. - The company faces significant risks in establishing and maintaining adequate sales volumes, which could adversely affect operating performance[181]. Regulatory and Compliance Issues - The company is subject to extensive government regulation, which could restrict the development, marketing, sale, and distribution of its product candidates and technologies, potentially leading to significant costs[211]. - The FDA's review process for 510(k) clearance typically takes 90 to 180 days, while the PMA approval process can take from 180 days to over a year, affecting the timeline for product launches[214][216]. - The company must obtain FDA marketing authorization for the Vicarious Surgical System and any future product candidates before they can be marketed in the U.S.[220]. - Regulatory requirements may change, potentially increasing costs and complicating the marketing authorization process for new product candidates[225]. Intellectual Property Risks - The company relies on patent protection and other intellectual property rights, which may not adequately protect its competitive advantage[253]. - The patenting process is expensive and time-consuming, and the company may not be able to secure necessary patent rights in a timely manner[258]. - The success of the Vicarious Surgical System depends on avoiding infringement of third-party patents, with numerous existing patents in the field[268]. - The company may incur substantial costs defending against claims of patent infringement, which could divert management resources[270]. Internal Control and Governance - The company has identified material weaknesses in internal control over financial reporting for the years ended December 31, 2023, and 2022, which could result in misstatements of financial statements[198]. - The company has identified a material weakness in its internal controls over financial reporting, which could adversely affect investor confidence and business operations[304]. - The dual class structure of the company may lead to lower or more volatile market prices for its Class A common stock and could limit inclusion in certain indices, potentially affecting valuations[314]. Market and Economic Conditions - Economic downturns and inflation could weaken demand for the company's products and hinder capital raising efforts[190]. - Geopolitical conflicts, such as the wars in Ukraine and Israel, could disrupt operations and adversely impact sales[191]. - Changes in laws or regulations, or failure to comply with them, may adversely affect the company's business and results of operations[325].

WALTHAM, Mass.--(BUSINESS WIRE)--Vicarious Surgical Inc. (“Vicarious Surgical” or the “Company”) (NYSE: RBOT, RBOT WS), a next-generation robotics technology company seeking to improve patient outcomes as well as both the cost and efficiency of surgical procedures, today announced the Company will participate in the TD Cowen 44th Annual Healthcare Conference. Management is scheduled to present on Tuesday, March 5, 2024 at 2:10 p.m. ET. A live webcast of the presentation will be accessible to the public on ...

WALTHAM, Mass.--(BUSINESS WIRE)--Vicarious Surgical Inc. (“Vicarious Surgical” or the “Company”) (NYSE: RBOT, RBOT WS), a next-generation robotics company seeking to improve the cost, efficiency, and outcomes of surgical procedures, today announced it will report financial results for the fourth quarter and full year ended December 31, 2023 after the market closes on Monday, March 4, 2024. Company management will host a corresponding conference call beginning at 4:30 p.m. Eastern Time. Investors interested ...

WALTHAM, Mass.--(BUSINESS WIRE)--Vicarious Surgical Inc. (“Vicarious Surgical” or the “Company”) (NYSE: RBOT, RBOT WS), a next-generation robotics technology company seeking to improve patient outcomes as well as both the cost and efficiency of surgical procedures, today announced that Randy Clark has been appointed President effective today, January 29, 2024. As Vicarious Surgical prepares for its next phase of growth following the anticipated finalization of the Vicarious Surgical Version 1.0 System (“ ...

INVESTOR PRESENTATION NOVEMBER 2023 D I S C L A I M E R This presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the ...

Vicarious Surgical Inc. (NYSE:RBOT) Q3 2023 Earnings Conference Call November 13, 2023 4:30 PM ET Company Participants Kaitlyn Brosco - Investor Relations Adam Sachs - Chief Executive Officer Bill Kelly - Chief Financial Officer Conference Call Participants Ryan Zimmerman - BTIG Adam Maeder - Piper Sandler Josh Jennings - TD Cohen Caitlin Cronin - Canaccord Genuity Operator Good afternoon, and welcome to Vicarious Surgical's Third Quarter 2023 Earnings Conference Call. My name is Kate, and I’ll be your oper ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39384 VICARIOUS SURGICAL INC. (Exact name of registrant as specified in its charter) | --- | --- | |----------------------- ...

Vicarious Surgical Inc. (NYSE:RBOT) Q2 2023 Earnings Conference Call July 27, 2023 4:30 PM ET Company Participants Adam Sachs - Chief Executive Officer Bill Kelly - Chief Financial Officer Kaitlyn Brosco - Investor Relations Conference Call Participants Simran Kaur - Piper Sandler Ryan Zimmerman - BTIG Operator Good afternoon, and welcome to Vicarious Surgical's, Second Quarter 2023 Earnings Conference Call. My name is Sara, and I’ll be your operator for today's call. At this time all participants are in a ...