Vicarious Surgical (RBOT) - 2024 Q1 - Quarterly Results

Operational and Strategic Highlights Vicarious Surgical reported a productive start to 2024, highlighting the completion of its spring cadaver lab. The company is now focused on refining its V1.0 system in preparation for final system integration in the fall, remaining confident in its single-port offering's value proposition - The company completed its recent spring cadaver lab and is now focused on refining the V1.0 system[1] - Final system integration for the V1.0 system is planned for the fall of 2024[1] Financial Performance In Q1 2024, Vicarious Surgical demonstrated improved operational efficiency with a 28% year-over-year reduction in operating expenses to $16.1 million. The company narrowed both its GAAP and adjusted net losses and ended the quarter with $84.1 million in cash and investments. The full-year 2024 cash burn guidance of approximately $50 million was reiterated Q1 2024 Financial Results Summary For the first quarter of 2024, Vicarious Surgical reported a significant 28% decrease in total operating expenses compared to the prior year period, driven by reductions across R&D, G&A, and S&M. The company's adjusted net loss improved to $15.1 million ($0.09 per share) from $20.8 million ($0.17 per share) in Q1 2023. The quarter ended with a cash and investments balance of $84.1 million, with a cash burn of $14.1 million Q1 2024 vs Q1 2023 Operating Expenses (in millions) | Expense Category | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Total Operating Expenses | $16.1 | $22.3 | -28% | | R&D Expenses | $10.0 | $13.4 | -25% | | General & Administrative | $5.0 | $7.0 | -29% | | Sales & Marketing | $1.1 | $2.0 | -45% | Q1 2024 vs Q1 2023 Net Loss (in millions, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | GAAP Net Loss | $17.0 | $26.9 | | GAAP Net Loss Per Share | $0.10 | $0.21 | | Adjusted Net Loss | $15.1 | $20.8 | | Adjusted Net Loss Per Share | $0.09 | $0.17 | - The company held $84.1 million in cash and investments as of March 31, 2024, with a cash burn rate of $14.1 million for the first quarter[3] Full Year 2024 Guidance The company has reiterated its financial guidance for the full year 2024, maintaining its expectation for cash burn - Vicarious Surgical reiterates its expectation for full-year 2024 cash burn to be approximately $50 million[4] Condensed Consolidated Statements of Operations The unaudited statement of operations for the quarter ended March 31, 2024, shows a net loss of $17.0 million, an improvement from the $26.9 million net loss in the same period of 2023. The loss from operations also narrowed to $16.1 million from $22.3 million year-over-year Q1 2024 Statement of Operations Highlights (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total operating expenses | $16,109 | $22,315 | | Loss from operations | $(16,109) | $(22,315) | | Net loss | $(17,001) | $(26,922) | | Net loss per share | $(0.10) | $(0.21) | Condensed Consolidated Balance Sheets As of March 31, 2024, Vicarious Surgical's balance sheet shows total assets of $105.3 million and total liabilities of $21.3 million. Total stockholders' equity stood at $84.0 million. Cash and cash equivalents were $38.2 million, supplemented by $45.9 million in short-term investments Balance Sheet Highlights (in thousands) | Metric | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $38,222 | $52,822 | | Total current assets | $87,111 | $100,953 | | Total assets | $105,286 | $119,864 | | Total current liabilities | $5,076 | $7,280 | | Total liabilities | $21,276 | $21,895 | | Total stockholders' equity | $84,010 | $97,969 | Reconciliation of GAAP to Non-GAAP Financial Measures The company provides a reconciliation of its GAAP net loss to its non-GAAP adjusted net loss. For Q1 2024, the GAAP net loss of $17.0 million was adjusted for a $1.9 million change in fair value of warrant liabilities, resulting in an adjusted net loss of $15.1 million, or $0.09 per share GAAP to Non-GAAP Reconciliation (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net loss (GAAP) | $(17,001) | $(26,922) | | Change in fair value of warrant liabilities | $(1,867) | $(6,079) | | Adjusted net loss (Non-GAAP) | $(15,134) | $(20,843) | | Adjusted EPS (Non-GAAP) | $(0.09) | $(0.17) | Company Information and Disclosures This section provides standard company information and legal disclosures, including Vicarious Surgical's mission, its use of non-GAAP financial measures, and a forward-looking statements disclaimer - Vicarious Surgical, founded in 2014, is developing robotics technology to increase surgical efficiency, improve patient outcomes, and reduce healthcare costs by virtually transporting surgeons inside the patient[6] - The company uses non-GAAP measures such as Adjusted Net Loss and Adjusted EPS to help investors understand core operating results used by management for evaluation and planning[7] - The press release contains forward-looking statements that involve significant risks and uncertainties, and actual results may differ materially from expectations[11]