Financial Performance - The net loss for Q1 2024 was $3.5 million, an improvement compared to a net loss of $3.9 million in Q1 2023[8]. - Cash and cash equivalents decreased to $10.1 million as of March 31, 2024, down from $13.6 million as of December 31, 2023[9]. - The total assets as of March 31, 2024, were $12.5 million, down from $16.6 million as of December 31, 2023[18]. - The company reported no product revenue for Q1 2024, as it is still in the development phase[20]. Expenses - Research and development expenses for Q1 2024 were $2.4 million, up from $1.9 million in Q1 2023, reflecting the transition into the verification and validation phase of the robotic prototype[7]. - General and administrative expenses increased to $1.1 million in Q1 2024 from $0.8 million in the prior-year quarter, primarily due to higher consulting fees and regulatory compliance costs[8]. Product Development and Strategy - The company anticipates that verification and validation testing will be largely complete by the end of Q2 2024, with a 510(k) submission to the FDA expected in the second half of 2024[6]. - Monogram introduced mVision technology, which is being developed as a standalone product or for future integration into the mBôs surgical robotic system[6]. - The company is progressing towards live-patient surgery trials outside the U.S. and expanding international relationships[12]. - The mBôs surgical robot and mVision technology are gaining recognition within the orthopedic and robotics industries, supporting the commercialization strategy[4].
Monogram Orthopaedics (MGRM) - 2024 Q1 - Quarterly Results