Core Viewpoint - Vicarious Surgical Inc. is set to report its financial results for the third quarter of 2025 on November 12, 2025, after market close, with a conference call scheduled for the same day at 4:30 p.m. Eastern Time [1]. Company Overview - Vicarious Surgical, founded in 2014, is a next-generation surgical robotics company focused on enhancing surgical efficiency, improving patient outcomes, and reducing healthcare costs through innovative robotic technology [3]. - The company utilizes proprietary human-like surgical robots to perform minimally invasive surgeries, effectively transporting surgeons inside the patient [3]. - Vicarious Surgical is supported by notable investors, including Bill Gates and Khosla Ventures, and is headquartered in Waltham, Massachusetts [3].

Financial Data and Key Metrics Changes - Overall sales grew 6.5% to $154.6 million in Q3 2025, despite challenges related to labor inefficiency at the AGR Illinois facility [4][5] - Gross profit decreased by $3 million due to additional labor costs, leading to a 28% reduction in diluted EPS [5][10] - Adjusted operating margin for Q3 was 17% of sales, within the target range despite the labor costs [11] Business Line Data and Key Metrics Changes - Medtech business grew 7.3%, with interventional, surgical, orthopedics, and wound care each growing over 30%, offset by a 23% decline in patient services and support [4][6] - Advanced components or non-medical business declined 2.7% as resources were focused on the medtech business [4] - Organic growth for UFP was essentially flat in Q3 due to the reduction in AGR sales, but the base business grew approximately 5% when excluding recent acquisitions [7] Market Data and Key Metrics Changes - Revenue from robotic surgery increased by 5.1% in Q3, with growth from the largest customer being closer to 8% [6][15] - Backlog going into Q4 is approximately $16 million, with expectations to fulfill much of it by early 2026 [10][38] Company Strategy and Development Direction - The company is focusing on improving operational efficiency and capacity, particularly in robotic surgery, with plans for multimillion-dollar investments [6][7] - AGR's operations in the Dominican Republic are expected to improve as qualifications are completed and production ramps up [6][8] - The company is negotiating to extend and expand its contract with its largest customer, anticipating significantly increased volumes [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term future in robotic surgery and the recovery from labor inefficiencies, expecting the greatest impact to be behind them [5][7] - The company is working to address the backlog and anticipates continued growth in the medtech sector [38][39] - Management noted that while inefficiencies will linger into Q4 and potentially Q1 of next year, gross margins are expected to gradually improve [42] Other Important Information - The company generated $35.9 million in cash from operations and paid down approximately $17.5 million in debt during Q3 [11] - The effective tax rate for Q3 was 22.2%, down slightly from the previous year [11] Q&A Session Summary Question: Can you provide more details on the growth in robotic surgery? - The growth in robotic surgery was higher than reported, closer to 8% from the largest customer, due to a shift in sales dynamics [15] Question: Any updates on the contract with your largest customer? - The company is in discussions to extend the contract, which may include additional SKUs and higher overall value [22][24] Question: How are the new programs expected to perform? - The estimate of $10 million in revenue for the new programs is considered conservative, with potential for significant growth in the following years [31][32] Question: What is the outlook for the backlog and efficiency? - The company aims to reduce the backlog as quickly as possible, with expectations for continued growth in the business [38][39] Question: How should gross margins trend going forward? - Gross margins are expected to gradually improve, although inefficiencies may persist into the next quarter [42]

Company Overview - Intuitive Surgical specializes in robotic surgery equipment, with over 16 million procedures performed and more than 9,900 machines installed globally across 72 countries [2] - The company has averaged annual gains of nearly 24% over the past decade, indicating strong historical performance [2] Financial Performance - In the second quarter, Intuitive Surgical's procedure volume grew by 17% year over year, while revenue increased by 21% [3] - A significant portion of revenue, 84%, comes from servicing, supplies, and accessories rather than the systems themselves, suggesting a stable revenue stream [3] Market Challenges - The stock is currently down 15.5% year to date, attributed to uncertainties from tariffs imposed by the Trump administration and competition from Medtronic's new robotic urologic surgery system [4] - Despite the current stock price decline, the forward-looking price-to-earnings (P/E) ratio of 48 is below its five-year average of 56, indicating potential for future growth [5]

Core Insights - Intuitive has announced new software capabilities for the da Vinci 5 system aimed at enhancing surgical efficiency and patient outcomes through real-time insights [1][12] Group 1: New Features - The da Vinci 5 system boasts over 10,000 times the computing power of its predecessor, da Vinci Xi, allowing for continuous optimization and performance enhancements through software updates [2] - Key new features include Force Gauge, In-Console Video Replay, and Network CCM, all designed to improve surgical precision and efficiency [4][10] Group 2: Force Gauge - The Force Gauge provides a real-time visual indicator of the force applied to tissue during surgery, measuring within a range of 0–6.5 Newtons, which helps surgeons apply less force and reduce tissue trauma [5][7] - Dr. Andrea Pakula from Adventist Health noted that the Force Feedback technology has led to consistently lower force application during procedures, supporting safer surgical practices [6][7] Group 3: In-Console Video Replay - In-Console Video Replay allows surgeons to review key moments of the procedure without leaving the console, enhancing situational awareness and decision-making [8][9] - This feature captures the entire procedure locally, facilitating collaborative reviews and improving overall procedural safety [9] Group 4: Network CCM - Network CCM enables remote software updates for the da Vinci 5 system, reducing administrative burdens for hospital teams and ensuring timely access to new features [10] - The new software capabilities have received 510(k) clearance from the U.S. FDA, reflecting ongoing innovation and customer feedback integration [12]

Group 1: Northstar Clean Technologies - Northstar Clean Technologies has successfully produced high-quality solid asphalt pellets from end-of-life tear-off shingles at its Calgary facility, marking a significant milestone in its recycling operations [1] - This achievement builds on the company's previous success in producing liquid asphalt from manufacturing waste shingles, contributing to waste diversion from landfills and creating new market opportunities [2] Group 2: Memorial Care - Memorial Care has introduced the Intuitive Da Vinci 5 surgical system across its hospitals, becoming one of the first health systems in Southern California to adopt this advanced robotic technology [2] - The Da Vinci 5 system enhances surgeons' precision, control, and real-time digital integration, reinforcing Memorial Care's commitment to innovation and improved patient outcomes [2] Group 3: Eco-wave Power Global - Eco-wave Power Global has launched the first US onshore wave energy project at the Port of Los Angeles, marking a historic milestone for renewable energy in the country [3] - The demonstration site utilizes floaters to harness wave motion for electricity, laying the groundwork for future commercial-scale deployment and positioning the company as a leader in the US wave energy sector [3] Group 4: XDI Aerospace - XDI Aerospace has completed initial flight operations for its Sparrow and Kestrel subscale aircraft, marking key progress toward its full-scale Trifan 600 demonstrator [3] - Successful tests validated aerodynamic performance and stability, reducing development risk and keeping the program on track for future milestones [4]

Surgical Procedure Evolution - Open surgery involved large incisions and longer recovery times [2][3][8] - Laparoscopic surgery uses smaller incisions, CO2 inflation, and 2D screen projection [9][10] - Robotic surgery enhances instrument movement precision within the abdomen [16] Technological Advancements in Robotics - Robotic technology originated from military research (DARPA) in the 1980s [23] - The Da Vinci 5 robot (DV5), launched in August 2024, is the most precise robot [22] - Robotic consoles have evolved significantly from the first prototype in 1996 to the latest versions [17][18][23] Surgical Techniques and Training - Traditional surgical training in the 19th century involved large incisions and auditorium settings [7][8] - Laparoscopic surgery skills can be correlated with video game proficiency due to 2D image translation [12][13] - Robotic surgery allows surgeons to control four instruments simultaneously using hand clutches [19] Operating Room Dynamics - Laparoscopic surgery typically requires a surgeon, surgical tech, and potentially up to four people [13][14] - Robotic surgery can reduce the number of bedside personnel needed [20] - Modern operating rooms (ORs) are equipped with screens on every wall and robotic systems [21][22]

Company Overview - SS Innovations International, Inc. is a developer of innovative surgical robotic technologies aimed at making robotic surgery affordable and accessible globally [3] - The company is headquartered in India and plans to expand its global presence with user-friendly and cost-effective surgical robotic solutions [3] Recent Developments - The first robotic cardiac surgery in the Americas was successfully performed using the SSi Mantra 3 surgical robotic system on June 8, 2025, by Dr. Juan Zuniga in Guayaquil, Ecuador [1] - The procedure involved a robotic Atrial Septal Defect closure, which repairs a hole between the upper two chambers of the heart [1] Technology Features - The SSi Mantra surgical robotic system is a modular, multi-arm system featuring advanced technology such as 3 to 5 robotic arms, a 3D 4K monitor, and a touch panel for patient information [4] - It utilizes over 40 different types of robotic endo-surgical instruments to support various specialties, including cardiac surgery [4] - The system has been clinically validated in India for over 100 different types of surgical procedures [4] Surgical Experience - Dr. Zuniga reported that the SSi Mantra system was easy to handle, resulting in effective outcomes and faster recovery for patients due to its minimally invasive nature [2] - The precision of the robotic system enhances the surgeon's confidence in performing sutures and tissue manipulation [2] Hospital Adoption - Interhospital in Guayaquil is the first hospital in South America to install the SSi Mantra system and has utilized it for various complex surgical procedures since its installation [2]

Summary of Procept BioRobotics (PRCT) FY Conference Call - June 04, 2025 Company Overview - Procept BioRobotics is a surgical robotic company aiming to become a global leader in urology [3][4] - The company focuses on treating Benign Prostatic Hyperplasia (BPH), a condition affecting a significant portion of the male population [5] Industry Insights - BPH affects one in two men aged 50-60, with 40 million men in the U.S. suffering from this condition [5] - There is a large unmet clinical need, with only 12 million of the 40 million men under medical management [6] - The majority of men avoid surgical options due to side effects associated with current treatments [6][7] Product and Technology - Aquablation therapy is designed to address the unmet clinical need for BPH treatment, effective for all prostate sizes and shapes [6][9] - The technology utilizes an automated water jet, avoiding unnecessary damage to surrounding tissue [9] - Clinical studies show that aquablation has superior safety outcomes compared to traditional resective procedures like TURP [11][12] Market Access and Reimbursement - Full Medicare coverage is available for aquablation, with 95% of eligible patients having access to the treatment [15] - The facility payment for aquablation is just over $9,200, with expectations for reimbursement to align with other resective procedures [36][37] Financial Performance - The company reported a revenue of $69.2 million for the first quarter, a 55% year-over-year growth [22] - The installed base in the U.S. reached 547 systems, with significant international revenue growth, particularly in the U.K. and Japan [23][24] - Revenue guidance for 2025 is set at $323 million, with an expected growth rate of 63% to 64.5% [24] Future Opportunities - Procept is exploring the use of aquablation for prostate cancer treatment, addressing a significant unmet clinical need [16][18] - There are over 3 million men in the U.S. with prostate cancer, with 300,000 new cases annually [16] - The company is conducting clinical studies to demonstrate the safety and efficacy of aquablation in prostate cancer patients [19][22] Challenges and Execution - The company is focused on surgeon retention and increasing procedure volumes, with over 30,000 cases performed in the U.S. last year [32][33] - The transition from Category III to Category I reimbursement codes is a key milestone, expected to simplify pre-authorization processes [36][39] Conclusion - Procept BioRobotics is positioned to capitalize on the growing demand for effective BPH and prostate cancer treatments through innovative technology and strong clinical data [44]

Core Insights - SS Innovations International, Inc. reported record quarterly revenue of $5.1 million for Q1 2025, a 40.8% increase from $3.6 million in Q1 2024, driven by higher sales of the SSi Mantra 3 surgical robotic system [4][6] - The company plans to submit a De Novo application to the FDA for the SSi Mantra 3 by the end of July 2025, aiming for approval in the U.S. and European markets [4][6] Financial Performance - Revenue increased by 40.8% to $5.1 million from $3.6 million in Q1 2024 [6] - Gross margin improved by 121 basis points to 21.23% from 20.02% in Q1 2024 [6] - Gross profit rose by 49.3% to $1.1 million from $0.7 million in Q1 2024 [6] - Net loss decreased to $5.7 million, or $(0.03) per diluted share, compared to a net loss of $9.8 million, or $(0.06) per diluted share, in Q1 2024 [6] Business Highlights - SSi Mantra installations totaled 15, a 66.7% increase from 9 installations in Q1 2024 [6] - Cumulative installed base of SSi Mantra reached 78, with cumulative surgeries totaling 3,568 [6][8] - Significant growth in instrument sales (302.7%) and warranty sales (1,202.3%) compared to Q1 2024 [8] Strategic Developments - The company uplisted to The Nasdaq Capital Market on April 25, 2025, marking a milestone for global expansion [3][4] - Plans to expand market presence beyond the seven countries where the SSi Mantra has been cleared, focusing on the EU and U.S. [4] Product Innovations - The SSi Mantra 3 surgical robotic system enabled the world's first robotic cardiac telesurgery [7] - The system received regulatory approvals in the Philippines and Ukraine, enhancing its market potential [7]

Financial Data and Key Metrics Changes - Total operating expenses for full year 2024 were $66.6 million, down 17% year-over-year [24] - R&D expenses for the full year 2024 were $40.2 million, down from $47.6 million in 2023 [24] - GAAP net loss for full year was $63.2 million, equating to a net loss of $10.74 per share, compared to a GAAP net loss of $71.1 million or $14.60 per share for the full year 2023 [25] Business Line Data and Key Metrics Changes - General and administrative expenses totaled $21.9 million in the full year 2024, down from $26.9 million in 2023 [24] - Sales and marketing expenses were $4.5 million compared to $6.2 million in the prior year [24] Market Data and Key Metrics Changes - The company has expanded its partnerships with leading U.S. hospital systems, including LSU Health New Orleans, Temple Health, and University of Illinois Health [13][15] - The company is preparing for its first clinical use of the Version 1.0% system, which is expected to treat patients later in the year [21] Company Strategy and Development Direction - The company aims to transition into a clinical stage company in 2025, with a focus on robotic surgery innovations [8] - The Version 1.0% system is designed to deliver differentiated value to patients, surgeons, and hospitals, with a focus on minimally invasive outcomes [10][12] - The company is building a robust supply chain and manufacturing foundation to support its clinical trials and future growth [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the successful completion of the Version 1.0% system integration and the potential impact on surgical procedures [9][28] - The company anticipates treating its first clinical patients by year-end 2025, with a de novo submission expected to be late in 2026 [21][26] Other Important Information - The company has faced some procurement challenges with key suppliers, but has managed to mitigate the impact on its timelines [20][36] - A new CFO, Sarah Romano, will join the company on April 1, bringing extensive financial leadership experience [22][23] Q&A Session Summary Question: Can you provide details on the supplier dynamic and its impact on clinical trial manufacturing? - Management acknowledged material procurement challenges with key suppliers that led to delays in component deliverables, but noted that they have resumed production [35][37] Question: When do you anticipate the clinical trial beginning? - Management indicated that the first patients will be treated later in the year, with plans to kick off pivotal trials shortly after [41][42] Question: Can you provide timing around the dossier submission? - The dossier submission is expected around the middle of the year, with the first patient timing dependent on approval [51] Question: What were the results of the cadaver lab tests? - The cadaver labs successfully performed ventral hernia repairs, and management expressed confidence in the system's performance [61] Question: Any updates on clinical trial design and patient expectations? - Management confirmed that trial design will be finalized after the first patients, allowing for flexibility in protocol adjustments [64]