Vicarious Surgical (RBOT)2022-11-08 00:38Financial Data and Key Metrics Changes - Total operating expenses for Q3 2022 were $22.2 million, up from $8.6 million in the prior year period, primarily due to increased investment in development and team expansion [12] - Adjusted net loss for Q3 2022 was $21.7 million, or $0.18 per share, compared to an adjusted net loss of $8.6 million, or $0.09 per share in the same period last year [12] - GAAP net loss for Q3 2022 was $24.7 million, equating to a basic and diluted net loss of $0.20 per share, compared to a net loss of $45 million, or $0.49 per share in the prior year [12] - Cash burn for Q3 2022 was $14.5 million, with an ending cash balance of $127 million [13] - Full year 2022 cash burn is now expected to be approximately $65 million to $70 million, down from the previous estimate of $65 million to $75 million [14] Business Line Data and Key Metrics Changes - The company completed the integration phase of its Beta 2 system build, focusing on ergonomics, surgeon input, and visualization [6] - The Beta 2 system enhancements include improved imaging and enhanced sensing and motion capabilities [6] Market Data and Key Metrics Changes - The company has established partnerships with HCA Healthcare and UH, formalized through Center of Excellence agreements, to support the development and commercialization of its technology [7] - A new strategic collaboration agreement was executed with Pittsburgh CREATES, providing access to resources for clinical verification and validation [8][9] Company Strategy and Development Direction - The primary focus remains on system finalization and preparing for regulatory submissions, with plans for multiple indications including inguinal hernia and hysterectomy [10] - The company aims to ensure its product meets the needs of patients, surgeons, hospitals, and payers [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the engagement and receptiveness of hospital systems to the economic benefits of their technology [17] - The company continues to face supply chain challenges, particularly with semiconductor delays, but has implemented effective mitigation strategies [25] Other Important Information - The Beta 2 Demonstration Day is scheduled for December 6, where the finalized system will be showcased [15] Q&A Session Summary Question: Receptiveness of hospitals to economic benefits - Management noted that hospitals have been incredibly receptive to the economic benefits, focusing on patient outcomes while also needing to ensure profitability [17] Question: Preview of Beta 2 Demonstration Day - The event will showcase the Beta 2 system and include cadaver procedure videos, providing an opportunity for Q&A with surgeons and partners [19] Question: Insights from University of Pittsburgh agreement - The agreement offers additional insights, particularly regarding payer needs, complementing existing partnerships with HCA and UH [21] Question: Supply chain challenges - Management confirmed ongoing supply chain challenges but emphasized effective planning and mitigation efforts [25]