Vicarious Surgical (RBOT)2022-08-08 23:21Financial Data and Key Metrics Changes - Total operating expenses for Q2 2022 were 6.6 million in the prior year, primarily due to investments in the development of the Beta 2 platform and team expansion [17] - Adjusted net loss for Q2 2022 was 0.16 per share, compared to an adjusted net loss of 0.08 per share for the same period last year [17] - GAAP net loss for Q2 2022 was 0.01 per share, compared to a net loss of 0.08 per share for the same period last year [18] - Cash burn for Q2 2022 was 141 million [18] Business Line Data and Key Metrics Changes - The company has executed center of excellence agreements with HCA Healthcare and University Hospital, which will support the development and commercialization of its surgical robotics platform [7][8] - The Beta 2 robotic platform is in the integration phase, with positive feedback on ergonomic prototypes [14] Market Data and Key Metrics Changes - The company is addressing a significant market opportunity, as over 50% of the 39 million annual procedures that could be performed using surgical robots are still done using open surgical techniques [9] - The partnerships with over 200 hospitals through center of excellence agreements are expected to enhance the company's market presence and commercial strategy [12] Company Strategy and Development Direction - The company aims to leverage next-generation robotic technology to improve surgical outcomes and address the limitations of current surgical techniques [9][10] - The focus is on developing a platform that meets the needs of hospitals and surgeons, with an emphasis on collaboration and feedback from leading surgeons [11][13] - The company is also working to mitigate supply chain challenges by building internal redundancies and multi-sourcing key components [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating supply chain challenges, although they acknowledged risks to timelines due to semiconductor shortages [15] - The company is optimistic about its position in the market and the potential for widespread commercial adoption of its technology [16] Other Important Information - The company plans to share more details about the Beta 2 robotic platform and its capabilities later in the year [14] - Management highlighted the importance of differentiation in the robotic surgery market and the positive reception of their technology at industry conferences [20][21] Q&A Session Summary Question: Updates on FDA discussions regarding trial design for Ventral Hernia Indication - Management reported positive and collaborative discussions with the FDA, but refrained from providing specific timelines for trial design finalization [24] Question: Impact of supply chain challenges on Beta 2 unit design - Management indicated that sourcing challenges have impacted design and development efforts, but they have successfully adapted by redesigning components [30][31] Question: Availability of the simulator to hospitals and testing of other use cases - The simulator is currently available for internal testing and close partners, with plans to expand access in the future [36] Question: Insights on Center of Excellence agreements and future collaboration - Management noted a positive reception from hospital systems and emphasized the long-term nature of these partnerships for system development and patient care improvement [40][41]