Vicarious Surgical (US:RBOT)2023-05-08 22:45Financial Data and Key Metrics Changes - Total operating expenses for Q1 2023 were $22.3 million, a 23% increase from $18.2 million in Q1 2022 [12] - Adjusted net loss for Q1 2023 was $20.8 million, or $0.17 per share, compared to an adjusted net loss of $18.2 million, or $0.15 per share, in the same period last year [14] - GAAP net loss for Q1 2023 was $26.9 million, equating to a net loss of $0.21 per share, compared to a net income of $42.5 million in the prior year [14] - Cash, cash equivalents, and short-term investments at the end of Q1 were approximately $97 million, with an expected full-year cash burn of $55 million to $65 million [15] Business Line Data and Key Metrics Changes - R&D expenses for Q1 2023 were $13.4 million, up from $9.8 million in Q1 2022 [12] - General and administrative expenses were $7 million in Q1 2023, compared to $6.9 million in Q1 2022 [12] - Sales and marketing expenses increased to $2 million in Q1 2023 from $1.4 million in Q1 2022 [12] Company Strategy and Development Direction - The company is focused on executing the build of its robotic system and navigating the regulatory pathway ahead, emphasizing innovation as a core value [16] - The design lock of the version 1.0 system has been achieved, with a focus on assembly and manufacturing processes ahead of formal verification testing [10] - The company is maintaining a streamlined organizational structure to extend its cash runway in a challenging market environment [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a challenging market environment for emerging growth companies but remains committed to disciplined spending and high-value initiatives [15] - The company is optimistic about its relationship with the FDA and is tracking towards an FDA submission for device authorization by the end of 2024 [24] - Management is confident that the thoughtful approach to development and regulatory processes will set a strong foundation for future success [16] Other Important Information - The company has gathered extensive feedback from surgeons to refine its robotic platform, indicating a commitment to versatility across various surgical procedures [8] - The feedback has confirmed the system's capability for additional indications beyond ventral hernia, with plans for rapid follow-up indications post-launch [27] Q&A Session Summary Question: Update on ventral hernia clinical trial and FDA discussions - Management is in ongoing discussions with the FDA regarding trial details and submission, expressing satisfaction with the relationship and progress [19] Question: Reimbursement-related feedback from University of Pittsburgh Medical Center - Management is involved in conversations about procedural economics but does not have a detailed answer at this time [21] Question: Confirmation of regulatory and trial timelines - Management expects to submit for FDA authorization by the end of 2024, with timelines dependent on various factors [24] Question: Future cash needs and runway - The company closed last year with $116 million in cash and expects a cash burn of $55 million to $65 million, providing a runway of approximately two years [25] Question: Impact of design changes on pricing strategy - Management indicates flexibility in pricing due to low cost of goods, which remains unaffected by changes from Beta 2 to version 1.0 [31] Question: Supply chain issues for validation and verification testing - Management does not foresee supply chain delays affecting the testing milestones, as all components are on order [33]