Vicarious Surgical Reports First Quarter 2024 Financial Results
“I’m proud to report a productive start to 2024 as we advance our mission to improve lives by transforming surgical robotics,” said
First Quarter 2024 Financial Results
-
Operating expenses were
$16.1 million for the first quarter of 2024, compared to$22.3 million in the corresponding prior year period, a decrease of 28%. -
R&D expenses for the first quarter of 2024 were
$10.0 million , compared to$13.4 million in the first quarter of 2023. -
General and administrative expenses for the first quarter of 2024 were
$5.0 million , compared to$7.0 million in the first quarter of 2023. -
Sales and marketing expenses for the first quarter of 2024 were
$1.1 million , compared to$2.0 million in the first quarter of 2023. -
Adjusted net loss for the first quarter was
$15.1 million , equating to a loss of$0.09 per share, as compared to an adjusted net loss of$20.8 million , or a loss of$0.17 per share, for the same period of the prior year. GAAP net loss for the first quarter was$17.0 million , equating to a net loss per share of$0.10 , as compared to a GAAP net loss of$26.9 million or a net loss per share of$0.21 for the same period of the prior year. -
The Company had
$84.1 million cash and investments as ofMarch 31, 2024 . The Company’s cash burn rate for the first quarter of 2024 was$14.1 million .
Full Year 2024 Cash Burn Guidance
-
Vicarious Surgical reiterates expected full year 2024 cash burn of approximately$50 million .
Conference Call
About
Founded in 2014,
Use of Non-GAAP Financial Measures
In addition to providing financial measurements that have been prepared in accordance with accounting principles generally accepted in
Adjusted Net Loss and Adjusted EPS are key performance measures that Vicarious Surgical’s management uses to assess its operating performance. These Non-GAAP Financial Measures facilitate internal comparisons of Vicarious Surgical’s operating performance on a more consistent basis.
The Non-GAAP Financials Measures may not be comparable to similarly titled measures of other companies because they may not calculate this measure in the same manner. Adjusted Net Loss and Adjusted EPS are not prepared in accordance with
The Non-GAAP Financial Measures do not replace the presentation of Vicarious Surgical’s
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The company’s actual results may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical facts contained herein, including without limitation the quotations of our Chief Executive Officer regarding Vicarious Surgical’s opportunity, among other things, are forward-looking statements that reflect the current beliefs and expectations of management. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Vicarious Surgical’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the ability to maintain the listing of Vicarious Surgical’s Class A common stock on the
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share data) |
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Three Months Ended
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2024 |
|
2023 |
||||
Operating expenses: |
|
|
|
|
||||
Research and development |
|
$ |
9,968 |
|
|
$ |
13,356 |
|
Sales and marketing |
|
|
1,141 |
|
|
|
1,960 |
|
General and administrative |
|
|
5,000 |
|
|
|
6,999 |
|
Total operating expenses |
|
|
16,109 |
|
|
|
22,315 |
|
Loss from operations |
|
|
(16,109 |
) |
|
|
(22,315 |
) |
Other income (expense): |
|
|
|
|
|
|
||
Change in fair value of warrant liabilities |
|
|
(1,867 |
) |
|
|
(6,079 |
) |
Interest and other income |
|
|
975 |
|
|
|
1,473 |
|
Interest expense |
|
|
— |
|
|
|
(1 |
) |
Loss before income taxes |
|
|
(17,001 |
) |
|
|
(26,922 |
) |
Provision for income taxes |
|
|
— |
|
|
|
— |
|
Net loss |
|
$ |
(17,001 |
) |
|
$ |
(26,922 |
) |
Net loss per share of Class A and Class B common stock, basic and diluted |
|
$ |
(0.10 |
) |
|
$ |
(0.21 |
) |
Weighted average shares, basic and diluted |
|
|
175,709,479 |
|
|
|
126,130,189 |
|
|
|
|
|
|
|
|
||
Other comprehensive income/(loss): |
|
|
|
|
|
|
||
Net unrealized gain/(loss) on investments |
|
|
(51 |
) |
|
|
65 |
|
Other comprehensive gain/(loss) |
|
|
(51 |
) |
|
|
65 |
|
Comprehensive net loss |
|
$ |
(17,052 |
) |
|
$ |
(26,857 |
) |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share and per share data) |
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|
|
|
|
||||
|
|
2024 |
|
2023 |
||||
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
38,222 |
|
|
$ |
52,822 |
|
Short-term investments |
|
|
45,904 |
|
|
|
45,355 |
|
Prepaid expenses and other current assets |
|
|
2,985 |
|
|
|
2,776 |
|
Total current assets |
|
|
87,111 |
|
|
|
100,953 |
|
Restricted cash |
|
|
936 |
|
|
|
936 |
|
Property and equipment, net |
|
|
5,891 |
|
|
|
6,402 |
|
Right-of-use assets |
|
|
11,243 |
|
|
|
11,459 |
|
Other long-term assets |
|
|
105 |
|
|
|
114 |
|
Total assets |
|
$ |
105,286 |
|
|
$ |
119,864 |
|
|
|
|
|
|
|
|
||
Liabilities, Convertible Preferred Stock and Stockholders’ Equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
1,272 |
|
|
$ |
1,258 |
|
Accrued expenses |
|
|
2,716 |
|
|
|
4,975 |
|
Lease liabilities, current portion |
|
|
1,088 |
|
|
|
1,047 |
|
Total current liabilities |
|
|
5,076 |
|
|
|
7,280 |
|
Lease liabilities, net of current portion |
|
|
13,503 |
|
|
|
13,785 |
|
Warrant liabilities |
|
|
2,697 |
|
|
|
830 |
|
Total liabilities |
|
|
21,276 |
|
|
|
21,895 |
|
Stockholders’ equity: |
|
|
|
|
|
|
||
Class A Common Stock |
|
|
15 |
|
|
|
15 |
|
Class B Common Stock |
|
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
233,747 |
|
|
|
230,654 |
|
Accumulated other comprehensive income |
|
|
(41 |
) |
|
|
10 |
|
Accumulated deficit |
|
|
(149,713 |
) |
|
|
(132,712 |
) |
Total stockholders’ equity |
|
|
84,010 |
|
|
|
97,969 |
|
Total liabilities and stockholders’ equity |
|
$ |
105,286 |
|
|
$ |
119,864 |
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (in thousands, except share and per share data) Adjusted net loss and Adjusted EPS |
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|
|
Three Months Ended
|
||||||
|
|
2024 |
|
2023 |
||||
Net loss |
|
$ |
(17,001 |
) |
|
$ |
(26,922 |
) |
Change in fair value of warrant liabilities |
|
|
(1,867 |
) |
|
|
(6,079 |
) |
Adjusted net loss |
|
|
(15,134 |
) |
|
|
(20,843 |
) |
Adjusted EPS, basic and diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.17 |
) |
Weighted average shares, basic and diluted |
|
|
175,709,479 |
|
|
|
126,130,189 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240429691237/en/
Investor Contact
Kbrosco@vicarioussurgical.com
Marissa@gilmartinir.com
Media Inquiries
media@vicarioussurgical.com
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