- Earnings call transcript Q3 2022

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Operator

Good afternoon and welcome to Vicarious Surgical's Third Quarter 2022 Earnings Conference Call. My name is Amber, and I will be your operator for today's call. At this time, all participants are in a listen-only mode.

We will be facilitating a question-and-answer session towards the end of today's call.

As a reminder, this call is being recorded for replay purposes. to conference like Brosco to now Vicarious. with would turn over the Kaitlyn I proceed. please Kaitlyn,

Kaitlyn Brosco

the and on Amber call. released results press XXth, Vicarious today's all of copy website. Earlier Surgical ended the for XXXX. financial A unaudited is Thanks preliminary you company's today, thank available for release months September the three participating in

actual of Harbor provisions events, which Securities include you statements during to Litigation make call of made we Before are Act forward-looking within involve the statements, estimates expectations those management limitation, financial upon statements contained expense Reform that Safe management, trends not to are various and should from these opportunity, operating begin, and All laws, our or assumptions. relate I'd like you uncertainties will risks results performance, Accordingly, statements our based federal the in that to pursuant could including, without statements. commercialization statements on meaning call forward-looking statements. are to that and material implied market current of and the securities statements. remind results or future that anticipated relating future These these or Private XXXX. those to undue forward-looking Any of this performance or by reliance differ predictions place forward-looking this materially events cause

reports to update Exchange the contains file only March uncertainties filed future Factors the with Officer. new Surgical XXXX ended any associated XX-K to time with time-to-time. Commission and November events required and revise XXXX. of With and XXst, year otherwise. Chief SEC our refer or that, risks it's because on forward-looking or descriptions may Adam our in conference forth X, from broadcast XXst, accurate of filed set the Risk This any December Sachs, the information, I and Vicarious our whether will statements, today, to by the call projections intention on obligation, with Adam law over disclaims and please as list the or financial a annual turn Sachs, Securities as of except we sensitive For for XXXX live call Form the or business, information, Executive report

Adam Sachs

And Kait. us for Good completed our of our in me the Beta Thanks, X Since we excitement system afternoon, Financial With I'd Kelly, last you like call, today's we is progress call. sharing for to our phase by joining everyone. quarter. Bill start thank Officer. on build. integration today the Chief my third the made

reminder, milestone As represents X significant a Beta a for company. the

strong three positive of in labs expand X the UH HCA outcomes through and Healthcare recognized of health and systems delivers agreements. focused are and aspects forefront of of supporting their I'd further our Beta showcasing enhancements in by motion again, to enhanced cavity year, work to the our these abdominal of thank testing. built our and robotic cutting be care. Given in and feedback invaluable freely developing cadaver surgeon Excellence Day operate this predominantly X patient the for on technology of hospital the the we Nonetheless, the In features and relevance Center on X surgeons clinical field of like ergonomics, system the X UH Demonstration improved Beta these two HCA on incorporated that design. formally partners input our The the formalized input We and and the forward to X and at leaders access December. our innovation, were sensing in into the and in advances execution capabilities the Time console. Beta Beta clinical see within widely imaging Beta the ability July we visualization and encouraged edge At move itself. look improved to surgeon from very with seamlessly. continue to the feedback

far outline verification, system validation surgeon plan product each training, post with development, beyond our phases clinical agreements ecosystem market. extensive our extends for market and bringing of to work Our full launch

Pittsburgh these pleased healthcare that In partnerships, innovation hospital addition surgeons to and collaboration collaboration existing share that recently agreement center professionals. strategic are system executed fosters we we to between a an with CREATES,

meets of supports medical of With payers and the clinical umbrella, not preclinical our Pittsburgh surgeons and also to that expansive that with provides plan and we Pittsburgh, to but as the and the expands regard, insurance offer for CREATES date. training finalization expertise to by our UPMC helping of unique and hospital our access clinical to FDA the insight the agreement, we the Studies pre-market, training critical and for surgeon interactions and ensure regulatory Pittsburgh to Medical with resources within continue UPMC The further University well. capabilities toward we initial our routinely as to the and also support This IV development access encouraged surgeon administrator testing and University upcoming testing, full-service gain site are With and of submission. hospitals, processes, exploratory with system as and the trial, we and just of not administrators, across for and payers this the of with Pittsburgh. Center. offers and institution Center needs engage regulatory progress our devices collaborate closely agency advance only In of on agreement of testing and qualification. facility University patients, offering is Advanced the product but a Preclinical the access and clinicians that training

over file on offer and sharing regulatory our forward more one use our initial maintaining respected an Director, plan regulatory Surgical relatively our for and our Vicarious focused a decades affairs remain intend cases launch. in priority industry submissions, trials of announced early our three co device In background of medical system look we the with and quarter. we to of indications the We a inguinal as filing, extensive clinical strategy October, is Following cystectomy, we to and of commercial. Overall, ranging R&D, number look board appointment By Bev forward to leveraging to of experience, and expertise team we set to additional welcome an across commercial Bev veteran close Huss, the coming on cadence we Beverly insights. broad of impressive hernia, her hysterectomy. finalization, to

Bill, how proud approach. our remaining the say turn I call team uncompromising execution over successful in like Before while I'd to our am of to I

discussion between healthcare systems, institute it who their and a the focus that, our quarter will Bill collaboration hand for our results. I'll our teams final product We are ultimately intentional to financial in third our into development, with With of a over on practice.

Bill Kelly

R&D same the to Adam. of quarter, expansion a $XX.X equating per loss you, thank net primarily and share of the of million, of loss adjusted in of marketing diluted all in diluted period inclusive net the for $X value in loss share net and quarter the Adjusted in of per excludes third related same loss million, a development teams. increased quarter the administrative warrant the for million to and $X.XX third $XX.X $X.X period, Thank the $X.XX in million, respectively, expenses compared $XX.X of expenses. liabilities a $X.XX the for of platform or period million to third $X.X basic net third the prior million, an quarter loss was our general expenses year. net as of share, which year. for net in our fair basic per necessary for internal within to due share adjusted XXXX net from Operating equating another million you net adjusted joining was $X.X adjustment and and prior changes of investment continued loss to compared expenses were or and sales $X.XX million the $X.X And loss $XX.X today. and the us prior GAAP a Total and expenses an $XX of million operating for million, of for loss year per to

results, our GAAP, measures For additional quarter and detail reconciliation our all XXXX review release. to financial press non-GAAP a regarding please earnings third of

for burn we of cash ended quarter quarter was of XXXX million $XXX third and with $XX.X cash million the the and Our cash equivalents.

strong We maintaining continue execute while fiscal to development discipline. timeline our on

As the to XXXX million we full enter year $XX million expect to $XX we quarter, million approximately fourth of previously now cash communicated. $XX $XX million as compared burn

cash with year As than such, balance in cash our ending more the sheet. equivalents million on and anticipate $XXX we

the the that, to we've the progress and We progress I back to to further to made are turn forward quarters we sharing Adam. Adam? look excited call in And with come. date, will by

Adam Sachs

reminding host by conversation you X, of close for finalized and up see December operator turn system to showcase many Operator? we'll Day Demonstration Bill. Thank With partners. the call analysts a like the surgical to you, there. back hospital I'd coming X Beta one our that, to of our and We and hope system luminaries every I'll on with investors Q&A.

Operator

from Jennings Cowen. with [Operator Instructions] Josh Our first question comes

Unidentified Analyst

Hi, for the thanks this is taking Eric on Josh, question.

economic compelling system from for to surgery, components your you're with savings cost hospital economic Aside adopt some disposable the customers and there's functional argument with that also how you the other with that of integrating now offers early a benefits during had can hospitals, that features. bit you've the little potential was receptive engagement benefits you're been providing? about wondering to just they've and I surgeons a talk

Adam Sachs

really thank Yes, the question. you It's question. much good so for a

been the able few we're such that across we're proud systems different receptive. with It's so they've different hospitals answer many of here. collaborations though, three a been all gain such So which of. punchline, the of now, to significant portion engagement incredibly there's in is how incredibly pieces incredible to a And

And order to that first all make said, they they're believe on these in do outcomes it patient there for. make being But pay patient say They're to in or the that surgeries in their foremost So what money to need order and they're complete patient sufficient least I'd provide in the at systems, that's money care. are care. care that do. people and and to because there to hospital focused that they

pricing economics significant potential of offer to the end They've cadaver the witnessed many day, as of incredibly well to procedural time our in at our have as general saving is to value receptive that procedures proposition. part of economics have we of our that labs them total an important very the and on date. the, the to to So been

actually you the it's it time surgeon, top I'm saving the for economics doesn't at hospital number is the from know, save just of increasing which end perspective. procedural sure the day, costs, priority an increases revenue line systems, for one As me, excuse

Unidentified Analyst

really you That's sense. the there? more are preview Beta for you a is folks looking great. wondering hope Demonstration And showcase And for That then, to away just makes of your what event? a from a for Day. X little lot walking of What that

Adam Sachs

well with the partners, surgeons procedures is there as And as the of Demonstration everybody some into walking of it'll partners. our and I'm showcase to through frankly, valuable be our Beta give X Beta and the think Day, for it of some our the and show cadaver lab, X we'll Yes, the to off system the excited luminaries which really experience. to really you we surgeon both with showing We'll video incredibly about, opportunity all a so And be world. recent COE Beta there, Q&A, X system. obviously

Operator

Our with BTIG. the Zimmerman Ryan from comes question line of next

Unidentified Analyst

on question you. Sam not and health Pittsburgh with University with on elaborate or to this agreements for today. of you Hi, taking my agreement and Thank Can you HCA systems? may you other the learn is thank for the UHC relative what Ryan, the may

Adam Sachs

the earnings agreements excited very question. call really we I both UH. are and those and we Yes, administrators on partnerships provide And about all of obviously which includes guess from hospital of need. Excellence see of really can previous UPMC umbrella. insurance But what is much if I perspective you good not Center need the HCA mentioned the of something and additional, learning what clinicians

the the meet of that about able the system. to excited make leveraging entire but needs payers which of meets really healthcare that surgeons well, being deep, our will and system that doesn't we're sure really needs dive hospital, the meets just it holistically of patients as of and relationship of needs So ensuring

Unidentified Analyst

focus again. agreement Thank I other you of think one gains? to opportunities the how robotic follow Center given University change seeing on [Dr. up, Medical have Are you. ENT. DeVries] you the indication Thank about you Pittsburgh and And

Adam Sachs

we're being Yes, that's anything ready plan. frankly, really just to say frankly, said, but that a are That good than number picking I not that question. there's up I as opportunity abdominal it publicly, you're there opportunities, that of interesting the on would space. would probably more talk outside a surgical phrase here, of about

Operator

line the from comes Rose with Canaccord. question of Kyle next Our

Unidentified Analyst

is Kyle everyone. Rose. on Caitlin This Hi,

me. for challenges as semiconductor if into noted you question QX quick lot. are hardware and such And mitigating shortages, constraints have these QX? a Thanks chip Just a certain quarter, risk? Last supply and you so, continued how and the really the

Adam Sachs

very to do our a with been mitigate though, these the and question. significant delayed as of have see time That team. for Yes, we similar absolutely lot it still some that. distraction messaging, semiconductors. overall, and and plan last say, peers, good to to I to do effectively shipments said, being of challenges. our will I'd example, affected. to we're we mitigations comes do I not to we and continue frankly, we've being all said date for effort say Similar quarter, my mentioned, these able our see challenges. immune of fairly That been We're,

Operator

There Thank questions queue. in no currently are further you.

So any will to over Adam or conference closing the additional I back pass for remarks.

Adam Sachs

so the for you and call. thank thank much you taking for questions today's time That join today. Yes, us concludes to the

Operator

Vicarious quarter joining. concludes today's Thank you Surgical for XXXX earnings This call. third

Vicarious Surgical (RBOT) 8 Nov 222022 Q3 Earnings call transcript