RBOT - Earnings call transcript Q1 2024

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by. The Vicarious Surgical's 2024 First Quarter Earnings Call will begin shortly. Hello, and welcome to Vicarious Surgical's 2024 First Quarter Earnings Call. My name is Elliot, and I will be coordinating your call today. [Operator Instructions].

to to like of Brosco, now Relations. Investor would hand Kaitlyn over Head I yours. is floor The Please ahead. go

Kaitlyn Brosco

Thanks, thank Co-Founder for Officer. will prepared Officer; Elliot, join me Bill Later, remarks With and and new are you Randy all Clark, Adam company Chief Sachs, Kelly, and our Executive joining. Chief release Financial for President, for Vicarious ended results press financial X months available Surgical March of portion XXXX. is for this copy Today call. company of Q&A the released the after closed A XX, website. market on the this today

I'd of that management forward-looking without financial are meaning which approval are begin, that Private various relate Act or Reform the call performance such our or of management, during Any we include like predictions forward-looking upon make call are for provisions laws, securities made Before Securities contained future timing to operating Vicarious to to Litigation approval, pursuant remind opportunity that and this in obtaining market and XXXX. All the expense based this future federal of will to you forward-looking the expectations statements within statements harbor statements current relating any our including, assumptions. trends, events, of for estimates System and those and statements. performance, statements, Surgical the commercialization results limitation, safe

these or any statements. by cause or place events results on implied these actual statements. to should material could from involve that statements differ those uncertainties reliance These anticipated and risks Accordingly, undue materially not forward-looking you

Commission April is including contains This new because Form or factors Securities please any XX-K required events only Form the the set our refer risk information, most risks live the time-sensitive update XX-Q. obligation, or intention otherwise. any of statements, list and law, or filings, of accurate whether today, of recent Exchange by uncertainties business, forward-looking XXXX. For our revise call financial a except forth broadcast projections as and in conference information with and as Surgical XX, to Vicarious to description disclaims this and and or future associated

Adam Now I'll hand the remarks. over call for prepared to

Adam Sachs

and in validating our advanced VX.X first development the year marks end joining to by In of you, efforts mission and the set. strong in system. team proud improve culminated collective systems I'm the with we the transforming we our lab feature cadaveric primary as a goal the of start the towards System a everyone, our the thank Thanks, The setting to our surgical spring completion made March. Kate, lives us. use quarter, cadaver the to at finalization first potential meaningful progress This our procedural of for of of VX.X new of lab robotics. integrated capabilities of the report

several the lab system. share verifying the anticipated, to I'm as that in pleased we development valuable proceeded advancements and yielding had across insights

dynamic within targeted During surgical System instrumentation showcase the the access motion potential lab, our cavity architecture facilitated by mechanical capabilities new VX.X fortified the and electronic our supported the and and and and our novel inherent System visualization VX.X platform, curve the by in enhanced patient abdominal technology, enable sites. underpinned visualization software of to XXX-degree the maneuverability exhibited tremendous

remarks our team's We development of last specific efforts highlighted in happy success diligent the VX.X goals to many of our and these report year I'm in.

the to final offered our required insight development into refinements system. our the addition additional As success, for anticipated, in lab

broader over performing the verification over work preparation its our stakeholders for disproportionate market we share surgical will time. our poised considerable infancy. VX.X decades, is to in formal System these field few of take offering few and we Over fine-tune back, surgical for focus past why to to Taking progress detailed the next insights our the a quarters, step the against the testing. validation to development still this in on landscape are contextualize I'd leveraging robotics a the like robotics remind Even of believe is team with

XX% hospital entrants, activity technology robotics technology's of And in addressing have in of that estimated the space. growth new while existing surgery. cost is white the Recent future around capabilities, continues for the notably notion strategic systems opportunity amplified limitations. these fundamental strongly robotic $XXX substantial augmented remains surgeons' Despite market the billion has to multiport this without very market the space support system

up. the users the off instrument of steep during surgical surgical utilizing founded learning surgeon. limitations on rate surgical the contributing cumbersome approach reimagined low building in today. was Vicarious the the recognition ground for robotics robotic range and we of of and instrument instrument and the the surgeons robotics legacy multiple This constrained new a for these multiport dexterity on risk introduces patient robots. to of motion lack in example, procedure triangulation adoption curve preoperative X% to require by to For Instead and technology, of Surgical both missensitate incisions step stick that complexity,

force system our enhancing and thereby prevents full intra-abdominal force indication. the high targeted Core incision, range joints to with for dexterity for our buildup for technology, need surgical the is exertion decoupled proprietary required triangulation. reimagined designed instrument to Through incisions architecture of single access and eliminating is of of multiple motion each our the the XX-millimeter system in instrument actuator our our achieve which arm significantly

see streamlined demand lasting procedure. confident multiport system. edge system will our to advantage. the risk surgeons the along of the as are establish surgery With competitive unique this us lab, clinical training is capabilities enhance in efficiency a a limited to finalizing cadaver robotic-assisted on step on completion have a predominantly remove for our stick towards we, believe technology's procedural our and we And hospital market. every new partners approach this another we'll with our differentiated distinct and for spring taken We're offering that excited commercial technology, today's with We

over Bill to it to turn review performance. will financial I that, our With

William Kelly

Adam. you, Thank

restructure efficiency are maximum for As expected, benefit the yielding spending our to company resources a profile. XXXX XXXX expense optimize initiatives to our and streamline

in XX% As compared for in quarter in General compared to operating XXXX of the decrease first expenses quarter $XX.X $XX.X total the quarter quarter of XXXX the administrative expenses quarter first quarter were million, result, $XX.X last million $X XXXX. the of XXXX the million XXXX. expenses million the R&D million a $XX of for a down first year. first were $X for to and first first of million of from were

operating and adjusted adjusted first $XX.X to loss capital of million efforts $X.X net marketing first $X.XX on the a made net for In prioritize compared throughout per XXXX of loss loss efficiency. as and of Continuing $X.XX or was reflects the million share the $XX.X XXXX $X Again, in our to XXXX. sales to first the burn XXXX. were an quarter million, million versus share reduction in expenses first the expenses in of diligent of year-over-year year optimize last quarter net per quarter quarter equating

GAAP first net or $XX was loss and the a loss $X.XX per this in of quarter per for $XX.X of of equating compares loss XXXX million, share million first of share net quarter to XXXX. $X.XX the to a net

first approximately all of $XX rate quarter earnings cash, first and our to represents a a short-term For the release. non-GAAP on review ended cash of We press balance reconciliation quarter million approximately cash of GAAP, million. sheet. investments equivalents burn $XX our this please year with This measures

burn cash is forward a remain to needed elevated in was XXXX and of updating first timed expect lines, that with as time XXXX $XX disciplined full quarter is and slightly we Note look including while System business strong our we team integration allocation. coming as and payments, a off be to our executing fall. the you to seasonally capital progress discipline continue this committed our completion cash approximately result to the achieve few build We year of urgency burn the a start, quarters. to with and initiatives million the VX.X to development

with And Adam the back to Adam? turn closing I'll for that, remarks. call

Adam Sachs

in Thank to differentiated reemphasizing the you, way a have by robotics we, company, like market. as within ourselves I'd broader which Bill. the close

taking new continue legacy forward. While robotics iterate we on path are a many companies surgical platforms, to

approach stakeholders, our for their and and mission our of remain of in While technology. value to I'd consideration, like steadfast takes careful particularly our unique continued support vision. thank employees, our of this time we the all

now questions. any take to we're happy Elliot,

Operator

First with Instructions] Zimmerman question comes BTIG. from Ryan [Operator

Ryan Zimmerman

few maybe a for Just me.

Your we think R&D I this management expenses But came expected. than lower in higher. really SG&A a was certainly overall, expense good little quarter.

your of sides of you this Just of you're kind of balancing kind for think P&L and us of balance as how progress the understand the help have what planned kind kind about of on needs that you year? both

Adam Sachs

such really and getting the focus as Obviously, there. it year-over-year, we question. has made and as prioritize market try reductions cost a spending to and robot a possible focus really number of line as and fast quality there Great and the been on building draw where we've

But period to imagine, bit certain a one million of . remain spending, the That's material seeing in $XX the like As why noted that, versus the they the still call, another. little would really be, as higher for things probably seasonality happen in rate year. than our we otherwise, can you're expenses run cash to you burn that certain due was and that. committed but rate burn was

Ryan Zimmerman

a dovetails next me correct how up clinical trial. this VX.X the steps to us I'm of but the establishment Adam, wrong then year, talk potentially And into there, if of of Okay. kind in that fall here, wraps about from

slated and we for to mid once I'm for maybe not of and do mistaken, all think what the I get testing done if 'XX you late X.X. V to need kind design

Adam Sachs

Yes.

question. that's think really important a I

verification that's as into sort the we're then formal going So of and required. more into of and our preliminary roll System testing we finalize all validation VX.X that go to casting,

our you'll all testing. that clinical primarily primarily data and the the I'm need outside performance validation all in validation advantages than of recall, safety the is to testing the verification U.S. focused one do on verification -- And As and collection we're sure rather trial. process. and of the essential We of in

start essential once and clinical able for XXXX. in system, So our our safety be then is to up trial performance complete we'll testing

Operator

with to We Adam now turn Maeder Sandler. Piper

Adam Maeder

spring on wanted ask Adam, with Bill, Randy, and little a I start the more there. the experience congrats bit lab just progress. cadaver color to

procedure? So surgeons the arisen. cadavers cadaver than better a from then of you learnings is doing guys have with just first the And would about were and multipart the of spring setting question, kind many be I that what that And just the may guess lab Was then care. here. maybe performed. were the some if it How planned any, talk went what of partner what follow-up. challenges, picture, were I bigger have Who

Adam Sachs

question. fair Super Yes.

revising we next focus System. and scheduled the of the of course there this were internal it actually X This to to a was first overall, time those was by evaluate be with which risks we've down potential year. really to of of . test surgeons single cadaver why came out between revisions early we X as over over next burn was that a issues it number X of each very VX.X quarters number and the couple the our the as that the across, will a partners collaboration a was designed our and any in the is spring. before the frankly, And we the is subsystem possible, side overall, earlier frankly, we core cadaver of the make did Overall, So and functionality on It over things it, do up to quarters. first this that and procedure we lock needed one that that performed. physicians. And and done system with surgeon on that reasons of

Adam Maeder

good That's color, Yes. Adam.

out called go you're in the additional And prepared to that extent to final sorry it integration bit, a I system system. just to final little are things you you willing you think some of guys to share, into smooth fall. kind remarks those of refinements that the the to press need in but the here What before

Adam Sachs

examples Yes. I'll give a few things. you a of few different

and the way. few things and one firmware arms the of A some within small software, bugs actually caused the on within the the between the of lubrication and the that we of interaction That itself including arms resolved. been trocar the challenges one encountered, the a already has sensing seals there So that sensing arm arm. were the handful between along of

decent Just similar to frankly, of X a name, but out I'd things. say, of, handful

we the those of of there to want It's do to the number that are easy why need and a that resolve. and out that really implementation just one give tackle, either ourselves a quarters heavily we of each . couple test are to of that's to fairly solution. So to two

Adam Maeder

some in may. I for me. role, been ask, wanted for technology to months. will on on of Maybe then seat a to one, the talk now about vantage broader early last to impressions forward. of Maybe by from just sense point one way. Yes. and makes you've That just your And the Randy company if the fingerprints the few how and organization look going the put and new the the your I you congratulations

Unknown Executive

Yes. No, new Adam. the person I appreciate question,

really cadaver that's have right talent and is that the to want focusing up double can spring can commitments to the where just you, especially now with of ensuring led our Surgical our is So the takeaway milestones. just the to unwavering you're and the just going to consistently and mentioned, the at at let ethic so mission. achieving run. far, first myself our deep tell disciplined we as commitment lab. trying really an current January, has it's And objectives myself in really immersing I've been observing team's our dives my of and you our And you success committed work that incredibly into I as exciting down since teams intricacies all of on privilege from into end I'm very going I operations, to joining imagine. business and to of execution And the our each team with aspects dedication towards That's key Vicarious of on be taking fully alone that to absolutely here our the and familiarize long Adam and drive hard work being incredible been the journey

Operator

Jennings turn Instructions] [Operator with to We Josh now Cowen. TD

Joshua Jennings

-- to FDA months design? than on terms last just the is less of and hand last relationships just, question how submission. Vicarious. care I those the health Novo and our second conference. of year, -- those how do the plans the wanted surgeon further know the that guess, not maybe I communications do about in And and trial the any get the relationships go or with about we're in I already on to that X relationships an since know been clinical and sites about finding you finding trial De update the they're establishing developing support Any go the part it's or sites? international thinking until for I But OUS update call since right next ones but only you with center And investigator

Adam Sachs

Yes. Thanks, and X Josh, great questions there.

with start I'll side. FDA So the

what So nothing to that will the seeing as we space have to continue robotics share on that say front develop. broader directly. I But we're is

as are filings about in each U.S. are of through, We as with other occurring well other come outside seeing which and the trial. many frankly, approvals with patients each data entirely XX quite

their other exactly is there. and commitments So support the entrants new is this on and that the they to is the confirming guidance through are FDA us further the given in that giving being in unsurprisingly, following same to space, way the

to So that is it. very see reassuring for us

in specific with of as different selection, number and country are a far site we conversations selection locations. As

time, is this are one countries at the view can. in optionality that frankly, regulatory already. that, distinct impact have out like the do wouldn't especially and but the long goals maintain that countries specific working as even when, few the that we're the we'd advantage, choose a optionality of And specific our to specific maintain point do through to way sites schedule. We as We to and we environment that a change for with to of as latest on well here actually we working

Joshua Jennings

that are the more and Is there put there get you of testing? with pre-ND you're on that the Great. forward sessions that kind cadaveric integrated, testing questions. before in to are required going IRA the -- move Taking follow-up results then And an from I lab all refinements fully play. cadaveric just a the guess,

Adam Sachs

Yes.

being this the then answer tests. and already testing of We're number into robust these cadaveric on yes. is to tested lot next implemented build, will implementing refinements that be to certainly, other of a as well they're So a through which way as well the primarily

Operator

like today's concludes our call. and for participation. this and Q&A thank Ladies you conference gentlemen, your We'd to

You your may disconnect now lines.

Vicarious Surgical (RBOT) 29 Apr 242024 Q1 Earnings call transcript