Vicarious Surgical (RBOT) Q3 Earnings call transcript Nov 12, 2024
1min read In Vicarious Surgical's third-quarter 2024 earnings call, company executives shared significant updates on the progress of their single-port robotic surgery platform and their financial performance. The call emphasized the potential of single-port technology to revolutionize surgery, offering improved patient outcomes, enhanced surgical experiences, and increased efficiency.
Company's Confidence in Single-Port Surgery's Potential
CEO Adam Sachs highlighted the transformative potential of single-port surgery, which he believes will redefine minimally invasive surgery. He shared Vicarious Surgical's optimism about the clinical benefits of single-port surgery, including reduced blood loss, shorter hospital stays, and minimized pain and opioid use. The company is confident that single-port technology will set a new standard for minimally invasive care and become a cornerstone of the surgical market.
Financial Performance
William Kelly, the CFO, reported a decrease in total operating expenses by 17% year-over-year, demonstrating the company's cost reduction efforts. The company's cash burn for the quarter was approximately $12 million, keeping them on track with their projected full-year 2024 cash burn of roughly $50 million. Vicarious Surgical is committed to disciplined resource allocation and maintaining a strong balance sheet to ensure they are appropriately capitalized for their mission.
Clinical Trial and Regulatory Pathway
Vicarious Surgical is preparing for its first clinical patient study, which is expected to treat the patient in less than a year. The company plans to follow this with a pivotal clinical trial, focusing on ventral hernia repair, an attractive first indication with hundreds of thousands of procedures performed annually within the U.S. The trial will involve approximately 30 to 60 subjects from outside the United States, with the goal of demonstrating the safety and efficacy of the technology in a timely and efficient manner.
Looking Ahead
The coming quarters will be critical for Vicarious Surgical as they focus on completing the integration of their Version 1.0 System and preparing for their first clinical patient study. The company is optimistic about the future, with plans to transition to a clinical stage company in 2025 and deliver on their mission to positively impact lives through transformative robotic surgery.
In conclusion, Vicarious Surgical's third-quarter 2024 earnings call highlighted the company's progress towards achieving its mission and the potential of single-port surgery to revolutionize minimally invasive surgery. With a strong focus on financial performance and clinical trial preparations, Vicarious Surgical is well-positioned for the future and poised to make significant strides in the surgical robotics industry.
