Earnings call transcript: Vicarious Surgical outlines Q1 2025 progress and challenges
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Overview
The earnings call highlighted several concerns, such as regulatory approval risks, financial sustainability issues with a high cash burn rate, and vague responses in the Q&A session. Although there are positive elements like effective supply chain management and partnerships with hospitals, the overall sentiment is negative due to financial and regulatory uncertainties. The adjusted net loss and cash burn rate raise concerns about funding operations without additional financing. The lack of clarity in management's responses further contributes to a negative outlook, likely leading to a stock price decline in the short term.
Key Financial Performance
Total Operating Expenses $15,700,000, a 2% decrease from $16,100,000 in Q1 2024.
R&D Expenses $9,400,000, down from $10,000,000 in Q1 2024.
General and Administrative Expenses $5,300,000, up from $5,000,000 in Q1 2024.
Sales and Marketing Expenses $1,000,000, essentially flat compared to the prior year.
Adjusted Net Loss $15,300,000 or $2.58 per share, compared to $15,100,000 or $2.58 per share in Q1 2024.
GAAP Net Loss $15,400,000 or $2.6 per share, compared to a net loss of $17,000,000 or $2.9 per share in Q1 2024.
Cash Balance Approximately $37,000,000, with a cash burn rate of approximately $12,000,000 for Q1 2025.
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Operating Highlights
Vicarious Surgical System: Anticipating the first clinical patients in 2025, focusing on a single port surgical system.
Instrument Sets: Initial instrument sets have completed production and bioburden review, with biocompatibility and sterility testing expected to begin shortly.
Strategic Partnership: Announced partnership with UMass Memorial Medical Center to optimize robotic system implementation and enhance surgeon education.
Market Opportunity: The surgical robotics market is 96% white space, indicating significant growth potential.
Cash Position: Ended Q1 2025 with approximately $37 million in cash, with a projected cash burn of $50 million for the year.
Operational Efficiency: Total operating expenses decreased by 2% year-over-year, indicating improved cost management.
Regulatory Approvals: Continuing to advance through the approval process for first clinical procedures, with a technical dossier submission expected mid-2025.
Clinical Trials: Preparing for initial human cases focusing on ventral hernia repair, aligning with pivotal trial endpoints.
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Risk or Challenges
Regulatory Approval Risks: The company is in the process of obtaining regulatory approvals for the Vicarious Surgical System, which involves material risks and uncertainties that could affect the timing and success of clinical trials.
Supply Chain Challenges: There were noted challenges with the supply chain, which is complex due to the nature of the surgical system. However, the company has managed these challenges effectively without significant schedule adjustments.
Financial Sustainability: The company has a cash burn rate of approximately $12 million per quarter, with expectations of a total cash burn of around $50 million for the year. This raises concerns about the ability to fund operations without additional financing.
Market Competition: The surgical robotics market is described as having a 96% white space, indicating significant opportunity but also potential competitive pressures as more companies may enter the market.
Technical Submission Timeline: The timeline for the technical dossier submission is uncertain, with assumptions based on similar companies' experiences. Delays or questions from regulatory agencies could impact the ability to conduct first patient testing.
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Guidance & Outlook
Strategic Partnerships: Announced a strategic partnership with UMass Memorial Medical Center to optimize robotic system implementation, enhance surgeon education, and establish best practices.
Clinical Milestones: Expect to begin first human cases later in 2025, focusing on ventral hernia repair.
Regulatory Approvals: Advancing through the approval process for clinical procedures, with a technical dossier submission expected mid-2025.
Supply Chain Management: Successfully managed supply chain challenges, ensuring no significant delays in the schedule.
2025 Cash Burn: Expect full year 2025 cash burn to be approximately $50,000,000.
Operating Expenses: Total operating expenses for Q1 2025 were $15,700,000, a 2% decrease from Q1 2024.
Revenue Expectations: Anticipate showcasing the value of the V1.0 system in a clinical setting later this year.
Financial Projections: Adjusted net loss for Q1 2025 was $15,300,000, maintaining a similar loss per share compared to Q1 2024.
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Shareholder Return Plan
Cash Burn Rate: The company expects a full year 2025 cash burn of approximately $50,000,000.
Cash Balance: As of the end of the first quarter, the company had approximately $37,000,000 in cash, cash equivalents, and short-term investments.
Adjusted Net Loss: For Q1 2025, the adjusted net loss was $15,300,000 or $2.58 per share.
GAAP Net Loss: The GAAP net loss for Q1 2025 was $15,400,000 or $2.6 per share.
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Key Q&A
Q:What assurances can you give to investors about your continued ability to fund operations?
A:Our main focus is on disciplined spending, ensuring that we stay within budget while also ensuring that we produce a safe and effective product. We’re reviewing all costs, ensuring that our cash is being used in the most effective way possible. Additionally, we are thinking strategically about our financing. We’re currently evaluating all options that are available to us. We do have a very supportive insider base. We believe that they’ll be very supportive going forward as well, and hopefully some new investors coming to the table as well.
Q:How are you feeling about your ability to supply any remaining components for the v1.0 build?
A:We did note some challenges with our supply chain last quarter, but we’ve managed this effectively, and we have not seen any further changes or adjustments in our schedule as a result of supply. So at the moment, we’re feeling quite good about our supply chain.
Q:Can you provide more detail on the review timeline expectations for the technical dossier submission?
A:We’re looking around mid this year at filing our technical dossier in country in order to do these first clinical patients. This includes a ton of information, all of the safety testing and performance data that’s required to use our system in the first human cases later this year. We feel fairly confident in these assumptions based on other companies with similar products.
Q:To what extent could your hospital partners be additive to your development process?
A:We are working with these partners because they’re excited about what we’re doing. They want to see it in the operating room. This market has incredible opportunity and not nearly enough surgical robotics out in the field today. The latest system with UMass is primarily focused around paraoperative workflow and procedures.
Q:Review of Unclear Management Responses
A:Management's response regarding the review timeline expectations for the technical dossier submission lacked clarity, particularly in terms of specific timelines and potential questions from the agency. Additionally, while they expressed confidence in their assumptions based on other companies, they did not provide specific examples or data to support this confidence.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
CEO Vicarius
Chief Financial
Coordinator Vicarius
Cowen Co
Financial Officer
Founder CEO
Hi Izzy
Hi dossier
Izzy question
Jennings TD
Nadia Coordinator
Officer Vicarius
Surgical Co
Surgical Hi
Surgical Jennings
Surgical Understood
Surgical focus
Surgical question
Surgical supply
TD Cowen
UMass paraoperative
Understood sense
Vicarius Surgical
ability Chief
ability Co
ability component
ability testing
adjustment schedule
agency assumption
agency mid
announcement today
assumption company
chain supply
financing
workflow procedure
RBOT Transcript
Vicarious Surgical Inc. (RBOT) Q3 2025 Earnings Call Transcript
Unknown11-12
The earnings call reveals a mixed outlook. The company shows significant cost reductions and improved system performance, which are positives. However, the delay in clinical trial timelines and lack of clear guidance on disruptions due to outsourcing create uncertainties. The cash position is concerning despite recent fundraising. The Q&A highlights management's evasive responses on costs and timeline impacts, raising concerns. Overall, the balance of positive and negative factors suggests a neutral sentiment.
Vicarious Surgical Inc. (RBOT) Q2 2025 Earnings Call Transcript
Unknown8-12
The earnings call reveals challenges in resource allocation, financial constraints, and competitive risks in a nascent market. Despite reduced operating expenses, the company's cash position is concerning with a high burn rate. Management's inability to provide clear guidance on clinical milestones and timelines further contributes to uncertainty. The Q&A session did not alleviate these concerns, as management avoided specific answers, indicating potential delays and risks. These factors suggest a negative sentiment, likely leading to a stock price decline in the short term.
Earnings call transcript: Vicarious Surgical outlines Q1 2025 progress and challenges
Unknown5-12
The earnings call highlighted several concerns, such as regulatory approval risks, financial sustainability issues with a high cash burn rate, and vague responses in the Q&A session. Although there are positive elements like effective supply chain management and partnerships with hospitals, the overall sentiment is negative due to financial and regulatory uncertainties. The adjusted net loss and cash burn rate raise concerns about funding operations without additional financing. The lack of clarity in management's responses further contributes to a negative outlook, likely leading to a stock price decline in the short term.
Vicarious Surgical Inc. (RBOT) Q1 2025 Earnings Call Transcript
Unknown5-12
The earnings call summary presents a mixed picture: positive strategic partnerships and clinical milestones are offset by significant regulatory and financial risks. The Q&A section reveals management's lack of clarity on regulatory timelines, which may concern investors. The decrease in operating expenses and steady cash management are positives, but the high cash burn and competitive pressures are notable negatives. Without a strong positive catalyst or clear guidance, the stock's reaction is likely neutral.
RBOT Report
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