Vicarious Surgical Announces Second Quarter 2022 Financial Results

August 8, 2022

WALTHAM, Mass.–(BUSINESS WIRE)–Vicarious Surgical Inc. (“Vicarious Surgical” or the “Company”) (NYSE: RBOT, RBOT WS), a next-generation robotics technology company focused on improving patient outcomes as well as both the cost and effectiveness of surgical procedures, today announced its financial results for the three months ended June 30, 2022. Management will hold a corresponding conference call at 4:30 p.m. ET today, August 8 2022.

“We are excited to move closer to our regulatory and commercial goals as we progress the development and integration of our Beta 2 system, continue feedback sessions with leading surgeons, and initiate Center of Excellence partnerships. with UH Ventures and HCA Healthcare,” Adam said. Sachs, President and CEO of Vicarious Surgical, “We believe we are well positioned to deliver a surgical robot that can integrate effectively into the hospital setting by aligning our design with workflow needs while adhering to technical standards. the highest in order to improve the user experience. ”

Second quarter 2022 financial results

  • Operating expenses were $19.1 million for the second quarter of 2022, compared to $6.6 million for the corresponding period a year earlier, an increase of 189%.
  • R&D expenses for the second quarter of 2022 were $10.1 million, compared to $4.0 million in the second quarter of 2021.
  • General and administrative expenses for the second quarter of 2022 were $7.8 million, compared to $2.3 million in the second quarter of 2021.
  • Sales and marketing expenses for the second quarter of 2022 were $1.3 million, compared to $0.3 million in the second quarter of 2021.
  • Adjusted net loss for the second quarter was $19.1 million, or a loss of $0.16 per share, compared to an adjusted net loss of $6.6 million, or a loss of $0.08 per share, for the same period of the previous year. GAAP net loss for the second quarter was $1.5 million, equating to a basic and diluted net loss per share of $0.01, compared to a net loss of $6.6 million or a basic and diluted net loss per share of $0.08 for the same period of the fiscal year. last year.
  • The cash burn rate for the second quarter of 2022 was $15.7 million.

Conference call

Vicarious Surgical will host a conference call at 4:30 p.m. ET on Monday, August 8, 2022 to discuss its second quarter 2022 financial results. The call can be viewed through an operator by dialing +1 (646) 904 5544 for domestic callers or +1 (929) 526 1599 for international callers, using passcode: 892258. A live and archived webcast of the event will be available at https://investor.vicarioussurgical.com.

About Vicarious Surgical

Founded in 2014, Vicarious Surgical is a next-generation robotics company developing disruptive technology with the goal of increasing the efficiency of surgical procedures, improving patient outcomes and reducing healthcare costs. . The company’s new surgical approach uses proprietary human-like surgical robots to transport surgeons inside the patient to perform minimally invasive surgery. The company is led by an experienced team of technologists, medical device professionals and physicians, and is backed by tech luminaries such as Bill Gates, Vinod Khosla’s Khosla Ventures, Innovation Endeavors, Jerry Yang’s AME Cloud Ventures, Sun Hung Kai & Co. Ltd and Philip Le E15 VC from Liang. The company is headquartered in Waltham, Massachusetts. Learn more at www.vicarioussurgical.com.

Use of Non-GAAP Financial Measures

In addition to providing financial measures that have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”), Vicarious Surgical provides additional financial measures that are not prepared in accordance with US GAAP (“not -GAAP”). The non-GAAP financial measures included in this press release are Adjusted net loss and Adjusted net loss per share (“Adjusted EPS” and, together with Adjusted net loss, the “Non-GAAP financial measures”). The Company presents non-GAAP financial measures to help readers of its consolidated financial statements understand the key results of operations that its management uses to assess the business and for financial planning purposes. Vicarious Surgical’s non-GAAP financial measures provide an additional tool for investors to compare its financial performance over multiple periods.

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. Vicarious Surgical uses these performance metrics for business planning and forecasting purposes. Vicarious Surgical believes that non-GAAP financial measures enhance an investor’s understanding of Vicarious Surgical’s financial performance because they are useful in evaluating its operating performance from period to period by excluding certain items that Vicarious Surgical, are not representative of its core business.

Non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate this measure in the same way. Adjusted Net Loss and Adjusted EPS are not prepared in accordance with US GAAP and should not be considered in isolation or as an alternative to measures prepared in accordance with US GAAP. When evaluating Vicarious Surgical’s performance, you should consider non-GAAP financial measures as well as other measures of financial performance prepared in accordance with US GAAP, including net loss.

Non-GAAP financial measures are not a substitute for the presentation of Vicarious Surgical’s US GAAP financial results and should only be used in addition to, and not as a substitute for, Vicarious Surgical’s financial results reported in accordance with US GAAP. In this press release, Vicarious Surgical has provided a reconciliation of Adjusted Net Loss to Net Loss, the most directly comparable US GAAP financial measure, and calculation of Adjusted EPS.

Forward-looking statements

This press release contains “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, therefore, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical fact contained herein, including, without limitation, quotes from our Managing Director regarding the desirability of Vicarious Surgical, among others, are forward-looking statements that reflect the beliefs and current management expectations. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are beyond Vicarious Surgical’s control and are difficult to predict. Factors that could cause such differences include, but are not limited to: the impact of COVID-19 on Vicarious Surgical’s business; changes in applicable laws or regulations; Vicarious Surgical’s ability to raise funds in the future; the success, cost and timing of Vicarious Surgical’s product and service development activities; the potential attributes and benefits of Vicarious Surgical’s products and services; Vicarious Surgical’s ability to obtain and maintain regulatory approval for the Vicarious System, and any related restrictions and limitations of any approved product; the size and duration of human clinical trials for Vicarious Surgical; Vicarious Surgical’s ability to identify, license or acquire additional technology; Vicarious Surgical’s ability to maintain its existing licensing, manufacturing, supply and distribution agreements; Vicarious Surgical’s ability to compete with other companies that currently market or are engaged in developing products and services that Vicarious Surgical currently markets or develops; the size and growth potential of the markets for Vicarious Surgical’s products and services, and its ability to serve those markets, either alone or in partnership with others; pricing for Vicarious Surgical’s products and services and reimbursement for medical procedures performed using its products and services; the company’s estimates of expenses, revenues, capital requirements and additional financing requirements; the financial performance of Vicarious Surgical; economic downturns, political and market conditions and their potential to adversely affect Vicarious Surgical’s business, financial condition and results of operations; and other risks and uncertainties stated from time to time in Vicarious Surgical’s filings with the SEC. Vicarious Surgical cautions that the above list of factors is not exclusive. The company cautions readers not to place undue reliance on forward-looking statements, which speak only as of the date made. Vicarious Surgical neither undertakes nor accepts any obligation or undertaking to issue updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances about which any such statement is made. based.

SEE FINANCES HERE

About Arla Lacy

Check Also

IFSB Innovation Forum for Islamic Financial Services Industry Market Players Kicks Off in Doha

Doha: The fourth IFSB Innovation Forum for market players in the Islamic Financial Services (IFSI) …