Vicarious Surgical reports Q4 and full year 2023 financial results

Vicarious Surgical Inc. announced financial results for the quarter and full year ended December 31, 2023. Management will host a corresponding conference call at 4:30 p.m. ET today, March 4, 2024.

“We made meaningful progress transitioning our Beta 2 surgical system into our highly anticipated Version 1.0 product in 2023. Through close collaboration with our surgeon and major hospital system partners, we refined our V1.0 system design and successfully constructed each subsystem,” stated Adam Sachs, Co-Founder and CEO of Vicarious Surgical. “Although market headwinds and certain system integration hurdles drove us to prioritize capital efficiency and extend our timeline to build completion, we ended the year with a more resilient business structure, a defined regulatory strategy, and just under $100 million in cash and investments. We are well positioned to execute upon our 2024 milestones and look forward to our spring cadaveric testing, and completing the integration of our Version 1.0 system this fall.”

Fourth quarter 2023 financial results

• Operating expenses were $15.5 million for the fourth quarter of 2023, compared to $20.6 million in the corresponding prior year period, a decrease of 25%.
• R&D expenses for the fourth quarter of 2023 were $8.5 million, compared to $11.9 million in the fourth quarter of 2022.
• General and administrative expenses for the fourth quarter of 2023 were $5.9 million, compared to $6.9 million in the fourth quarter of 2022.
• Sales and marketing expenses for the fourth quarter of 2023 were $1.2 million, compared to $1.8 million in the fourth quarter of 2022.
• Adjusted net loss for the fourth quarter was $14.6 million, equating to a loss of $0.07 per share, as compared to an adjusted net loss of $19.9 million, or a loss of $0.16 per share, for the same period of the prior year. GAAP net loss for the fourth quarter was $13.1 million, equating to a net loss per share of $0.06, as compared to a GAAP net loss of $11.2 million or a net loss per share of $0.09 for the same period of the prior year.

Full year 2023 financial results

• Operating expenses were $80.7 million for the full year of 2023, compared to $80.1 million in the corresponding prior year period, an increase of 1%.
• R&D expenses for the full year of 2023 were $47.6 million, compared to $43.9 million for the full year of 2022.
• General and administrative expenses for the full year of 2023 were $26.9 million, compared to $29.7 million for the full year of 2022.
• Sales and marketing expenses for the full year of 2023 were $6.2 million, compared to $6.5 million for the full year of 2022.
• Adjusted net loss for the full year of 2023 was $76.3 million, equating to a net loss of $0.52 per share, as compared to an adjusted net loss of $78.8 million, or a net loss of $0.65 per share, for the same period of the prior year. GAAP net loss for the full year of 2023 was $71.1 million, equating to a net loss per share of $0.49, as compared to a net income of $5.2 million or a net income per share of $0.04 for the same period of the prior year.
• The Company had $98.2 million cash and investments as of December 31, 2023. The Company’s cash burn rate for the full year of 2023 was $63.4 million.

Full year 2024 cash burn guidance

• Vicarious Surgical expects full year 2024 cash burn of approximately $50 million.

MB Bureau