August 8, 2022
WALTHAM, Mass.–(BUSINESS THREAD)–Vicarious Surgical Inc. (“Vicarious Surgical” or the “Company”) (NYSE: RBOT, RBOT WS), a next-generation robotics technology company seeking to improve patient outcomes, as well as the cost and efficiency of surgical procedures, today has announced financial results for the quarter ended June 30, 2022. Management will host a corresponding conference call at 4:30 p.m. ET today, August 8, 2022.
“We are excited to move closer to our commercial and regulatory goals as we move forward with the development and integration of our Beta 2 system, continue feedback sessions with leading surgeons, and initiate Center of Excellence collaborations with UH Ventures and HCA Healthcare,” said Adam. Sachs, CEO of Vicarious Surgical, “We believe we are well positioned to deliver a surgical robot that can be effectively integrated into the hospital environment by aligning our design with workflow needs while achieving the highest technical standards to achieve an improved user experience.”
Financial results for the second quarter of 2022
Operating expenses were $19.1 million in the second quarter of 2022, compared to $6.6 million in the corresponding period last year, an increase of 189%. 2021. General and administrative expenses for the second quarter of 2022 were $7.8 million, compared to $2.3 million for the second quarter of 2021. Selling and marketing expenses for the second quarter of 2022 were to be $1.3 million, compared to $0.3 million in the second quarter of 2022. 2021. Adjusted net loss for the second quarter was $19.1 million, equivalent to 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 last year. GAAP net loss for the second quarter was $1.5 million, equivalent to a basic and diluted net loss per share of $0.01, compared to a net loss of $6.6 million or a loss basic and diluted net per share of $0.08 during the same period last year. The cash consumption rate for the second quarter of 2022 was $15.7 million.
Vicarious Surgical will host a conference call at 4:30 PM ET on Monday, August 8, 2022 to discuss its financial results for the second quarter of 2022. The call can be accessed through an operator by dialing +1 ( 646) 904 5544 for domestic callers or +1 (929) 526 1599 for international callers, using passcode: 892258. There will be a live and archived webcast of the event available at https://investor.vicarioussurgical.com.
About Surgical Vicars
Founded in 2014, Vicarious Surgical is a next-generation robotics company that develops 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 its own 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. Liang’s E15 VC. The company is based in Waltham, Massachusetts. More information at www.vicarioussurgical.com.
Use of non-GAAP financial measures
In addition to providing financial measurements that have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”), Vicarious Surgical provides additional financial metrics that are not prepared in accordance with US GAAP (“non-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, “Non-GAAP Financial Measures”). The Company presents non-GAAP financial measures to help readers of its consolidated financial statements understand the core operating results that its management uses to evaluate the business and for financial planning purposes. Vicarious Surgical’s non-GAAP financial measures provide an additional tool that investors can use to compare its financial performance over various periods.
Adjusted net loss and adjusted EPS are key performance measures that Vicarious Surgical’s management uses to evaluate 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 measures for business planning and forecasting purposes. Vicarious Surgical believes that non-GAAP financial measures enhance investors’ understanding of Vicarious Surgical’s financial performance because they are useful in evaluating its operating performance from period to period, excluding certain items that Vicarious Surgical believes are not representative of its main business.
Non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate that 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 together with other measures of financial performance prepared in accordance with US GAAP, including net loss.
The non-GAAP financial measures are not a substitute for the presentation of Vicarious Surgical’s US GAAP financial results and should only be used as a supplement to, not as a substitute for, Vicarious Surgical’s financial results presented 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 the adjusted EPS calculation.
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from its expectations, estimates and projections and accordingly 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 CEO regarding the Vicarious Surgical opportunity, among other things, are forward-looking statements that reflect management’s current beliefs and 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 may cause these 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 financing 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 of the Vicarious System, and any related restrictions and limitations of any approved product; the size and duration of human clinical trials for vicarious surgery; 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 market or are engaged in the development of 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 collaboration with others; the pricing of 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 needs; financial performance of Vicarious Surgical; economic downturn, 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 indicated from time to time in Vicarious Surgical’s filings with the SEC. Vicarious Surgical cautions that the list of factors above is not exclusive. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. Vicarious Surgical does not undertake or accept any obligation or commitment to publicly release any update or revision of any forward-looking statement to reflect any change in its expectations or any change in the events, conditions or circumstances on which such statement is based.