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Vicarious Surgical Inc. (RBOT)·Q4 2024 Earnings Summary

Executive Summary

  • Version 1.0 system integration complete; first-in-human procedures now expected later in 2025, and de novo submission timing reset to late 2026, reflecting supply chain and inventory build realities .
  • Q4 OpEx of $15.0M fell 3% YoY; adjusted EPS improved to $(2.43) from $(2.50) YoY, while GAAP net loss rose slightly to $13.9M from $13.1M YoY .
  • Cash and investments ended 2024 at $49.1M; full-year cash burn was $49.1M, achieving ~50M guidance; 2025 cash burn guided to ~$50M (maintained discipline focus) .
  • Strategic hospital partnerships expanded (LSU Health New Orleans, Temple Health, UI Health), reinforcing clinical training and ecosystem positioning ahead of first clinical use .
  • Potential stock reaction catalysts: later first-in-human and 2026 de novo timeline; supply chain gating now resolved; CFO transition with new CFO starting April 1, 2025 .

What Went Well and What Went Wrong

What Went Well

  • Completed Version 1.0 system integration, validated via year-end cadaveric lab; “We eagerly anticipate the opportunity to demonstrate the value of the Vicarious Surgical System in a live clinical setting” (Adam Sachs) .
  • Expanded strategic hospital partnerships with LSU Health New Orleans, Temple Health, and University of Illinois Health to strengthen training and clinical readiness .
  • Achieved 2024 cash burn guidance: $49.1M burn vs guidance of approximately $50M; issued 2025 cash burn guidance of ~$50M, underscoring cost control .

What Went Wrong

  • Supply chain delays (“golden screws”/critical parts) and sub-tier supplier financial issues slowed inventory buildup, pushing first-in-human to later 2025 and de novo submission to late 2026 .
  • GAAP net loss increased YoY in Q4 to $13.9M vs $13.1M despite OpEx improvements; GAAP EPS $(2.36) vs $(2.25) YoY .
  • Liquidity declined sequentially: cash and investments $73.2M (Q2) → $60.9M (Q3) → $49.1M (Q4), reflecting continued burn into clinical preparation .

Financial Results

Quarterly P&L Comparison (oldest → newest)

MetricQ2 2024Q3 2024Q4 2024
Operating Expenses ($USD Millions)$17.7 $17.8 $15.0
R&D ($USD Millions)$10.9 $10.8 $8.5
G&A ($USD Millions)$5.6 $5.7 $5.5
Sales & Marketing ($USD Millions)$1.2 $1.2 $1.0
GAAP Net Loss ($USD Millions)$15.2 $17.1 $13.9
Adjusted Net Loss ($USD Millions)$16.8 $17.0 $14.4
GAAP EPS ($USD)$(2.59) $(2.90) $(2.36)
Adjusted EPS ($USD)$(2.86) $(2.87) $(2.43)
EPS vs EstimatesN/A*N/A*N/A*

Note: “EPS vs Estimates” unavailable; values would be from S&P Global but were not retrievable due to rate limits. Values retrieved from S&P Global.*

YoY Q4 Comparison

MetricQ4 2023Q4 2024
Operating Expenses ($USD Millions)$15.5 $15.0
R&D ($USD Millions)$8.5 $8.5
G&A ($USD Millions)$5.9 $5.5
Sales & Marketing ($USD Millions)$1.2 $1.0
GAAP Net Loss ($USD Millions)$13.1 $13.9
Adjusted Net Loss ($USD Millions)$14.6 $14.4
GAAP EPS ($USD)$(2.25) $(2.36)
Adjusted EPS ($USD)$(2.50) $(2.43)

Liquidity and Cash Burn

MetricQ2 2024Q3 2024Q4 2024
Cash & Investments ($USD Millions)$73.2 $60.9 $49.1
Cash and Cash Equivalents ($USD Millions)$20.25 $7.07 $9.74
Short-term Investments ($USD Millions)$52.98 $53.80 $39.36
Cash Burn ($USD Millions)$10.9 $12.4 N/A (Full-year $49.1)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent Guidance/ResultChange
Cash BurnFY 2024~$50M $49.1M actual Maintained (achieved)
Cash BurnFY 2025N/A~$50M New

Earnings Call Themes & Trends

TopicQ2 2024 (Q-2)Q3 2024 (Q-1)Q4 2024 (Current)Trend
V1.0 Integration & ValidationOn track for fall integration; formative assessments; plan for verification/validation Year-end cadaver lab imminent; validation plan; OUS site narrowing Integration complete; cadaver lab success; inventory build underway Progressing to clinical readiness
Clinical Pathway & TimingFirst patient ~1 year out; OUS sites under evaluation First patient in less than a year; 30–60 OUS subjects First patients later in 2025; de novo late 2026 Timeline extended
Supply Chain & ManufacturingBuilding manufacturing capability; partners selected Not prominentSupplier gating issues resolved; “no gated items” now; resumed production Issues surfaced then resolved
Partnerships & EcosystemLSU Health New Orleans announced Continued partner engagementAdded Temple Health, UI Health; expanded readiness Strengthening network
Regulatory StrategySafer Technologies program; de novo pathway implied Multiple FDA pre-subs; OUS trial 30–60 subjects Ministry of Health dossier mid-2025; de novo late 2026 Clear steps defined, longer horizon
Cash Discipline~$50M FY24 burn reiterated ~$50M FY24 burn reiterated; $61M cash FY24 burn achieved ($49.1M); FY25 burn ~$50M Consistent discipline

Management Commentary

  • “2024 was a pivotal year of progress... successfully completed the integration of our Version 1.0 System” — Adam Sachs .
  • “We still expect to treat our first clinical patients this year. However, it will be closer to year-end. Consequently, we now expect our de novo submission to be late in 2026.” — Adam Sachs .
  • “We currently have no gated items and have resumed capital and disposable production.” — Randolph A. Clark .
  • “Achieving a favorable variance from our original guidance... 2024 cash burn rate was $49 million... year-end balance of approximately $49 million in cash equivalents and short-term investments.” — Randolph A. Clark .

Q&A Highlights

  • Supply chain gating: component delays from sub-tier supplier issues impacted inventory; “no gated items” currently; production resumed .
  • First-in-human timing moved to later 2025; pivotal to follow after protocol adjustments; sites enthusiastic; potential in-country approvals discussed .
  • Ministry of Health dossier targeted around mid-2025; cases to commence quickly post-approval .
  • Cadaver lab detail: ventral hernia repairs performed (defect closure and mesh implantation) with smooth mesh fixation and multi-quadrant suturing .
  • Trial design: multiple FDA pre-subs under Safer Technologies; pivotal 30–60 OUS subjects; first-in-human up to 5 patients for early learnings .

Estimates Context

  • Wall Street consensus EPS/revenue for Q4 2024 was not available due to S&P Global request limits; therefore, estimate comparisons are unavailable in this recap. Values retrieved from S&P Global.*
  • Company materials emphasize operating expenses and net loss; no revenue line is presented in Q4 financials .
  • Given the later first-in-human and late-2026 de novo timeline, estimates for commercialization ramp may see pushouts in timing assumptions across coverage models .

Key Takeaways for Investors

  • Clinical timeline extended: first-in-human later in 2025; de novo submission expected late 2026, elongating time-to-approval but with clearer regulatory steps (dossier mid-2025) .
  • Execution credibility: V1.0 integration and cadaver lab success demonstrate technical progress toward initial ventral hernia indication .
  • Cost discipline intact: FY24 cash burn achieved ($49.1M) and FY25 guided to ~$50M, balancing clinical readiness with liquidity .
  • Supply chain risk mitigated: gating items resolved; production resumed; manufacturing build supporting essential performance/safety testing .
  • Partnerships de-risk training and adoption: LSU Health New Orleans, Temple Health, UI Health expand academic access and post-market validation capabilities .
  • Near-term catalysts: Ministry of Health dossier submission (mid-2025) and initial first-in-human cases (later 2025) to showcase clinical utility .
  • Governance/leadership: CFO transition and appointment of Sarah Romano effective April 1, 2025; watch for capital markets strategy updates .
*Estimates unavailable due to S&P Global rate limits at time of request.