Vicarious Surgical Reports Q4 and FY 2023 Financial Results
DENVER, Colo., Mar 05, 2024 (247marketnews.com)- Vicarious Surgical Inc. (NYSE:RBOT) reported, after yesterday’s market close, its fourth quarter and full year 2023 financial results.
RBOT is trading at $0.41, up $0.05 (+13.94%), on 115.58K shares.
Vicarious Surgical expects to reduce its full year cash burn rate from $63.4 million, in 2023, to approximately $50 million, in 2024, and it has nearly $100 million in cash and equivalents. Furthermore, it stated that it expects to begin cadaver testing this spring.
“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.”
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Cautionary Statement Regarding Forward Looking Information
Statements in this press release about the Company’s future and expectations other than historical facts are “forward-looking statements.” These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as “believes,” “plans,” “expects,” “anticipates,” “foresees,” “estimated,” “hopes,” “if,” “develops,” “researching,” “research,” “pilot,” “potential,” “could” or other words or phrases of similar import. Forward looking statements include descriptions of the Company’s business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.
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