Full Press Release Details
Vicarious Surgical Reports Fourth Quarter and
Full Year 2022 Financial Results
Meets Full Year 2022 Cash Burn Objective of $67
Announces Cost-Reduction Initiatives to Optimize
Cash Burn and Extend Cash Runway
Provides Full Year 2023 Cash Burn Guidance of $55-$65
WALTHAM, Mass.-- (BUSINESS WIRE) - February 13, 2023 -
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 both the cost and efficiency of surgical procedures, today announced
financial results for the quarter and full year ended December 31, 2022. Management will host a
corresponding conference call at 4:30 p.m. ET today, February 13, 2023.
"2022 was a transformational year for Vicarious Surgical. In
our first full year as a public company, we secured a number of value-generating hospital system partnerships and achieved a major development
milestone with the successful completion of our Beta 2 system," said Adam Sachs, Chief Executive Officer of Vicarious Surgical.
"Given the macroenvironment, we have thoughtfully implemented cost reduction efforts across our sales, general and administrative
functions to extend our cash resources and prioritize investment in our critical business initiatives. With $116 million in cash on the
balance sheet as of year end, we now have approximately two years of cash runway to fund continued execution of our upcoming milestones
and the future delivery of our differentiated surgical robotic system."
Year 2022 and Recent Highlights
Quarter 2022 Financial Results
Full Year 2022 Financial Results
Vicarious Surgical will host
a conference call at 4:30 p.m. ET on Monday, February 13, 2023, to discuss its fourth quarter and full year 2022 financial results. The
call may be accessed through an operator by dialing + 1 (646) 904 5544 for domestic callers or + 1 (929) 526 1599 for international
callers, using access code: 310939 . 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 a unique disruptive technology with the multiple goals of substantially increasing the efficiency of surgical procedures, improving
patient outcomes, and reducing healthcare costs. The Company's novel 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 technology luminaries including 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 headquartered in Waltham, Massachusetts. Learn more at www.vicarioussurgical.com.
Use of Non-GAAP Financial Measures
In addition to providing financial measurements
that have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"),
Vicarious Surgical provides additional financial metrics that are not prepared in accordance with U.S. 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
in order to assist readers of its consolidated financial statements in understanding 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 for investors to use in comparing 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
measures for business planning purposes and forecasting. Vicarious Surgical believes that the Non-GAAP Financial Measures enhance an investor's
understanding of Vicarious Surgical's financial performance as it is useful in assessing its operating performance from period-to-period
by excluding certain items that Vicarious Surgical believes are not representative of its core business.
The Non-GAAP Financials Measures may not be comparable
to similarly titled measures of other companies because they may not calculate this measure in the same manner. Adjusted Net Loss and
Adjusted EPS are not prepared in accordance with U.S. GAAP and should not be considered in isolation of, or as an alternative to, measures
prepared in accordance with U.S. GAAP. When evaluating Vicarious Surgical's performance, you should consider the Non-GAAP Financial
Measures alongside other financial performance measures prepared in accordance with U.S. GAAP, including net loss.
The Non-GAAP Financial Measures do not replace
the presentation of Vicarious Surgical's U.S. 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 U.S. GAAP. In this press release, Vicarious Surgical has
provided a reconciliation of Adjusted Net Loss to net loss, the most directly comparable U.S. GAAP financial measure, and the calculation
Forward-Looking Statements
This press release includes "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, consequently, you should
not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical facts
contained herein, including without limitation the quotations of our Chief Executive Officer regarding Vicarious Surgical's opportunity,
among other things, are forward-looking statements that reflect the current beliefs and expectations of management. These forward-looking
statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in
the forward-looking statements. Most of these factors are outside Vicarious Surgical's control and are difficult to predict. Factors
that may 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; the ability of Vicarious Surgical 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
product candidates 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 the Vicarious
Surgical; Vicarious Surgical's ability to identify, in-license or acquire additional technology; Vicarious Surgical's ability
to maintain its existing license, manufacture, supply and distribution agreements; Vicarious Surgical's ability to compete with
other companies currently marketing or engaged in the development of products and services that Vicarious Surgical is currently marketing
or developing; the size and growth potential of the markets for Vicarious Surgical's product candidates and services, and its ability
to serve those markets, either alone or in partnership with others; the pricing of Vicarious Surgical's product candidates and services
and reimbursement for medical procedures conducted using its product candidates and services; the company's estimates regarding
expenses, revenue, capital requirements and needs for additional financing; Vicarious Surgical's financial performance; 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 indicated from time to time in Vicarious Surgical's filings with the
SEC. Vicarious Surgical cautions that the foregoing list of factors is not exclusive. The company cautions readers not to place undue
reliance upon any forward-looking statements, which speak only as of the date made. Vicarious Surgical does not undertake or accept any
obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances on which any such statement is based.
VICARIOUS SURGICAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 11,877 | $ | 9,255 | $ | 43,900 | $ | 22,059 | ||||||||
| Sales and marketing | 1,838 | 1,568 | 6,463 | 2,961 | ||||||||||||
| General and administrative | 6,895 | 6,997 | 29,715 | 13,203 | ||||||||||||
| Total operating expenses | 20,610 | 17,820 | 80,078 | 38,223 | ||||||||||||
| Loss from operations | (20,610 | ) | (17,820 | ) | (80,078 | ) | (38,223 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Change in fair value of warrant liabilities | 8,709 | 39,617 | 84,000 | 3,085 | ||||||||||||
| Interest income | 832 | 19 | 1,435 | 20 | ||||||||||||
| Interest expense | (111 | ) | (30 | ) | (200 | ) | (89 | ) | ||||||||
| Income/(loss) before income taxes | (11,180 | ) | 21,786 | 5,157 | (35,207 | ) | ||||||||||
| Provision for income taxes | - | - | - | - | ||||||||||||
| Net income/(loss) and comprehensive gain/(loss) | $ | (11,180 | ) | $ | 21,786 | $ | 5,157 | $ | (35,207 | ) | ||||||
| Net income/(loss) per share of Class A and Class B common stock, basic | $ | (0.09 | ) | $ | 0.18 | $ | 0.04 | $ | (0.36 | ) | ||||||
| Net income/(loss) per share of Class A and Class B common stock, diluted | $ | (0.09 | ) | $ | 0.17 | $ | 0.04 | $ | (0.36 | ) | ||||||
| Weighted average shares, basic | 123,515,191 | 118,885,832 | 121,791,878 | 96,690,716 | ||||||||||||
| Weighted average shares, diluted | 123,515,191 | 130,270,170 | 127,528,509 | 96,690,716 |
VICARIOUS SURGICAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
| December 31, | ||||||||
| 2022 | 2021 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 116,208 | $ | 173,507 | ||||
| Prepaid expenses and other current assets | 4,196 | 4,867 | ||||||
| Total current assets | 120,404 | 178,374 | ||||||
| Restricted cash | 936 | 1,055 | ||||||
| Property and equipment, net | 6,586 | 2,250 | ||||||
| Right-of-use assets | 12,273 | - | ||||||
| Other long-term assets | 92 | - | ||||||
| Total assets | $ | 140,291 | $ | 181,679 | ||||
| Liabilities, Convertible Preferred Stock and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,731 | $ | 1,500 | ||||
| Accrued expenses | 5,808 | 4,098 | ||||||
| Lease liabilities, current portion | 838 | - | ||||||
| Current portion of equipment loans | 16 | 47 | ||||||
| Current portion of term loan | - | 600 | ||||||
| Total current liabilities | 8,393 | 6,245 | ||||||
| Lease liabilities, net of current portion | 14,832 | - | ||||||
| Deferred rent | - | 1,631 | ||||||
| Equipment loans, net of current portion | - | 16 | ||||||
| Term loan, net of current portion and issuance costs | - | 675 | ||||||
| Warrant liabilities | 6,021 | 90,021 | ||||||
| Total liabilities | 29,246 | 98,588 | ||||||
| Stockholders' equity: | ||||||||
| Class A Common Stock | 11 | 10 | ||||||
| Class B Common Stock | 2 | 2 | ||||||
| Additional paid-in capital | 172,673 | 149,877 | ||||||
| Accumulated deficit | (61,641 | ) | (66,798 | ) | ||||
| Total stockholders' equity | 111,045 | 83,091 | ||||||
| Total liabilities and stockholders' equity | $ | 140,291 | $ | 181,679 |
VICARIOUS SURGICAL INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
(in thousands, except share and per share data)
Adjusted net loss and Adjusted EPS
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Net income/(loss) | $ | (11,180 | ) | $ | 21,786 | $ | 5,157 | $ | (35,207 | ) | ||||||
| Change in fair value of warrant liabilities | 8,709 | 39,617 | 84,000 | 3,085 | ||||||||||||
| Adjusted net loss | (19,889 | ) | (17,831 | ) | (78,843 | ) | (38,292 | ) | ||||||||
| Adjusted EPS, basic | $ | (0.16 | ) | $ | (0.15 | ) | $ | (0.65 | ) | $ | (0.40 | ) | ||||
| Adjusted EPS, diluted | $ | (0.16 | ) | $ | (0.15 | ) | $ | (0.65 | ) | $ | (0.40 | ) | ||||
| Weighted average shares, basic | 123,515,191 | 118,885,832 | 121,791,878 | 96,690,716 | ||||||||||||
| Weighted average shares, diluted | 123,515,191 | 118,885,832 | 121,791,878 | 96,690,716 |
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