Adam Sachs, the CEO of Vicarious Surgical Inc. (NYSE:RBOT), has sold 817 shares of the company's Class A common stock, according to a recent SEC filing. The shares were sold at an average price of $8.9691, totaling approximately $7,327. This transaction was carried out to cover tax withholding obligations related to the vesting of restricted stock units granted in May 2022. Following the sale, Sachs retains ownership of 54,244 shares in the company.
In other recent news, Vicarious Surgical reported a narrowed net loss in its third quarter results, showing significant progress in their financial health. The adjusted net loss for the quarter was down to $17 million from last year's $20.4 million, and operating expenses also decreased by 17%, totaling $17.8 million. On the technological front, the company is nearing the completion of its single-port robotic surgery platform, with the first patient expected to be treated within a year.
Piper Sandler has adjusted its outlook on Vicarious Surgical, reducing the price target to $10.50 from the previous $12.00 while maintaining a neutral rating. This follows the company's third-quarter results, which disclosed an adjusted earnings per share (EPS) of -$2.87, falling short of the anticipated -$2.58 EPS.
Vicarious Surgical is also making strides in its clinical programs, selecting specific sites for an overseas clinical trial for ventral hernia. This step is part of the company's strategy to prepare for commercialization. The company maintains a strong cash position with $61 million in hand, projecting a cash burn of $50 million for the year. These are the recent developments in Vicarious Surgical's journey.
InvestingPro Insights
While Adam Sachs's recent sale of Vicarious Surgical Inc. (NYSE:RBOT) shares was primarily to cover tax obligations, investors may want to consider additional financial metrics and market trends when evaluating the company. According to InvestingPro data, Vicarious Surgical has a market capitalization of $56.38 million, reflecting its current position in the medical technology sector.
InvestingPro Tips highlight that RBOT holds more cash than debt on its balance sheet, which could provide financial flexibility in the capital-intensive medical device industry. However, the company is quickly burning through cash, a common characteristic of growth-stage medical technology firms investing heavily in research and development.
The stock has shown strong performance over the last three months, with a price total return of 29.93%. This recent uptick contrasts with the company's year-to-date performance, which shows a -17.92% return. Investors should note that RBOT is currently trading at 44.62% of its 52-week high, suggesting potential room for recovery if market sentiment improves.
It's worth noting that Vicarious Surgical does not pay a dividend, which is typical for companies prioritizing growth and reinvestment. The company's price-to-book ratio of 0.97 indicates that the stock is trading close to its book value, potentially offering value to investors if the company can improve its financial performance.
For those interested in a more comprehensive analysis, InvestingPro offers 11 additional tips for RBOT, providing deeper insights into the company's financial health and market position.
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