Vicarious Surgical Inc.

Ladies and gentlemen, thank you for standing by. The Vicarious Surgical's 2024 first quarter earnings call will begin shortly. If you would like to register a question at any time, please press star 1 on your telephone keypad. Thank you. Hello and welcome to Vicarious Surgical's 2024 First Quarter Earnings Call. My name is Elliot and I'll be coordinating your call today. If you would like to register a question during today's event, please press star followed by one on your telephone keypad. I'd now like to hand over to Caitlin Brosco, Head of Investor Relations. The floor is yours. Please go ahead.

Thanks, Elliot, and thank you all for joining. With me today for prepared remarks are Adam Sachs, Co-Founder and Chief Executive Officer, and Bill Kelly, Chief Financial Officer. Later, Randy Clark, our new company president, will join for the Q&A portion of this call. Today after market close, Vicarious Surgical released financial results for the three months ended March 31st, 2024. A copy of this press release is available on the company website. Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results, or performance are forward-looking statements. All forward-looking statements, including, without limitation, those relating to obtaining approval for the Vicari Surgical System and timing for any such approval, our operating trends, and future financial performance, expense management, market opportunity, and commercialization are based upon our current estimates and various assumptions. These statements involve material risks and uncertainties that would cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place any undue reliance on these statements. For a list and description of the risks and uncertainties associated with the business, please refer to the risk factors set forth in our Securities and Exchange Commission filings, including our most recent Form 10-K and Form 10-Q. This conference call contains time-sensitive information and is accurate only of this live broadcast today, April 29, 2024. Vicarious Surgical disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. Now, I'll hand the call over to Adam for prepared remarks.

Thanks, Kate, and thank you, everyone, for joining us. I'm proud to report a strong start to the year as we advance our mission to improve lives by transforming surgical robotics. In the first quarter, we made meaningful progress toward the finalization of our V1.0 system. The collective efforts of our development team culminated in the completion of our spring cadaver lab at the end of March. This lab marks the first use of our integrated V1.0 system in a cadaveric procedural setting, with the primary goal of validating the capabilities and potential of the new system's feature set. I'm pleased to share that the lab proceeded as we had anticipated, verifying several advancements in development and yielding valuable insights across the system. During the lab, our v1.0 shift system showcased the tremendous potential inherent in our novel platform, underpinned by the new fortified software, electronic, and mechanical architecture, And supported by enhanced instrumentation and visualization technology, the V1.0 system exhibited the dynamic motion capabilities of our patient cart, facilitated maneuverability within the abdominal cavity, and enabled 360-degree visualization and access to targeted surgical sites. We highlighted many of these specific V1.0 development goals in our remarks last year, and I'm happy to report the success of our team's diligent efforts, Tim. As anticipated, in addition to our development success, the lab offered insight into the additional refinements required for our final system. Over the next few quarters, our team will focus on leveraging these insights to fine-tune the V1.0 system in preparation for formal verification and validation testing. Taking a step back, I'd like to contextualize the detailed development work we are performing against the broader landscape for surgical robotics to remind our stakeholders why we believe our offering is poised to take a disproportionate share of this market over time. Even with considerable progress over the past few decades, the field of surgical robotics is still in its infancy. Despite substantial growth and various new market entrants, around 96% of the estimated $150 billion market opportunity remains white space. recent strategic activity in the space continues to strongly support this notion that robotics is the future of surgery. And while existing robotic technology has notably augmented surgeons' capabilities, these multi-port systems have amplified costs for the hospital system without addressing the technology's fundamental limitations. For example, Lack of instrument dexterity and range of motion constrain surgeons to utilizing wrist-on-a-stick instruments that necessitate multiple incisions to the patient and require cumbersome instrument triangulation by the surgeon. This approach introduces complexity, both during the procedure and in preoperative steps, contributing to the steep learning curve for new users and the low 4% adoption rate for surgical robotics today. Vicarious Surgical was founded on the recognition of these limitations of multi-port surgical robots. Instead of building off legacy robotic technology, we reimagined surgical robotics from the ground up. Core to our reimagined architecture is our proprietary decoupled actuator technology, which prevents the force buildup in the joints of each instrument arm. significantly enhancing the dexterity and range of motion of our system and thereby eliminating the need for multiple incisions required for instrument triangulation. Through a single 18 millimeter incision, our system is designed to achieve full intra-abdominal access with high force exertion for our targeted surgical indications. We believe this streamlined approach will enhance procedural efficiency and remove the training demands on new surgeons for every procedure. With today's offerings predominantly limited to multi-port wrist-on-a-stick technology, we, along with our hospital system partners, see this as a distinct clinical and commercial advantage. We're confident that our technology's unique capabilities will establish a lasting competitive edge for us in the robotic-assisted surgery market. And with the completion of our spring cadaver lab, we are excited to have taken another step towards finalizing our differentiated system. With that, I will turn it over to Bill to review our financial performance.