Vicarious Surgical (NYSE:RBOT) stock was down in after-hours trading after it reported losses that were wider than Wall Street expectations.
The Waltham, Massachusetts–based robotic surgery technology developer this evening reported an adjusted net loss of $18.2 million, or 15¢ per share, for the quarter ended March 31, 2022. The loss was more than triple the $5.2 million that Vicarious Surgical reported during Q1 2021, and it missed The Street by 2 pennies.
RBOT shares were down more than 11% to $3.56 in after-hours trading.
“We have made measurable progress against our developmental and organizational goals, including the completion of our Beta 1 cadaveric surgical testing, qualification of our cleanroom for manufacturing of the Vicarious System, and the launch of our surgeon Luminary Group,” CEO Adam Sachs said in a news release. “We continue generating valuable insights as we finalize the Vicarious System, and we remain as excited as ever about our ability to advance the field of robotic surgery.”
Even though investors initially reacted negatively, BTIG analysts kept their Buy rating and $8 price target.
“In this market environment, companies such as Vicarious Surgical, who are post-SPAC, pre-commercial can be the victims of a ‘shoot first, ask questions later’ risk appetite from many investors,” said BTIG analysts Ryan Zimmerman and Phillip Dantoin. They added that it will admittedly take years before Vicarious Surgical has a commercial product, but the company could still generate incremental value as it progresses through clinical and regulatory milestones.