The following is a summary of the Monogram Orthopaedics, Inc. (MGRM) Q4 2023 Earnings Call Transcript:
Financial Performance:
Monogram Orthopaedics ended the year with $13.5 million in cash and also had an account receivable from their first robot sale at the end of the year amounting to $365,000.
Operating cash flow for the year is $13.5 million with a monthly burn rate of $1.1 million.
The company has no debt and has a clean balance sheet.
One strategic investor has shown confidence in the company's progress by converting their warrant for $1.25 million in cash.
Business Progress:
The company's surgical robot, mBôs, is a Class II risk device and the company is working towards getting FDA approval. Significant progress has been made towards design verification and validation testing.
To mitigate the risk of clinical data request, the company is also considering technical improvements in the robot to make it closer to existing market products.
Monogram Orthopaedics is preparing for an overseas clinical trial aiming to reduce safety event rates by 25%.
The company is developing next-generation navigation, mVision, to make surgical procedures faster and efficient by significantly lowering the procedure time and reducing the need for consumables.
Monogram Orthopaedics has largely completed the engineering on its product which is presently undergoing necessary testing for FDA submission. They also believe they have enough capital for that submission.
Active efforts are being made regarding budgeting, timelines, and milestones for potential institutional investors, including the retention of investment banks for better deal flow and coverage. The company also plans to leverage crowdfunding for investment.
Expansion into large markets such as India is under consideration for future growth.
More details: Monogram Orthopaedics IR
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