RBOTOTCOrthopedic, Prosthetic & Surgical Appliances & SuppliesUS GAAP · USD

Vicarious Surgical Inc.

Vicarious Surgical Inc. is a U.S.-based medical technology company developing a single-port robotic surgical system for minimally invasive procedures. Its platform combines miniaturized robotics, sensing, computer science, and 3D visualization to support surgeons performing operations through a small access point.

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Operating profit (EBIT)-50.0m USD
+24.8 %y/y
Net income-50.2m USD
+20.6 %y/y
Free cash flow-45.2m USD
+9.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-100-80-60-40-200m USD2020: EBIT -13 m USD20202021: EBIT -38 m USD20212022: EBIT -80 m USD20222023: EBIT -81 m USD20232024: EBIT -67 m USD20242025: EBIT -50 m USD2025-50
RevenueOperating profit (EBIT)
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Business

Share of revenue
Robotic surgical systems100 %

Single-port robotic platforms designed to support minimally invasive surgery.

Customers

The company’s intended customers are hospitals and ambulatory surgery centers that would purchase robotic systems for surgical procedures. Its first planned clinical application is ventral hernia repair, with broader use cases in abdominal and gynecological surgery over time.

Hospitals

Large acute-care hospitals that would buy the system for minimally invasive surgical procedures and operating-room capability.

Ambulatory surgery centers

Outpatient surgical facilities that would use the platform for selected procedures where efficiency and access matter.

Surgeons and clinical users

Physicians and surgical teams who influence adoption based on usability, precision, and workflow benefits.

International healthcare providers

Non-U.S. hospitals and surgical centers that may adopt the system after regulatory approvals and market entry.

Strategy

The company is focused on advancing its single-port robotic surgery platform toward regulatory authorization and eventual commercialization. Its strategy centers on proving clinical utility, building surgeon and hospital adoption, and expanding the platform across additional procedures and geographies.

Obtain regulatory authorizationShort term

Commercial sales depend on FDA and other regulatory approvals.

Prove clinical and economic valueMedium term

Hospitals and surgeons need evidence of precision, efficiency, and outcomes before adoption.

Expand procedure coverageMedium term

A broader indication set increases the addressable market and long-term adoption potential.

Prepare for commercial scale-upMedium term

Manufacturing, supply chain, and sales infrastructure must support future system deployment.

Geography

Vicarious Surgical is headquartered and manufactures in Waltham, Massachusetts, in the United States. The company currently serves a U.S. development and regulatory base, while also expecting future international commercialization and clinical activity.

Risks

The business depends on successful product development, regulatory approval, and eventual market acceptance of a complex surgical robot. It also faces execution risk from product reliability, supplier concentration, competition from established surgical robotics companies, and the need to maintain access to public markets and capital.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory approval risk1Going-concern and capital access risk2Competitive risk3NYSE listing compliance risk4Product performance and liability risk5Supplier concentration risk6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory approval riskImpact: CriticalLikelihood: High

    The company cannot generate product revenue until the system receives FDA authorization and other approvals.

    Exposure: Commercial launch timing

  2. Going-concern and capital access riskImpact: CriticalLikelihood: High

    The company disclosed substantial doubt about its ability to continue as a going concern, reflecting dependence on external funding.

    Exposure: Liquidity and operating runway

  3. Competitive riskImpact: HighLikelihood: High

    Established players such as Intuitive Surgical, Johnson & Johnson, Medtronic, Stryker, and CMR Surgical compete in robotic surgery.

    Exposure: Market adoption and pricing power

  4. NYSE listing compliance riskImpact: HighLikelihood: High

    The company received notice that it was no longer in compliance with minimum market capitalization standards.

    Exposure: Public market access and investor perception

  5. Product performance and liability riskImpact: HighLikelihood: Medium

    A surgical robot must work reliably in complex procedures, and defects could cause patient harm, recalls, or reputational damage.

    ExposureSystem designManufacturingClinical use
  6. Supplier concentration riskImpact: MediumLikelihood: Medium

    Some components are sole-sourced or single-sourced, which can disrupt assembly and testing if supply is interrupted.

    Exposure: Manufacturing and preclinical/clinical builds

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Accounting

Judgemental items
Warrant liabilities

Public and private warrants are carried as liabilities and marked to fair value each reporting period, affecting reported earnings.

Impact: Can create non-cash gains or losses in the statement of operations

Pre-revenue expense recognition

With no product sales, operating results are driven by development, regulatory, and personnel costs.

Impact: Makes period-to-period comparisons sensitive to spending cadence

Fair value of investments

Short-term investments and marketable securities affect interest income and liquidity presentation.

Impact: Can influence other income and cash management disclosures

Going-concern assessment

Management must evaluate whether available resources are sufficient to fund operations.

Impact: Important for interpreting liquidity and financial statement assumptions

Similar listed companies

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Last updated: 24/09/2026