Vicarious Surgical Inc. (NYSE:RBOT) CEO Adam David Sachs has recently sold a portion of his company shares, primarily to cover tax withholding obligations related to the vesting of restricted stock units. The transaction, which took place on September 20, 2024, involved the sale of 139 shares of Class A Common Stock at a weighted average price ranging from $5.67 to $5.95 per share.
The total value of the shares sold by Sachs amounted to approximately $802, with the average selling price per share standing at $5.7733. This sale was not part of a regular trading plan but was specifically carried out to fulfill tax responsibilities associated with the vesting of restricted stock units granted to the CEO on November 23, 2021.
Following the transaction, Sachs remains a significant holder of Vicarious Surgical stock, with 55,061 shares still under his direct ownership. The CEO's decision to sell these shares is a common practice among executives to manage tax implications following the vesting of equity awards.
Investors and stakeholders in Vicarious Surgical Inc., a company specializing in orthopedic, prosthetic, and surgical appliances and supplies, can request detailed information about the exact number of shares sold at each price point from the CEO if needed.
The sale was reported in accordance with regulatory requirements, and the details of the transaction have been made publicly available for investors' perusal. Vicarious Surgical Inc. continues to focus on its mission within the healthcare sector, providing innovative solutions to the market.
In other recent news, Vicarious Surgical Inc. reported its Q2 financial results, revealing adjusted earnings per share (EPS) of -$2.86, slightly missing the consensus estimate of -$2.72. The company's operating expenses increased by 17% year-over-year to $17.7 million, primarily due to investments in research and development (R&D) and general and administrative (SG&A) expenses. Despite these rising costs, the firm confirmed it is on track with the development of its V1.0 system, projected to be completed by Fall 2024.
Simultaneously, an analyst from TD Cowen raised the price target for Vicarious Surgical shares to $10.00, citing the company's positive strides in robotic system development. In contrast, Piper Sandler lowered its price target to $12, maintaining a neutral stance after reviewing the Q2 results.
Vicarious Surgical is making significant progress in its V1.0 surgical system integration, with partnerships established with hospital systems like LSU Health New Orleans. The company anticipates beginning surgical operations on humans around the same time next year, aligning with previous projections. These are among the recent developments for Vicarious Surgical, which is effectively managing its cash reserves and projecting a cash burn of around $50 million for 2024.
InvestingPro Insights
Vicarious Surgical Inc. (NYSE:RBOT) CEO's recent share sale to cover tax obligations may raise questions among investors regarding the company's financial health and stock performance. InvestingPro data provides a deeper look into the company's financial metrics that could be influencing executive decisions and investor sentiment. As of the last twelve months leading up to Q2 2024, Vicarious Surgical holds a market capitalization of $32.61 million, with a significantly low price-to-book ratio of 0.46, suggesting that the market may be undervaluing the company's assets relative to its share price.
One of the InvestingPro Tips indicates that Vicarious Surgical is not expected to turn a profit this year, which aligns with the company's reported operating income of -$69.99 million for the same period. This financial outlook may also be reflected in the stock's recent performance, with a one-month price total return of -16.28% and a steep one-year price total return of -72.93%. This suggests a challenging period for the company's stock, which could be a contributing factor to the CEO's share sale.
While the company is facing headwinds, it's important to note that Vicarious Surgical holds more cash than debt on its balance sheet, according to another InvestingPro Tip. This indicates a degree of financial stability that may provide some assurance to investors. For those seeking further insights, InvestingPro offers additional tips on Vicarious Surgical Inc., available at InvestingPro's dedicated page for the company.
Investors considering Vicarious Surgical as part of their portfolio may find it beneficial to review the full suite of InvestingPro Tips, which currently lists 10 additional insights into the company's financial health and market performance.
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