Monogram Orthopaedics Reports First Quarter 2024 Financial Results

AUSTIN, TX / ACCESSWIRE / May 14, 2024 - Monogram Orthopaedics Inc. (NASDAQ:MGRM), an AI-driven robotics company specializing in orthopedic surgery, has announced its financial results for the first quarter ending March 31, 2024. The company noted that its research and development expenses increased to $2.4 million from $1.9 million in the same quarter of the previous year, which includes expenses related to their new mVision technology and ongoing robot prototype verification and validation.

For general and administrative expenses, the company reported a rise to $1.1 million from $0.8 million, attributed to escalated consulting, insurance, and professional fees. Monogram Orthopaedics also reported a reduced net loss of $3.5 million, down from $3.9 million year over year, demonstrating a slight financial improvement. Their cash and cash equivalents saw a decrease from $13.6 million at the end of 2023 to $10.1 million as of March 31, 2024.

CEO Ben Sexson outlined the company's proactive responses to FDA feedback concerning its mBôs TKA System, expressing optimism about its forthcoming 510(k) submission, expected in the latter half of 2024. Sexson emphasized the importance of the ongoing Verification and Validation phase, expected to be completed by the end of Q2 2024.