Monogram Orthopaedics Inc. (NASDAQ:MGRM) shares were somewhat on Friday. The Austin, Texasa-based medical technology company reported its financial and operational results for the year ended December 31, 2023.
Research and development expenses were $10.6 million, compared to $5.4 million the prior year. General & Administrative expenses increased to $4.0 million compared to $2.5 million in 2022. Net loss was $13.74 million for the year ended December 31, 2023 compared to a net loss of $13.69 million for the year ended December 31, 2022.
The Company's plan to aggressively accelerate 510(k) submission with design modifications that management believes reduce the risk of a clinical trial is on track. The Company anticipates Verification and Validation completion on the upgraded design as early as the first half of 2024. The Company is fully funded to anticipated 510(k) submission in the second half of 2024.
Delivered mBôs surgical robot to one of the world's largest global robotics distributors in a first sale, representing a key revenue milestone and paving the way for broader commercialization. The Company is moving forward with an OUS clinical trial that will support US and OUS post-launch marketing or US 510(k) submission, depending on FDA feedback.
Introduced mVision technology, a novel approach to registration and tracking that the company is now working on as a standalone product or for integration into the mBôs surgical robotic system in the future.
MGRM shares dropped a penny soon after the open to just below two dollars.
