Monogram Orthopaedics Inc(MGRM) 2023Q1 Earnings Summary
Bullish Points:
1. Monogram Orthopaedics is developing a product solution architecture to enable patient-optimized orthopaedic implants using 3D printing and robotics with advanced pre-operative imaging.
2. The company has a robot prototype that can autonomously execute optimized paths for high precision insertion of implants in synthetic bone specimens.
3. The total joint replacement devices market as of 2021 was approximately $19.4 billion globally, with the reconstructive joint replacement market expected to grow at an annual rate of between 3 and 3.4 percent.
4. Monogram aims to capitalize on the growing market for optimized press-fit implants combined with navigated robotic bone preparation.
5. The global market for Knee Joint Reconstruction Sales in 2021 was estimated to be $9.0 billion, up from $7.8 billion in 2020, and projected to increase to $10 billion by 2025.
6. Monogram raised $21,129,000 from the sale of 3,154,786 shares of Series B Preferred Stock and $3,867,000 in net proceeds from the issuance of 464,049 shares of Series C Preferred Stock.
7. The Company raised $17,216,147 in gross proceeds from the Common Stock Offering, receiving net proceeds of $16,011,017.
Bearish Points:
1. For the three months ended March 31, 2023, the company reported a net loss of $3,858,722, compared to a net loss of $4,504,659 for the same period in 2022.
2. The company had cash and cash equivalents of $7,718,518 as of March 31, 2023, compared to $10,468,645 as of December 31, 2022.
3. Monogram Orthopaedics has not yet made 510(k) premarket notification submissions or obtained 510(k) clearances for any of its robotic products, and FDA approval is required to market their products.
4. The company did not generate any revenues during the three months ended March 31, 2023, or 2022, and is currently focused on commercialization of its robotic products.
5. As of March 31, 2023, the Company had $9,783,056 in total liabilities, with $7,516,578 represented by the estimated fair value of the warrant liability.
6. The Company had a net loss of $3,858,722 for the year ended March 31, 2023, and an accumulated deficit of $41,622,169 as of March 31, 2023.
In summary, Monogram Orthopaedics Inc. is developing innovative solutions in the orthopaedic implants market using 3D printing and robotics. The company is targeting a growing market with significant potential. However, they have not yet obtained FDA approval for their products and are currently not generating revenue. The company also reported a net loss and has an accumulated deficit. For more information, you can read the original text of Monogram Orthopaedics Inc.'s financial report: https://www.sec.gov/Archives/edgar/data/1769759/000141057823001420/tmb-20230331x10q.htm
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