Monogram Orthopaedics Reports Full Year 2023 Financial Results

Monogram Orthopaedics Inc. (NASDAQ:MGRM), a leader in the medical technology sector focusing on reconstructive joint procedures and surgical robotics, has unveiled its financial and operational achievements for the final quarter and the entirety of the year ending December 31, 2023. The company has successfully maintained its course towards a 510(k) submission with the FDA, planned for the latter half of 2024, thanks to strategic design modifications aimed at reducing clinical trial risks. Further asserting its international presence, Monogram has dispatched its mBôs surgical robot to a major global distributor, marking a significant revenue milestone and broadening its commercial horizons.

Additionally, the introduction of mVision technology represents a breakthrough in registration and tracking, highlighting Monogram's ongoing evolution. The company disclosed a net loss of $13.74 million for 2023, slightly above the previous year's figure, despite an increase in research and development expenses to $10.6 million from $5.4 million due to the development of their sagittal cutting systems and software.

With $13.6 million in cash and cash equivalents as of the year-end, Monogram is optimistic about its financial standing. The company's leadership remains focused on commercialization efforts and FDA approval processes as it aims to streamline orthopedic surgical procedures with its innovative technologies. Monogram is preparing for a promising 2024, with key milestones including completing verification and validation testing, FDA submissions for mBôs system clearance, and initiating OUS live-patient surgery trials.