BTIG initiated coverage of Vicarious Surgical (NYSE:RBOT) with a “buy” rating and $15 price target. The stock closed at $10.57 on Oct.15.
Vicarious Surgical is a pre-commercial development-stage surgical robotics company that has created a novel platform system that builds on previous generation surgical robotic technology.
Analyst Ryan Zimmerman writes that the Vicarious Surgical system features more degrees of freedom per arm for enhanced reach and anatomical access, smaller ports for smaller incisions and quicker recovery, 360 degrees of view, and an overall smaller footprint to fit into any operating suite.
“We believe these features will appeal to physicians and hospitals alike with much more to come following initial clearances,” he added.
Vicarious Surgical recently went public through a deal with a special purpose acquisition company, D8 Holdings, giving Vicarious Surgical sufficient capital and a public vehicle to bring its technology to the large and growing surgical robotics market, Mr. Zimmerman said. The capital raised in the transaction puts $220-million on the balance sheet.
Vicarious Surgical’s initial focus is on the fast growing robotic hernia market, which remains underpenetrated. Mr. Zimmerman expects Vicarious Surgical to have its first unit commercial launch in 2023, with other indications to follow.
