Monogram Technologies Reports $16.3 Million Net Loss and Zero Revenue for Fiscal Year 2024

Monogram Technologies Inc. reported a net loss of $16.3 million for the fiscal year ending December 31, 2024, compared to a loss of $13.7 million in the previous year. The company did not generate any revenue in 2024, a decline from the $365,000 recognized in 2023 from the sale of a single unit of robotic surgical equipment. This decrease in revenue is attributed to the company's focus on obtaining regulatory approvals for its products, specifically the 510(k) premarket clearance from the U.S. Food and Drug Administration (FDA), which is necessary for commercialization.

Operating expenses for Monogram decreased by 13% to $15.3 million in 2024, down from $17.6 million in 2023. Research and development expenses fell by 17% to $8.8 million, reflecting the completion of the verification and validation phases of the robotic system's development. Marketing and advertising expenses also decreased by 30% to $2.1 million, primarily due to reduced costs associated with fundraising efforts. General and administrative expenses increased by 9% to $4.4 million, largely due to the full-year impact of public company expenses following its listing on Nasdaq in mid-2023.

In terms of strategic developments, Monogram has made significant progress in its regulatory efforts. The company submitted its 510(k) application for its surgical robot on July 19, 2024, which passed the initial FDA Administrative Review. However, the application was placed on hold pending a response to an Additional Information Request (AIR) from the FDA. Monogram has since submitted its response and anticipates a clearance decision for its mBôs™ Total Knee Arthroplasty (TKA) System, which would enable commercialization in the U.S. Additionally, the company announced a collaboration with Shalby Limited to conduct a multicenter clinical trial in India, expected to begin in 2025.

As of December 31, 2024, Monogram had approximately $15.7 million in cash and total liabilities of $3.3 million, down from $3.2 million in the previous year. The company has been primarily funded through securities offerings, including a successful Series D Preferred Stock offering that raised approximately $13 million in October 2024. Monogram's management believes that its current cash reserves, along with additional capital available under its financing agreements, will be sufficient to meet its near-term operational needs.

Looking ahead, Monogram's ability to achieve profitability remains contingent on obtaining the necessary regulatory approvals and successfully commercializing its products. The company is focused on advancing its robotic surgical system and expanding its product offerings in the orthopedic market, which is projected to grow at an annual rate of 4.7% driven by demographic trends and technological advancements. However, the company acknowledges the inherent risks and uncertainties associated with its business model, including competition from established players in the orthopedic device market.