BRAINTREE, Mass. - Microbot Medical Inc. (NASDAQ:MBOT), a developer of robotic surgical systems, announced the completion of the first phase of its collaboration with Corewell Health. The initial stage involved evaluating the technical capabilities of the LIBERTY Endovascular Robotic Surgical System for use in various endovascular interventions.
The collaboration aims to enable telerobotics, allowing remote centers to perform procedures using the LIBERTY System. Corewell Health, led by Dr. Ryan Madder, Section Chief of Interventional Cardiology, is actively assessing the system's potential for remote endovascular procedures.
An abstract of the study results, published in the Journal of the American College of Cardiology: Cardiovascular Interventions, detailed the successful use of the LIBERTY System in pre-clinical trials for coronary guidewire and stent delivery.
Microbot Medical's LIBERTY System is designed to improve endovascular surgical robotics by offering a more compact and less expensive option than currently available technologies. The system also aims to reduce radiation exposure and physical strain on physicians. The company believes that the LIBERTY System's remote operation could democratize endovascular interventional procedures.
The next step in the collaboration will investigate further applications of the LIBERTY System, including the possibility of conducting remote endovascular procedures. The company's press release statement indicates that this phase will explore the system's full potential within the field of telerobotics.
Microbot Medical is a pre-clinical stage company that focuses on micro-robotic technology to enhance clinical outcomes and access through the human body's natural and artificial lumens. The information provided is based on a press release statement and includes forward-looking statements subject to risks and uncertainties, including the development and commercialization of the LIBERTY System and regulatory approvals.
InvestingPro Insights
Microbot Medical Inc. (NASDAQ:MBOT) has been making strides in the development of its LIBERTY Endovascular Robotic Surgical System, signaling a potential leap forward in the field of robotic-assisted surgeries. As the company progresses through its collaboration with Corewell Health, investors and industry observers are closely monitoring its financial health and market performance.
InvestingPro data shows that Microbot Medical holds a market capitalization of $12.67 million. The company's stock price has been under pressure, trading near its 52-week low and reflecting a significant price drop of 28.46% over the last month. This volatility is captured by the 1 Month Price Total Return as of April 2023, highlighting the challenges faced by the stock in the short term.
Despite the pioneering technology that Microbot Medical is developing, the company's financial metrics indicate some areas of concern. The adjusted P/E ratio as of Q4 2023 stands at -1.3, and the company has recorded an operating income of approximately -$9.86 million during the same period.
These figures underscore the company's current lack of profitability, an aspect that is also echoed by one of the InvestingPro Tips, which notes that analysts do not anticipate the company will turn a profit this year.
Nonetheless, there are some positive notes in the company's financial standing. Microbot Medical holds more cash than debt on its balance sheet, which is an encouraging sign for its financial stability. Moreover, its liquid assets exceed short-term obligations, providing some cushion against immediate financial pressures.
Investors interested in a deeper analysis can find additional InvestingPro Tips for Microbot Medical. For instance, while the company is quickly burning through cash and suffers from weak gross profit margins, it is also important to consider the potential long-term value of its innovative technology in the healthcare sector. The full suite of InvestingPro Tips can be accessed at: https://www.investing.com/pro/MBOT, with a total of 11 tips available to guide investment decisions. Moreover, users can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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