White Diamond

We Interviewed Some of the First Surgeons to use Microbot Medical’s LIBERTY Endovascular Robotic System, And It’s Clear That It Will Be A Commercial Failure – $1 Price Target Microbot Medical $MBOT has one product, the LIBERTY Endovascular Robotic System, and it has recently begun its full launch. Our research shows that it won’t sell well because it is an expensive, wasteful, unreimbursed device and doesn’t have any clinical benefits to patients. Our first interview with a surgeon who has used the LIBERTY went from us asking how good it is to the surgeon telling us how bad it is. “(The LIBERTY) is extra work, you could do the surgery yourself without the robot faster, with equal accuracy, and it’s gonna cost you an extra $3,000”, the surgeon bluntly told us. This surgeon also made the following statements: “and this is all anonymous, you know, because I don’t need the company getting pissed off at me….., but, um, you know, in its current form, I don’t know that it’s gonna impact our practice.” “And, and, you know, that’s, that’s the reality for an investor. That’s what an investor should know.” There’s no medical reimbursement for the LIBERTY. It costs hospitals an extra $3K-4K per procedure with the LIBERTY compared to doing the surgery by hand. Hospitals don’t make enough from these procedures to justify paying that much extra. The entire device is thrown away only after one use, even the bulky remote control and robotic drive unit. This is very wasteful. We also interviewed Dr. Charles Briggs from Tampa General Hospital, and he said he’s the only one there who really uses the LIBERTY out of the hospital’s 15 vascular surgeons. Briggs said he only uses the LIBERTY about once every week and a half. Because of its single-use design we can correlate infrequent use with weak sales. The LIBERTY is not ready to handle a full peripheral vascular procedure and is only compatible with the small caliber .014” guidewire, not the standard .018” guidewire. In the Needham Healthcare presentation on 4/15/26, MBOT’s Founder and CEO, Harel Gadot, stated that MBOT had $80M at the end of 2025, and will have a high $2.5M per month burn rate in 2026. That’s significantly higher than their historical monthly burn rate of about $1M, and gives them less than 3 year’s worth of cash runway. MBOT has plenty of cash for marketing the LIBERTY. However, on 4/10/26, MBOT filed to raise another $39M, which suggests there will be more dilution in the near future. Gadot was also the founder of XACT Robotics. XACT had a surgical robot similar to the LIBERTY, also used for vascular surgery, which was a commercial failure. In 2023, XACT ran out of money and shut down because it was unable to raise more investor capital. We see MBOT going down the same road. We have a $1 price target on MBOT, which we believe is generous, as the stock will likely be trading below cash value once it’s apparent that the LIBERTY is a commercial failure and the company will just be burning through its cash over the next few years. See full report here: whitediamondresearch.com/res…