Strengths
- CMR Surgical is a still-private startup unicorn and eligible target for this report.
- CMR Surgical has a publicly evidenced core product/platform narrative.
- CMR Surgical has public customer, adoption or partner traction signals.
Diligence report
CMR Surgical
Startup Unicorn Diligence Research Report: CMR Surgical
The investment case depends on whether Versius can translate global procedure adoption and U.S. market entry into capital-efficient, safe and repeatable hospital revenue against entrenched robotic-surgery alternatives.
Company profile
Startup Unicorn Diligence Research Report: CMR Surgical
CMR Surgical is publicly supportable as an active UK private surgical-robotics unicorn with strong evidence for its 2021 USD 600M Series D at a USD 3B valuation, active Companies House status, Versius product positioning and FDA-clearance/adoption milestones. Diligence risk is high because medical-device commercialization, regulatory expansion, product safety, service economics, hospital utilization and current valuation are largely private.
- Website
- cmrsurgical.com
- Sector
- Medical devices / surgical robotics
- Geography
- United Kingdom headquartered; global hospital markets
- Stage
- Private unicorn / late-stage medical technology
- Known aliases
- CMR Surgical Limited, Cambridge Medical Robotics Limited, Versius
- Report version
- 1.0
- Timezone
- Europe/London
Executive summary
Risks
- Regulatory expansion and post-market obligations
- Capital-intensive hardware commercialization
- Hospital adoption and capital-budget friction
- Regulatory expansion and post-market obligations
- Product safety, reliability and clinical-evidence burden
Gaps
- Audited/management financials, KPI definitions and cash runway
- Current cap table, preferences, debt, investor rights and valuation marks
- Customer concentration, usage, retention/churn and contract economics
- Supplier/infrastructure/manufacturing dependencies and cost commitments
- Product roadmap, technical/clinical evidence, quality/security and legal/IP schedules
Risk register
R-002: Capital-intensive hardware commercialization
Manufacturing, inventory, field service, training and hospital sales investment are not quantified publicly.
Diligence request: Review COGS, service margins, inventory, warranty reserves and sales productivity.
R-001: Regulatory expansion and post-market obligations
U.S. clearance is indication-specific and global expansion requires ongoing regulatory compliance.
Diligence request: Review clearance file, labeling, pending indications, adverse events and QMS.
R-003: Stale valuation and opaque cap table
The public USD 3B valuation dates to 2021; current valuation, preferences, debt and runway are not public.
Diligence request: Request cap table, financing docs, debt instruments and fair-value marks.
R-004: Hospital adoption and capital-budget friction
High costs historically hindered robotic surgery adoption.
Diligence request: Validate utilization, reimbursement, sales cycle, pricing and references.
R-006: Product safety, reliability and clinical-evidence burden
Robotics product quality, adverse events, uptime and outcomes are mission critical.
Diligence request: Review QMS, adverse events, recalls, uptime, service tickets and clinical data.
R-010: Product-liability, litigation and insurance exposure unresolved
Medical-device companies can face product-liability and regulatory actions; public sources do not resolve exposure.
Diligence request: Review claims, litigation, insurance, recalls, adverse events and regulatory correspondence.
R-005: Customer and procedure concentration unknown
Patient counts do not disclose revenue by hospital, specialty or country.
Diligence request: Obtain installed-base, utilization, revenue and concentration schedules.
R-007: Supply chain and manufacturing dependency
Robotics hardware may depend on specialized components and service parts not disclosed publicly.
Diligence request: Request supplier concentration, BOM, inventory and quality agreements.
01Financial Information
Public evidence verifies major financing and active status but not current valuation, cash runway, COGS, service margins, inventory, debt or cap-table economics.
I.A Annual and quarterly financial information for the past three years
not publicly verifiable confidence: high
Public research for CMR Surgical is structured in linked tables/figures for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for annual and quarterly financial information for the past three years.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for annual and quarterly financial information for the past three years.
Follow-up questions
- Provide dated data-room materials covering annual and quarterly financial information for the past three years, with source-system exports and management explanations for material changes.
| Item | Public evidence | Diligence readout | Verification |
|---|---|---|---|
| Revenue / installed-base economics | Patient/geography milestones public but not revenue. | Utilization and service attach drive robotics economics. | not_publicly_verifiable |
| COGS / warranty / service | Not publicly disclosed. | Hardware/service margin can consume gross profit. | not_publicly_verifiable |
| Cash runway | Financing history public; burn/runway private. | Global scale-up and U.S. launch require capital. | not_publicly_verifiable |
I.B Financial Projections
not publicly verifiable confidence: high
Public research for CMR Surgical did not surface diligence-grade private schedules for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for financial projections.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for financial projections.
Follow-up questions
- Provide dated data-room materials covering financial projections, with source-system exports and management explanations for material changes.
I.C Capital Structure
partially verified confidence: medium
Public research for CMR Surgical is structured in linked tables/figures for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for capital structure.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for capital structure.
Follow-up questions
- Provide dated data-room materials covering capital structure, with source-system exports and management explanations for material changes.
| Item | Public evidence | Diligence readout | Verification |
|---|---|---|---|
| 2021 Series D | USD 600M financing at USD 3B valuation led by SoftBank Vision Fund 2 and co-led by Ally Bridge Group. | Main public valuation anchor. | verified |
| CB Insights listing | CB Insights listed CMR Surgical as a healthcare unicorn around USD 3B. | Unicorn-list eligibility source. | verified |
| Current mark | No current valuation, debt or runway data found publicly. | Requires cap table and board plan. | not_publicly_verifiable |
| Item | Public evidence | Diligence readout | Verification |
|---|---|---|---|
| SoftBank Vision Fund 2 | Lead investor in 2021 Series D. | Rights, preferences and board influence private. | verified |
| Ally Bridge Group | Co-lead investor in 2021 Series D. | Governance rights private. | verified |
| Other syndicate | RPMI Railpen, Tencent, Chimera, LGT/Lightrock, Watrium, Cambridge Innovation Capital, PFM and GE Healthcare cited. | Ownership and contractual rights unknown. | partially_verified |
I.D Other financial information
not publicly verifiable confidence: high
Public research for CMR Surgical did not surface diligence-grade private schedules for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for other financial information.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for other financial information.
Follow-up questions
- Provide dated data-room materials covering other financial information, with source-system exports and management explanations for material changes.
02Products
Versius is publicly described as modular, portable and digitally connected; price, utilization, service cost, outcomes and reliability data are private.
II.A Description of each product
partially verified confidence: medium
Public research for CMR Surgical is structured in linked tables/figures for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for description of each product.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for description of each product.
Follow-up questions
- Provide dated data-room materials covering description of each product, with source-system exports and management explanations for material changes.
| Item | Public evidence | Diligence readout | Verification |
|---|---|---|---|
| Versius robotic system | Company materials describe compact modular surgical robot. | Differentiation claim requires utilization and service proof. | verified |
| Instruments / 3D vision | Financing release describes fully wristed instruments and 3D HD vision. | Clinical usability and reliability need evidence. | verified |
| Digital ecosystem / Versius Connect | Financing release references digital framework and Versius Connect. | Cybersecurity, adoption and monetization private. | partially_verified |
| Item | Public evidence | Diligence readout | Verification |
|---|---|---|---|
| Sale/lease/rental model | Commercial model not publicly verified. | Determines upfront cash and recurring revenue. | not_publicly_verifiable |
| Consumables/service revenue | Not publicly disclosed. | Potential recurring margin and customer lock-in. | not_publicly_verifiable |
| Training and implementation | Product positioning centers surgeons and hospitals. | Training quality affects safety and adoption. | partially_verified |
03Customer Information
Company-reported global patient adoption is meaningful, yet customer-level revenue, hospital concentration, supplier concentration and severed relationships are not public.
III.A Top customers by application
partially verified confidence: medium
Public research for CMR Surgical is structured in linked tables/figures for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for top customers by application.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for top customers by application.
Follow-up questions
- Provide dated data-room materials covering top customers by application, with source-system exports and management explanations for material changes.
| Item | Public evidence | Diligence readout | Verification |
|---|---|---|---|
| Patients treated | More than 45,000 patients worldwide reported in 2026 release. | Adoption signal; verify against case logs and procedure mix. | partially_verified |
| Geographic adoption | More than 30 countries reported; earlier launch regions include Europe, Australia, India and Middle East. | Broad footprint but country economics unknown. | partially_verified |
| Named top hospitals | Not publicly verified in reviewed sources. | Customer concentration and references remain open. | not_publicly_verifiable |
III.B Strategic relationships
not publicly verifiable confidence: high
Public research for CMR Surgical is structured in linked tables/figures for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for strategic relationships.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for strategic relationships.
Follow-up questions
- Provide dated data-room materials covering strategic relationships, with source-system exports and management explanations for material changes.
| Item | Public evidence | Diligence readout | Verification |
|---|---|---|---|
| Investors / strategic backers | SoftBank, Ally Bridge and international investors publicly named. | Governance and commercial influence unknown. | verified |
| Hospitals / clinical sites | Broad adoption claims but detailed economics not public. | Concentration and utilization unknown. | partially_verified |
| Manufacturing suppliers | Specialized component/supplier data not public. | Supplier concentration and quality dependencies. | not_publicly_verifiable |
III.C Revenue by customer
not publicly verifiable confidence: high
Public research for CMR Surgical is structured in linked tables/figures for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for revenue by customer.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for revenue by customer.
Follow-up questions
- Provide dated data-room materials covering revenue by customer, with source-system exports and management explanations for material changes.
| Item | Public evidence | Diligence readout | Verification |
|---|---|---|---|
| Patients treated | More than 45,000 patients worldwide reported in 2026 release. | Provide revenue, usage, margin, renewal and support data for this item. | partially_verified |
| Geographic adoption | More than 30 countries reported; earlier launch regions include Europe, Australia, India and Middle East. | Provide revenue, usage, margin, renewal and support data for this item. | partially_verified |
| Named top hospitals | Not publicly verified in reviewed sources. | Provide revenue, usage, margin, renewal and support data for this item. | not_publicly_verifiable |
III.D Significant relationships severed within the last two years
not publicly verifiable confidence: high
Public research for CMR Surgical did not surface diligence-grade private schedules for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for significant relationships severed within the last two years.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for significant relationships severed within the last two years.
Follow-up questions
- Provide dated data-room materials covering significant relationships severed within the last two years, with source-system exports and management explanations for material changes.
III.E Top suppliers
not publicly verifiable confidence: high
Public research for CMR Surgical did not surface diligence-grade private schedules for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for top suppliers.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for top suppliers.
Follow-up questions
- Provide dated data-room materials covering top suppliers, with source-system exports and management explanations for material changes.
04Competition
CMR competes in surgical robotics where incumbent scale, hospital budgets and clinical evidence are decisive.
IV.A Competitive landscape by market segment
partially verified confidence: medium
Public research for CMR Surgical is structured in linked tables/figures for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for competitive landscape by market segment.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for competitive landscape by market segment.
Follow-up questions
- Provide dated data-room materials covering competitive landscape by market segment, with source-system exports and management explanations for material changes.
| Item | Public evidence | Diligence readout | Verification |
|---|---|---|---|
| Entrenched robotic surgery platforms | CMR positions Versius around portability and affordability. | Need win/loss and ROI comparisons. | partially_verified |
| Laparoscopic/open workflows | Robotic surgery competes for procedure conversion. | Need clinical ROI and reimbursement proof. | partially_verified |
| New surgical robotic entrants | FDA clearance and global adoption are public differentiators. | Need install-base and pipeline comparison. | partially_verified |
| Item | Public evidence | Diligence readout | Verification |
|---|---|---|---|
| OR flexibility | Compact modular design and portability public. | Need setup time, utilization and surgeon references. | verified |
| Regulatory credibility | FDA 510(k) clearance and patient milestone public. | Need outcomes/adverse events and indication plan. | partially_verified |
| Affordability / ROI | Materials stress accessibility versus high-cost barriers. | Need pricing, reimbursement and service cost. | partially_verified |
05Marketing, Sales, and Distribution
GTM is hospital commercialization across multiple geographies with U.S. expansion after clearance; pipeline, sales productivity and pricing are private.
V.A Strategy and implementation
partially verified confidence: medium
Public research for CMR Surgical is structured in linked tables/figures for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for strategy and implementation.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for strategy and implementation.
Follow-up questions
- Provide dated data-room materials covering strategy and implementation, with source-system exports and management explanations for material changes.
| Item | Public evidence | Diligence readout | Verification |
|---|---|---|---|
| International hospital commercialization | Financing release says funds support global commercialization; 30+ countries cited later. | Need pipeline and regional economics. | partially_verified |
| U.S. launch | 2026 release describes U.S. debut after December 2025 clearance. | Need launch plan and reimbursement strategy. | partially_verified |
| Clinical training | Product is surgeon/hospital centered. | Need training funnel and credentialing data. | partially_verified |
| Item | Public evidence | Diligence readout | Verification |
|---|---|---|---|
| Series D press | Release positioned the financing as a very large MedTech private round. | Investor validation, not current profitability. | verified |
| Patient milestone | 45,000-patient milestone announced at SAGES 2026. | Clinical-use momentum; company-reported. | partially_verified |
| FDA coverage | 510(k) mirror and MedTech Dive report clearance. | Supports U.S. entry credibility; indication-specific. | verified |
V.B Major Customers
not publicly verifiable confidence: high
Public research for CMR Surgical did not surface diligence-grade private schedules for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for major customers.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for major customers.
Follow-up questions
- Provide dated data-room materials covering major customers, with source-system exports and management explanations for material changes.
V.C Principal avenues for generating new business
not publicly verifiable confidence: high
Public research for CMR Surgical did not surface diligence-grade private schedules for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for principal avenues for generating new business.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for principal avenues for generating new business.
Follow-up questions
- Provide dated data-room materials covering principal avenues for generating new business, with source-system exports and management explanations for material changes.
V.D Sales force productivity model
not publicly verifiable confidence: high
Public research for CMR Surgical did not surface diligence-grade private schedules for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for sales force productivity model.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for sales force productivity model.
Follow-up questions
- Provide dated data-room materials covering sales force productivity model, with source-system exports and management explanations for material changes.
V.E Ability to implement marketing plan with current and projected budgets
not publicly verifiable confidence: high
Public research for CMR Surgical did not surface diligence-grade private schedules for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for ability to implement marketing plan with current and projected budgets.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for ability to implement marketing plan with current and projected budgets.
Follow-up questions
- Provide dated data-room materials covering ability to implement marketing plan with current and projected budgets, with source-system exports and management explanations for material changes.
06Research and Development
R&D depends on regulatory expansion, digital ecosystem, clinical evidence and hardware/software quality; detailed roadmap and budget are not public.
VI.A Description of R&D organization
partially verified confidence: medium
Public research for CMR Surgical is structured in linked tables/figures for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for description of r&d organization.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for description of r&d organization.
Follow-up questions
- Provide dated data-room materials covering description of r&d organization, with source-system exports and management explanations for material changes.
| Item | Public evidence | Diligence readout | Verification |
|---|---|---|---|
| Hardware platform | Product materials describe modular robot and instruments. | Manufacturability and quality metrics needed. | verified |
| Digital ecosystem | Versius Connect/digital framework mentioned publicly. | Cybersecurity, usage and roadmap private. | partially_verified |
| Regulatory expansion | FDA clearance and U.S. launch signal development path. | Pending indications and clinical plan private. | partially_verified |
VI.B New Product Pipeline
partially verified confidence: medium
Public research for CMR Surgical is structured in linked tables/figures for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for new product pipeline.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for new product pipeline.
Follow-up questions
- Provide dated data-room materials covering new product pipeline, with source-system exports and management explanations for material changes.
| Item | Public evidence | Diligence readout | Verification |
|---|---|---|---|
| Indication expansion | Initial U.S. clearance for cholecystectomy; other use cases referenced globally. | Request submission roadmap and clinical evidence. | partially_verified |
| Reliability and post-market quality | 45,000-patient claim but detailed event schedule not public. | Request adverse events, recalls, uptime and CAPAs. | not_publicly_verifiable |
| Digital ecosystem | Versius Connect public. | Request monetization and cybersecurity roadmap. | partially_verified |
07Management and Personnel
Public leadership evidence is sparse beyond the 2021 CEO quote; current org, headcount, turnover and incentives require HR diligence.
VII.A Organization Chart
not publicly verifiable confidence: high
Public research for CMR Surgical did not surface diligence-grade private schedules for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for organization chart.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for organization chart.
Follow-up questions
- Provide dated data-room materials covering organization chart, with source-system exports and management explanations for material changes.
VII.B Historical and projected headcount by function and location
not publicly verifiable confidence: high
Public research for CMR Surgical is structured in linked tables/figures for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for historical and projected headcount by function and location.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for historical and projected headcount by function and location.
Follow-up questions
- Provide dated data-room materials covering historical and projected headcount by function and location, with source-system exports and management explanations for material changes.
| Item | Public evidence | Diligence readout | Verification |
|---|---|---|---|
| Headcount by function/location | Not public in reviewed sources. | Needed for global commercialization. | not_publicly_verifiable |
| Attrition/retention | Not public. | Critical role continuity risk. | not_publicly_verifiable |
| Compensation/incentive plans | Not public. | Late-stage valuation/reset retention risk. | not_publicly_verifiable |
VII.C Senior management biographies
partially verified confidence: medium
Public research for CMR Surgical is structured in linked tables/figures for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for senior management biographies.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for senior management biographies.
Follow-up questions
- Provide dated data-room materials covering senior management biographies, with source-system exports and management explanations for material changes.
| Item | Public evidence | Diligence readout | Verification |
|---|---|---|---|
| Per Vegard Nerseth | Quoted as CEO in 2021 financing release. | Current role and retention require confirmation. | partially_verified |
| Board / investor reps | Investor syndicate named; board composition not reviewed. | Governance complexity likely. | not_publicly_verifiable |
| Clinical/regulatory/manufacturing leaders | Not publicly verified in reviewed sources. | Critical medtech scale-up roles. | not_publicly_verifiable |
VII.D Compensation arrangements
not publicly verifiable confidence: high
Public research for CMR Surgical did not surface diligence-grade private schedules for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for compensation arrangements.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for compensation arrangements.
Follow-up questions
- Provide dated data-room materials covering compensation arrangements, with source-system exports and management explanations for material changes.
VII.E Incentive stock plans
not publicly verifiable confidence: high
Public research for CMR Surgical did not surface diligence-grade private schedules for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for incentive stock plans.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for incentive stock plans.
Follow-up questions
- Provide dated data-room materials covering incentive stock plans, with source-system exports and management explanations for material changes.
VII.F Significant employee relations problems, past or present
not publicly verifiable confidence: high
Public research for CMR Surgical did not surface diligence-grade private schedules for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for significant employee relations problems, past or present.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for significant employee relations problems, past or present.
Follow-up questions
- Provide dated data-room materials covering significant employee relations problems, past or present, with source-system exports and management explanations for material changes.
VII.G Personnel Turnover
not publicly verifiable confidence: high
Public research for CMR Surgical did not surface diligence-grade private schedules for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for personnel turnover.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for personnel turnover.
Follow-up questions
- Provide dated data-room materials covering personnel turnover, with source-system exports and management explanations for material changes.
08Legal and Related Matters
Medical-device legal/regulatory exposure is material; public sources confirm company status and clearance signals but not litigation, adverse events, insurance, IP or contracts.
VIII.A Pending lawsuits against the Company
not publicly verifiable confidence: high
Public research for CMR Surgical is structured in linked tables/figures for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for pending lawsuits against the company.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for pending lawsuits against the company.
Follow-up questions
- Provide dated data-room materials covering pending lawsuits against the company, with source-system exports and management explanations for material changes.
| Item | Public evidence | Diligence readout | Verification |
|---|---|---|---|
| FDA 510(k) | K252111 clearance reported for Versius Plus. | Pull direct FDA file, labeling and correspondence. | verified |
| Adverse events / recalls | Not publicly resolved in reviewed sources. | Request MDRs, recalls, complaints and CAPAs. | not_publicly_verifiable |
| Insurance / indemnity | Policies and claims history not public. | Request product-liability, D&O and cyber policies. | not_publicly_verifiable |
VIII.B Pending lawsuits initiated by Company
not publicly verifiable confidence: high
Public research for CMR Surgical did not surface diligence-grade private schedules for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for pending lawsuits initiated by company.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for pending lawsuits initiated by company.
Follow-up questions
- Provide dated data-room materials covering pending lawsuits initiated by company, with source-system exports and management explanations for material changes.
VIII.C Environmental and employee safety issues and liabilities
not publicly verifiable confidence: high
Public research for CMR Surgical did not surface diligence-grade private schedules for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for environmental and employee safety issues and liabilities.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for environmental and employee safety issues and liabilities.
Follow-up questions
- Provide dated data-room materials covering environmental and employee safety issues and liabilities, with source-system exports and management explanations for material changes.
VIII.D Material patents, copyrights, licenses, and trademarks
not publicly verifiable confidence: high
Public research for CMR Surgical is structured in linked tables/figures for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for material patents, copyrights, licenses, and trademarks.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for material patents, copyrights, licenses, and trademarks.
Follow-up questions
- Provide dated data-room materials covering material patents, copyrights, licenses, and trademarks, with source-system exports and management explanations for material changes.
| Item | Public evidence | Diligence readout | Verification |
|---|---|---|---|
| UK corporate status | Companies House lists active private limited company. | Eligibility and existence verified. | verified |
| Robotics IP / licenses | Not publicly verified in reviewed sources. | Core product defensibility and freedom to operate. | not_publicly_verifiable |
| Hospital, supplier and service contracts | Not public. | Revenue quality, warranties, service and supply risk. | not_publicly_verifiable |
VIII.E Insurance coverage and material exposures
not publicly verifiable confidence: high
Public research for CMR Surgical did not surface diligence-grade private schedules for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for insurance coverage and material exposures.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for insurance coverage and material exposures.
Follow-up questions
- Provide dated data-room materials covering insurance coverage and material exposures, with source-system exports and management explanations for material changes.
VIII.F Material contracts
partially verified confidence: medium
Public research for CMR Surgical did not surface diligence-grade private schedules for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for material contracts.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for material contracts.
Follow-up questions
- Provide dated data-room materials covering material contracts, with source-system exports and management explanations for material changes.
VIII.G Regulatory agency problems
partially verified confidence: medium
Public research for CMR Surgical is structured in linked tables/figures for this checklist area. Company records are required before relying on this section for investment decisions.
Evidence gaps
- Company-provided schedules and source documents for regulatory agency problems.
Hidden risks
- Undisclosed contracts, concentration, adverse events or financial trends may materially change the diligence view for regulatory agency problems.
Follow-up questions
- Provide dated data-room materials covering regulatory agency problems, with source-system exports and management explanations for material changes.
Evidence
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | CB Insights listed CMR Surgical as a healthcare unicorn around USD 3B. | verified medium | SRC-001 |
| EC-002 | CMR Surgical raised USD 600M in a 2021 Series D at a USD 3B valuation. | verified high | SRC-002 |
| EC-003 | CMR Surgical Limited is an active UK private limited company incorporated in 2014. | verified high | SRC-003 |
| EC-004 | Versius is CMR Surgicals modular, portable surgical robotic system with a digital ecosystem. | verified high | SRC-004SRC-002 |
| EC-005 | CMR announced more than 45,000 patients treated globally using Versius and a U.S. debut after FDA clearance. | partially verified medium | SRC-005 |
| EC-006 | Versius Plus received FDA 510(k) clearance for cholecystectomy in December 2025. | verified medium | SRC-006SRC-007 |
| EC-007 | Public sources disclose broad geographic deployment but not customer-level economics. | partially verified medium | SRC-002SRC-005 |
| EC-008 | Audited financials, gross margin, working capital, inventory, service liability and runway are not public. | not publicly verifiable high | SRC-002SRC-003 |
| EC-009 | Robotic surgery commercialization is capital intensive and hospital-procurement dependent. | partially verified medium | SRC-002 |
| EC-010 | CMRs market risk includes competition and hospital capital-budget constraints. | partially verified medium | SRC-002 |
| EC-011 | CMRs R&D and pipeline depend on regulatory expansion, digital ecosystem and clinical evidence. | partially verified medium | SRC-002SRC-006 |
| EC-012 | Public leadership evidence identifies Per Vegard Nerseth as CEO in the 2021 financing release. | partially verified medium | SRC-002 |
| EC-013 | Public headcount by function, hiring plan, turnover, compensation and equity incentives are not disclosed. | not publicly verifiable high | SRC-003 |
| EC-014 | Reviewed public sources do not resolve litigation, product-liability, recall, adverse-event, insurance or material contract exposure. | not publicly verifiable high | SRC-006SRC-003 |
| EC-015 | CMR Surgical remains reported as an active private company. | verified high | SRC-003SRC-001 |
| ID | Publisher | Title | Accessed |
|---|---|---|---|
| SRC-001 | CB Insights | The Complete List Of Unicorn Companies | 2026-05-22 |
| SRC-002 | Cambridge Network | CMR Surgical raises $600 million in Series D financing | 2026-05-22 |
| SRC-003 | UK Companies House | CMR SURGICAL LIMITED company information | 2026-05-22 |
| SRC-004 | CMR Surgical | Versius Surgical Robotic System | 2026-05-22 |
| SRC-005 | GlobeNewswire / FinancialContent | CMR Surgical Announces 45,000 Patients Treated Globally as Robotic-Assisted Surgery Company Makes its U.S. Debut | 2026-05-22 |
| SRC-006 | 510kdatabase.net | K252111 - Versius Surgical System (Versius Plus) - FDA 510(k) | 2026-05-22 |
| SRC-007 | MedTech Dive | CMR Surgical gains FDA clearance for new robot | 2026-05-22 |
| SRC-008 | DuckDuckGo | DuckDuckGo search result snippets for CMR Surgical financing and FDA clearance | 2026-05-22 |
Disclaimer
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.