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PROCEPT BioRobotics Corporation (PRCT) is a Silicon Valley-based surgical robotics company that focuses on advancing patient care by developing innovative solutions in the field of urology. The company’s flagship product, the AquaBeam Robotic System, is an advanced, image-guided surgical robot designed for minimally invasive urologic surgery. Initially targeting benign prostatic hyperplasia (BPH), AquaBeam delivers Aquablation therapy, a unique heat-free waterjet solution that offers predictable and reproducible outcomes regardless of prostate size or surgeon experience.
PROCEPT BioRobotics has made significant strides in the medical field with its AquaBeam Robotic System. The system autonomously removes tissue to treat BPH effectively and safely, allowing for consistent results. The company's commitment to improving patient outcomes is supported by a substantial body of clinical evidence, including nine studies and over 150 peer-reviewed publications.
In recent financial results, PROCEPT BioRobotics showcased strong growth. For the third quarter of 2023, the company reported a revenue of $35.1 million, a 72% increase from the previous year. U.S. revenue alone constituted $32.3 million, driven by increased handpiece and system sales to new hospital customers. The gross margin also improved to 54%, reflecting better operational and manufacturing efficiencies. Despite a net loss of $24.6 million, the company remains optimistic about its long-term growth prospects, evidenced by robust capital pipelines and successful equity financing.
The company's product, Aquablation therapy, continues to garner attention and acclaim. Recent presentations at significant urology conferences, including the American Urological Association (AUA) Annual Meeting, have highlighted the therapy's safety, efficacy, and potential to become the standard of care for BPH globally.
Financially, PROCEPT BioRobotics ended the third quarter of 2023 with $287.1 million in cash and short-term investments, positioning them well for future growth and development. The company also completed an equity financing to further bolster its financial standing and received IDE approval to explore the use of Aquablation therapy for prostate cancer.
Through partnerships and collaborations with leading medical institutions, PROCEPT BioRobotics continues to expand its reach and impact. Their focus on innovation, combined with a strong financial foundation, positions the company as a leader in surgical robotics within the urology sector.
PROCEPT BioRobotics (Nasdaq: PRCT) reported strong Q2 2024 financial results, with total revenue of $53.4 million, up 61% year-over-year. U.S. handpiece and consumables revenue surged 101% to $27.3 million. The company sold 47 robotic systems in the U.S. and increased its install base to 400 systems. International revenue grew 79% to $5.7 million.
Gross margin improved to 59%, up from 56% in the prior year. Despite higher operating expenses of $58.3 million, the company reduced its Adjusted EBITDA loss to $18.0 million. PROCEPT BioRobotics raised its full-year 2024 guidance, projecting revenue of $217.0 million (59% growth) and an improved Adjusted EBITDA loss of $67.5 million.
PROCEPT BioRobotics (Nasdaq: PRCT), a surgical robotics company specializing in urology solutions, has announced its plans to release second quarter 2024 financial results on August 1, 2024, after market close. The company will host a conference call at 4:30 p.m. Eastern Time on the same day to discuss the results.
Interested parties can access the call via a webcast link or dial-in registration for sell-side analysts. The live audio webcast and an archived recording will be available on the company's investor relations website. The webcast replay will be accessible for at least 90 days after the event.
PROCEPT BioRobotics announced the American Medical Association (AMA) has granted a new CPT Category I code for its Aquablation therapy, used to treat benign prostatic hyperplasia (BPH). This decision, driven by increased usage and clinical success, will take effect on January 1, 2026, replacing the current Category III CPT code. Until then, the existing code, 0421T, remains in use. This advancement underscores Aquablation therapy's safety, efficacy, and acceptance in treating BPH.
PROCEPT BioRobotics (Nasdaq: PRCT), a surgical robotics company specializing in urology, will present at the 2024 Truist Securities MedTech Conference in Boston, Massachusetts. The presentation is scheduled for June 18, 2024, at 1:20 p.m. Eastern Time. Management will provide insights into the company's advancements and strategies. Investors can access the live webcast and archived recordings on the company's investor relations website.
PROCEPT BioRobotics (Nasdaq: PRCT), a leader in surgical robotics focused on urology, announces participation in two key conferences: the 2024 Leerink Partners Healthcare Crossroads Conference on May 29 in Austin, Texas, and the 44th Annual William Blair Growth Stock Conference on June 4 in Chicago. Management will present at 10:20 a.m. ET and 5:00 p.m. ET respectively. Both presentations will be available via live webcast and archived for 90 days on the company's investor relations website.
PROCEPT BioRobotics presented long-term real-world data at the 2024 AUA Annual Meeting demonstrating the sustained benefits of Aquablation therapy for men with benign prostatic hyperplasia (BPH). The data showcased the efficacy of Aquablation therapy in treating BPH, emphasizing safety, durability, and positive outcomes such as improved International Prostate Symptom Score (IPSS) and increased peak urinary flow rate (Qmax). The results from various studies highlighted the potential for Aquablation therapy to become the new standard of care in BPH management.
PROCEPT BioRobotics reported total revenue of $44.5 million for the first quarter of 2024, marking an 83% increase from the previous year. The company's U.S. revenue saw significant growth across various segments, with handpiece and consumables revenue increasing by 101%. The company sold 38 U.S. robotic systems during the quarter and increased its international revenue by 65% compared to the prior year period. PROCEPT adjusted its fiscal year 2024 total revenue guidance to $213.5 million, showcasing a strong start to the year and optimistic growth projections.
PROCEPT BioRobotics presented a late-breaking post-market survey at the Japanese Urological Association Annual Meeting on positive Aquablation therapy outcomes for men in Japan with lower urinary tract symptoms due to benign prostatic hyperplasia. The data showcased the safety and effectiveness of Aquablation therapy in treating men with BPH, highlighting reproducible results and supporting a paradigm shift in the surgical treatment of the condition.
Key highlights from the data include treating 103 men with mean age and baseline IPSS of 71 ± 7 and 18 ± 9, respectively, with a mean prostate volume of 82 ml. The data showed significant improvements in IPSS and quality-of-life scores, with no reports of pad-use incontinence or serious device-related adverse events. The results demonstrate the exceptional safety and efficacy of Aquablation therapy in Japanese men with BPH.
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