PROCEPT BioRobotics® Reports Second Quarter 2024 Financial Results and Increases 2024 Revenue and EBITDA Guidance
Rhea-AI Summary
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.
Positive
- Total revenue increased 61% year-over-year to $53.4 million
- U.S. handpiece and consumables revenue grew 101% to $27.3 million
- International revenue increased 79% to $5.7 million
- Gross margin improved to 59% from 56% in the prior year
- U.S. monthly utilization per account increased approximately 15%
- Raised full-year 2024 revenue guidance to $217.0 million (59% growth)
- Improved full-year 2024 Adjusted EBITDA loss guidance to $67.5 million
Negative
- Net loss increased slightly to $25.6 million from $25.3 million in the prior year period
- Operating expenses rose to $58.3 million from $44.1 million in the prior year period
News Market Reaction
On the day this news was published, PRCT declined 7.45%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SAN JOSE, Calif., Aug. 01, 2024 (GLOBE NEWSWIRE) -- PROCEPT BioRobotics Corporation (Nasdaq: PRCT) (the “Company”), a surgical robotics company focused on advancing patient care by developing transformative solutions in urology, today reported unaudited financial results for the quarter ended June 30, 2024.
Recent Highlights
- Total revenue of
$53.4 million for the second quarter of 2024, an increase of61% compared to the prior period in 2023 - U.S. handpiece and consumables revenue of
$27.3 million for the second quarter of 2024, an increase of101% compared to the prior period in 2023 - Sold 47 robotic systems in the U.S. in the second quarter of 2024
- U.S. system and rental revenue of
$17.8 million for the second quarter of 2024, an increase of20% compared to the prior period in 2023 - International revenue of
$5.7 million , for the second quarter of 2024, an increase of79% compared to the prior period in 2023 - Increased fiscal year 2024 total revenue guidance to approximately
$217 million and improved EBITDA guidance to a loss of$67.5 million
“We are pleased to report another successful quarter with annual revenue growth of
Second Quarter 2024 Financial Results
Total revenue for the second quarter of 2024 was
Gross margin for the second quarter 2024 was
Operating expenses in the second quarter of 2024 were
Net loss was
Cash and short-term investments as of June 30, 2024, totaled
Full Year 2024 Financial Guidance
- The Company projects revenue for the full year 2024 to be
$217.0 million , which represents59% growth over the Company’s prior year revenue. This compares to previous revenue guidance of$213.5 million . - The Company projects full year 2024 gross margin to be approximately
59% . This compares to previous guidance of approximately58% to59% . - The Company projects full year 2024 total operating expense of approximately
$231.5 million , which is unchanged from previously issued guidance. - The Company projects full year 2024 Adjusted EBITDA loss to be (
$67.5) million . This compares to previous guidance of ($70.0) million .
Adjusted EBITDA is a financial measure that is not prepared in accordance with generally accepted accounting principles in the United States (GAAP). For more information about the Company’s use of non-GAAP financial measures, please see the section below titled “Use of Non-GAAP Financial Measures (Unaudited).”
Webcast and Conference Call Information
PROCEPT BioRobotics will host a conference call to discuss the second quarter 2024 financial results on Thursday, August 1, 2024, at 4:30 p.m. Eastern Time.
Investors interested in listening to the conference call may do so by following one of the below links:
- Webcast link for interested listeners:
- Dial-in registration for sell-side research analysts:
About PROCEPT BioRobotics Corporation
PROCEPT BioRobotics is a surgical robotics company focused on advancing patient care by developing transformative solutions in urology. PROCEPT BioRobotics develops, manufactures and sells the AquaBeam Robotic System, an advanced, image-guided, surgical robotic system for use in minimally invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia, or BPH. BPH is the most common prostate disease and impacts approximately 40 million men in the United States. PROCEPT BioRobotics designed Aquablation therapy to deliver effective, safe and durable outcomes for males suffering from lower urinary tract symptoms, or LUTS, due to BPH that are independent of prostate size and shape or surgeon experience. The Company has developed a significant and growing body of clinical evidence, which includes nine clinical studies and over 150 peer-reviewed publications, supporting the benefits and clinical advantages of Aquablation therapy.
Use of Non-GAAP Financial Measures (Unaudited)
This press release references Adjusted EBITDA, a financial measure that is not prepared in accordance with generally accepted accounting principles in the United States (GAAP). The Company defines Adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization and stock-based compensation. Non-GAAP financial measures are not a substitute for or superior to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.
The Company believes that presenting Adjusted EBITDA provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.
Forward-Looking Statements
This release contains forward‐looking statements within the meaning of federal securities laws, including with respect to the Company’s projected financial performance for full year 2024, statements regarding the potential utilities, values, benefits and advantages of Aquablation® therapy performed using PROCEPT BioRobotics’ products, including AquaBeam® Robotic System, which involve risks and uncertainties that could cause the actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are only predictions based on our current expectations, estimates, and assumptions, valid only as of the date they are made, and subject to risks and uncertainties, some of which we are not currently aware. Forward-looking statements may include statements regarding financial guidance, market opportunity and penetration, the Company’s possible or assumed future results of operations, including descriptions of the Company’s revenues, gross margin, profitability, operating expenses, installed base growth, commercial momentum and overall business strategy. Forward‐looking statements should not be read as a guarantee of future performance or results and may not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. These forward‐looking statements are based on the Company’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward‐looking statements as a result of these risks and uncertainties. These risks and uncertainties are described more fully in the section titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Company’s annual report on Form 10-K filed with the SEC on February 28, 2023. PROCEPT BioRobotics does not undertake any obligation to update forward‐looking statements and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward‐looking statements contained herein. These forward-looking statements should not be relied upon as representing PROCEPT BioRobotics’ views as of any date subsequent to the date of this press release.
Important Safety Information
All surgical treatments have inherent and associated side effects. For a list of potential side effects visit https://aquablation.com/safety-information/
Investor Contact:
Matt Bacso
VP, Investor Relations and Business Operations
m.bacso@procept-biorobotics.com
PROCEPT BioRobotics Corporation
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 53,353 | $ | 33,104 | $ | 97,892 | $ | 57,508 | ||||||||
| Cost of sales | 21,871 | 14,675 | 41,376 | 26,588 | ||||||||||||
| Gross profit | 31,482 | 18,429 | 56,516 | 30,920 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 17,501 | 11,613 | 30,585 | 22,350 | ||||||||||||
| Selling, general and administrative | 40,809 | 32,441 | 80,408 | 62,574 | ||||||||||||
| Total operating expenses | 58,310 | 44,054 | 110,993 | 84,924 | ||||||||||||
| Loss from operations | (26,828 | ) | (25,625 | ) | (54,477 | ) | (54,004 | ) | ||||||||
| Interest expense | (1,030 | ) | (965 | ) | (2,075 | ) | (1,851 | ) | ||||||||
| Interest and other income, net | 2,232 | 1,305 | 4,969 | 2,084 | ||||||||||||
| Net loss | $ | (25,626 | ) | (25,285 | ) | (51,583 | ) | (53,771 | ) | |||||||
| Net loss per share, basic and diluted | $ | (0.50 | ) | $ | (0.56 | ) | $ | (1.01 | ) | $ | (1.19 | ) | ||||
| Weighted-average common shares used to | ||||||||||||||||
| Compute net loss per share attributable to | ||||||||||||||||
| Common shareholders, basic and diluted | 51,622 | 45,160 | 51,316 | 45,023 | ||||||||||||
PROCEPT BioRobotics Corporation
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA
(Unaudited, in thousands)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net loss | $ | (25,626 | ) | $ | (25,285 | ) | $ | (51,583 | ) | $ | (53,771 | ) | ||||
| Depreciation and amortization expense | 1,269 | 642 | 2,453 | 1,435 | ||||||||||||
| Stock-based compensation expense | 7,986 | 5,104 | 14,242 | 8,827 | ||||||||||||
| Interest (income) and interest expense, net | (1,559 | ) | (400 | ) | (3,398 | ) | (351 | ) | ||||||||
| Adjusted EBITDA | $ | (17,930 | ) | $ | (19,939 | ) | $ | (38,286 | ) | $ | (43,860 | ) | ||||
PROCEPT BioRobotics Corporation
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED 2024 EBITDA Guidance
(Unaudited, in thousands)
| 2024 | ||||
| Net loss | $ | (97,250 | ) | |
| Depreciation and amortization expense | 5,340 | |||
| Stock-based compensation expense | 31,050 | |||
| Interest (income) and interest expense, net | (6,640 | ) | ||
| Adjusted EBITDA | $ | (67,500 | ) | |
PROCEPT BioRobotics Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
| June 30, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 214,093 | $ | 257,222 | ||||
| Accounts receivable, net | 58,917 | 48,376 | ||||||
| Inventory | 43,865 | 39,756 | ||||||
| Prepaid expenses and other current assets | 5,017 | 5,213 | ||||||
| Total current assets | 321,892 | 350,567 | ||||||
| Restricted cash, non-current | 3,038 | 3,038 | ||||||
| Property and equipment, net | 27,675 | 28,748 | ||||||
| Operating lease right-of-use assets, net | 19,584 | 20,241 | ||||||
| Intangible assets, net | 1,068 | 1,204 | ||||||
| Other assets | 1,093 | 919 | ||||||
| Total assets | $ | 374,350 | $ | 404,717 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 9,950 | $ | 13,499 | ||||
| Accrued compensation | 14,882 | 16,885 | ||||||
| Deferred revenue | 6,552 | 5,656 | ||||||
| Operating leases, current | 1,769 | 1,683 | ||||||
| Loan facility derivative liability | 1,942 | 1,886 | ||||||
| Other current liabilities | 7,750 | 6,318 | ||||||
| Total current liabilities | 42,845 | 45,927 | ||||||
| Long-term debt | 51,404 | 51,339 | ||||||
| Operating leases, non-current | 27,843 | 26,182 | ||||||
| Other liabilities | 479 | 517 | ||||||
| Total liabilities | 122,571 | 123,965 | ||||||
| Stockholders’ equity: | ||||||||
| Additional paid-in capital | 757,935 | 735,240 | ||||||
| Accumulated other comprehensive loss | (1 | ) | 84 | |||||
| Accumulated deficit | (506,155 | ) | (454,572 | ) | ||||
| Total stockholders’ equity | 251,779 | 280,752 | ||||||
| Total liabilities and stockholders’ equity | $ | 374,350 | $ | 404,717 | ||||
PROCEPT BioRobotics Corporation
REVENUE BY TYPE AND GEOGRAPHY
(Unaudited, in thousands)
| Three Months Ended | Six Months Ended | |||||||||||
| June 30, | June 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| U.S. | ||||||||||||
| System sales and rentals | $ | 17,819 | $ | 14,828 | $ | 32,055 | $ | 23,598 | ||||
| Handpieces and other consumables | 27,260 | 13,601 | 50,878 | 25,371 | ||||||||
| Service | 2,589 | 1,499 | 4,936 | 2,734 | ||||||||
| Total U.S. revenue | 47,668 | 29,928 | 87,869 | 51,703 | ||||||||
| Outside of U.S. | ||||||||||||
| System sales and rentals | 3,078 | 1,599 | 4,818 | 3,068 | ||||||||
| Handpieces and other consumables | 2,271 | 1,269 | 4,614 | 2,175 | ||||||||
| Service | 336 | 308 | 591 | 562 | ||||||||
| Total outside of U.S. revenue | 5,685 | 3,176 | 10,023 | 5,805 | ||||||||
| Total revenue | $ | 53,353 | $ | 33,104 | $ | 97,892 | $ | 57,508 | ||||
FAQ
What was PROCEPT BioRobotics' (PRCT) revenue for Q2 2024?
How many AquaBeam Robotic Systems did PROCEPT BioRobotics (PRCT) sell in the U.S. during Q2 2024?
What is PROCEPT BioRobotics' (PRCT) updated revenue guidance for full-year 2024?
How did PROCEPT BioRobotics' (PRCT) gross margin change in Q2 2024 compared to the previous year?
