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PROCEPT BioRobotics® Reports Third Quarter 2024 Financial Results and Increases 2024 Revenue and Adjusted EBITDA Guidance

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PROCEPT BioRobotics reported strong Q3 2024 results with total revenue of $58.4 million, up 66% year-over-year. U.S. revenue grew 62% to $52.2 million, while international revenue increased 122% to $6.2 million. The company sold 45 robotic systems in the U.S. at an average price of $432,000. Gross margin reached a record 63.2%, up from 53.8% in the prior year. The company increased its 2024 guidance, projecting revenue of $222.5-223.0 million and improved its adjusted EBITDA loss forecast to $60.0 million. Cash position remained strong at $199.8 million as of September 30, 2024.

PROCEPT BioRobotics ha riportato risultati solidi per il terzo trimestre del 2024, con un fatturato totale di $58,4 milioni, in crescita del 66% rispetto all'anno precedente. Il fatturato negli Stati Uniti è aumentato del 62%, raggiungendo $52,2 milioni, mentre il fatturato internazionale è cresciuto del 122%, raggiungendo i $6,2 milioni. L'azienda ha venduto 45 sistemi robotici negli Stati Uniti a un prezzo medio di $432.000. Il margine lordo ha toccato un record del 63,2%, rispetto al 53,8% dell'anno precedente. L'azienda ha innalzato le previsioni per il 2024, prevedendo un fatturato tra $222,5 e $223,0 milioni e ha migliorato la sua previsione di perdita EBITDA corretto a $60,0 milioni. La posizione di cassa è rimasta solida, raggiungendo i $199,8 milioni al 30 settembre 2024.

PROCEPT BioRobotics reportó resultados sólidos en el tercer trimestre de 2024, con ingresos totales de $58.4 millones, lo que representa un crecimiento del 66% interanual. Los ingresos en EE. UU. crecieron un 62%, alcanzando los $52.2 millones, mientras que los ingresos internacionales aumentaron un 122%, llegando a $6.2 millones. La empresa vendió 45 sistemas robóticos en EE. UU. a un precio promedio de $432,000. El margen bruto alcanzó un récord del 63.2%, en comparación con el 53.8% del año anterior. La empresa elevó sus proyecciones para 2024, proyectando ingresos entre $222.5 y $223.0 millones y mejoró su pronóstico de pérdida EBITDA ajustada a $60.0 millones. La posición de efectivo se mantuvo sólida en $199.8 millones al 30 de septiembre de 2024.

PROCEPT BioRobotics는 2024년 3분기 강력한 실적을 보고했으며, 총 수익은 $58.4백만으로 전년 대비 66% 증가했습니다. 미국에서는 수익이 62% 증가하여 $52.2백만에 도달했으며, 국제 수익은 122% 늘어나 $6.2백만에 달했습니다. 이 회사는 미국에서 평균 가격 $432,000에 45개의 로봇 시스템을 판매했습니다. 총 마진은 63.2%에 도달하여, 지난해 53.8%에서 증가했습니다. 회사는 2024년 전망을 상향 조정하여 $222.5-223.0백만의 수익을 예상하며, 조정된 EBITDA 손실 전망도 $60.0백만으로 개선했습니다. 2024년 9월 30일 기준으로 현금 보유고는 $199.8백만으로 강력한 상태를 유지했습니다.

PROCEPT BioRobotics a rapporté de solides résultats pour le troisième trimestre 2024, avec un chiffre d'affaires total de $58,4 millions, en hausse de 66 % par rapport à l'année précédente. Le chiffre d'affaires aux États-Unis a augmenté de 62 %, atteignant $52,2 millions, tandis que le chiffre d'affaires international a crû de 122 %, s'élevant à $6,2 millions. L'entreprise a vendu 45 systèmes robotiques aux États-Unis à un prix moyen de $432 000. La marge brute a atteint un niveau record de 63,2 %, contre 53,8 % l'année précédente. L'entreprise a augmenté ses prévisions pour 2024, prévoyant un chiffre d'affaires de $222,5 à $223,0 millions et a amélioré sa prévision de perte d'EBITDA ajusté à $60,0 millions. La position de trésorerie est restée solide à $199,8 millions au 30 septembre 2024.

PROCEPT BioRobotics hat im dritten Quartal 2024 starke Ergebnisse gemeldet, mit einem Gesamtumsatz von $58,4 Millionen, was einem Anstieg von 66% im Jahresvergleich entspricht. Der Umsatz in den USA wuchs um 62% auf $52,2 Millionen, während der internationale Umsatz um 122% auf $6,2 Millionen stieg. Das Unternehmen verkaufte 45 robotische Systeme in den USA zu einem Durchschnittspreis von $432.000. Die Bruttomarge erreichte mit 63,2% einen Rekord, gegenüber 53,8% im Vorjahr. Das Unternehmen hob seine Prognosen für 2024 an und rechnet mit einem Umsatz von $222,5 bis $223,0 Millionen und verbesserte seine Prognose für den bereinigten EBITDA-Verlust auf $60,0 Millionen. Die Liquiditätsposition blieb stark bei $199,8 Millionen am 30. September 2024.

Positive
  • Total revenue increased 66% YoY to $58.4 million
  • Record gross margin of 63.2%, up from 53.8%
  • U.S. handpiece revenue grew 74% to $29.6 million
  • International revenue surged 122% to $6.2 million
  • Raised full-year revenue guidance to $222.5-223.0 million
  • Improved adjusted EBITDA loss guidance to $60.0 million from $67.5 million
  • Strong cash position of $199.8 million
Negative
  • Net loss of $21.0 million in Q3 2024
  • Operating expenses increased to $59.3 million from $44.5 million YoY
  • Projected adjusted EBITDA remains negative for 2024

Insights

PROCEPT BioRobotics delivered exceptional Q3 2024 results with $58.4M in revenue, representing 66% YoY growth. Key performance metrics show strong market penetration and operational efficiency:

  • Record gross margin of 63.2%, up from 53.8% YoY
  • U.S. install base reached 445 robotic systems
  • Strong ASP of $432,000 per system
  • Healthy cash position of $199.8M

The increased FY2024 guidance ($222.5-223.0M revenue) and improved Adjusted EBITDA loss forecast (-$60.0M vs previous -$67.5M) reflect strong execution and market momentum. The successful HYDROS launch and robust consumables growth (74% YoY) indicate a solid recurring revenue stream. The international segment's 122% growth suggests significant expansion potential beyond the U.S. market.

The successful HYDROS launch demonstrates PROCEPT's growing dominance in robotic urology solutions. The 74% growth in U.S. handpiece and consumables revenue ($29.6M) indicates strong procedure adoption and recurring revenue potential. The expansion of the installed base to 445 systems creates a robust foundation for future consumables growth.

The 122% international revenue growth suggests the technology is gaining global acceptance. The improved gross margin of 63.2% reflects manufacturing efficiency and pricing power, important for long-term profitability in the medical device sector. The company's strategic focus on commercial expansion and R&D investment positions it well for sustained market leadership in minimally invasive urological procedures.

SAN JOSE, Calif., Oct. 28, 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 September 30, 2024.

Recent Highlights

  • Total revenue of $58.4 million for the third quarter of 2024, an increase of 66% compared to the prior period in 2023
  • U.S. handpiece and consumables revenue of $29.6 million for the third quarter of 2024, an increase of 74% compared to the prior period in 2023
  • Sold 45 robotic systems in the U.S. in the third quarter of 2024 at an average selling price of approximately $432,000
  • U.S. system and rental revenue of $19.6 million for the third quarter of 2024, an increase of 46% compared to the prior period in 2023
  • International revenue of $6.2 million, for the third quarter of 2024, an increase of 122% compared to the prior period in 2023
  • Reported record gross margin of 63.2% in the third quarter of 2024
  • Increased fiscal year 2024 total revenue guidance range to $222.5 million to $223.0 million
  • Increased fiscal year 2024 gross margin guidance to 61%
  • Increased fiscal year 2024 Adjusted EBITDA guidance to a loss of $60.0 million

“I’m extremely proud of the entire PROCEPT team for their collective effort and execution in launching HYDROS in the third quarter,” said Reza Zadno, Chief Executive Officer. “After receiving HYDROS FDA clearance in August, we successfully converted the third quarter capital pipeline, manufactured sufficient quantities of commercial product, trained our clinical teams while mitigating downside pressure on procedures, and effectively managed customer relationships during this critical phase of our Company's growth. As a result, we delivered another successful quarter with annual revenue growth of 66% and record gross margins of 63.2%.”

Third Quarter 2024 Financial Results

Total revenue for the third quarter of 2024 was $58.4 million, an increase of 66% compared to the prior year period. U.S. revenue was $52.2 million, representing growth of 62% compared to the prior year period. The increase was primarily driven by increased system sales, higher system average selling prices, and increased handpiece and other consumable revenue. U.S. handpiece and consumable revenue for the third quarter of 2024 was $29.6 million, an increase of 74% compared to the prior year period. U.S. system revenue for the third quarter of 2024 was $19.6 million, an increase of 46% compared to the prior year period. As of September 30, 2024, the install base of robotic systems in the U.S. was 445 systems. International revenue was $6.2 million for the quarter, an increase of 122% compared to the prior year period.

Gross margin for the third quarter 2024 was 63.2% compared to 53.8% in the prior year period. Gross margin improvement was primarily due to improved overhead absorption and increased U.S. robotic system average selling prices.

Operating expenses in the third quarter of 2024 were $59.3 million, compared with $44.5 million in the prior year period. The increase was driven by increased sales and marketing expenses primarily to expand the commercial organization and increased research and development expenses.

Net loss was $21.0 million for the third quarter of 2024, compared to a loss of $24.6 million in the prior year period. Adjusted EBITDA was a loss of $12.4 million for the third quarter of 2024, compared to a loss of $19.4 million in the prior year period.

Cash, cash equivalents and restricted cash as of September 30, 2024, totaled $199.8 million.

Full Year 2024 Financial Guidance

  • The Company projects revenue for the full year 2024 to be in the range of $222.5 million to $223.0 million, which represents 63% and 64% growth respectfully over the Company’s prior year revenue. This compares to previous revenue guidance of $217.0 million.
  • The Company projects full year 2024 gross margin to be approximately 61%. This compares to previous guidance of approximately 59%.
  • 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 ($60.0) million. This compares to previous guidance of ($67.5) 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 third quarter 2024 financial results on Monday, October 28, 2024, at 8:00 a.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:
    • https://edge.media-server.com/mmc/p/yhamkcsz
  • Dial-in registration for sell-side research analysts:
    • https://register.vevent.com/register/BI271ff7de75a342d8941d642d1900ba40

About PROCEPT BioRobotics Corporation
PROCEPT BioRobotics is a surgical robotics company focused on advancing patient care by developing transformative solutions in urology. PROCEPT BioRobotics manufactures the AQUABEAM® and HYDROS™ Robotic Systems. The HYDROS Robotic System is the only AI-Powered, robotic technology that delivers Aquablation therapy. 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. BPH is the most common prostate disease and impacts approximately 40 million men in the United States. The Company has developed a significant and growing body of clinical evidence with 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 September 30, Nine Months Ended September 30,
   2024   2023   2024   2023 
Revenue $58,370  $35,102  $156,262  $92,610 
Cost of sales  21,459   16,228   62,835   42,816 
Gross profit  36,911   18,874   93,427   49,794 
Operating expenses:        
Research and development  16,647   11,600   47,232   33,950 
Selling, general and administrative  42,691   32,883   123,099   95,457 
Total operating expenses  59,338   44,483   170,331   129,407 
Loss from operations  (22,427)  (25,609)  (76,904)  (79,613)
Interest expense  (1,140)  (1,019)  (3,215)  (2,870)
Interest and other income, net  2,593   2,006   7,562   4,090 
Net loss $(20,974)  (24,622)  (72,557)  (78,393)
Net loss per share, basic and diluted $(0.40) $(0.51) $(1.41) $(1.70)
Weighted-average common shares used to        
Compute net loss per share attributable to        
Common shareholders, basic and diluted  52,011   48,310   51,550   46,131 
         


PROCEPT BioRobotics Corporation
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA
(Unaudited, in thousands)
      
  Three Months Ended September 30, Nine Months Ended September 30,
   2024   2023   2024   2023 
Net loss $(20,974) $(24,622) $(72,557) $(78.393)
Depreciation and amortization expense  1,328   1,054   3,781   2.489 
Stock-based compensation expense  8,512   5,326   22,755   14.153 
Interest (income) and interest expense, net  (1,296)  (1,126)  (4,694)  (1.477)
Adjusted EBITDA $(12,430) $(19,368) $(50,715) $(63.228)
                 


PROCEPT BioRobotics Corporation
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED 2024 EBITDA Guidance
(Unaudited, in thousands)
   
   2024 
Net loss $(90,500)
Depreciation and amortization expense  5,100 
Stock-based compensation expense  31,300 
Interest (income) and interest expense, net  (5,900)
Adjusted EBITDA $(60,000)
     


PROCEPT BioRobotics Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
   
  September 30,
2024
 December 31,
2023
Assets    
Current assets:    
Cash and cash equivalents $196,762  $257,222 
Accounts receivable, net  69,048   48,376 
Inventory  50,850   39,756 
Prepaid expenses and other current assets  6,321   5,213 
Total current assets  322,981   350,567 
Restricted cash, non-current  3,038   3,038 
Property and equipment, net  26,605   28,748 
Operating lease right-of-use assets, net  19,267   20,241 
Intangible assets, net  1,000   1,204 
Other assets  1,251   919 
Total assets $374,142  $404,717 
     
Liabilities and Stockholders' Equity    
Current liabilities:    
Accounts payable $15,088  $13,499 
Accrued compensation  18,834   16,885 
Deferred revenue  7,989   5,656 
Operating leases, current  1,839   1,683 
Loan facility derivative liability  2,000   1,886 
Other current liabilities  7,896   6,318 
Total current liabilities  53,646   45,927 
Long-term debt  51,438   51,339 
Operating leases, non-current  27,361   26,182 
Other liabilities  479   517 
Total liabilities  132,924   123,965 
     
Stockholders’ equity:    
Additional paid-in capital  768,365   735,240 
Accumulated other comprehensive loss  (18)  84 
Accumulated deficit  (527,129)  (454,572)
Total stockholders’ equity  241,218   280,752 
Total liabilities and stockholders’ equity $374,142  $404,717 
         


PROCEPT BioRobotics Corporation
REVENUE BY TYPE AND GEOGRAPHY
(Unaudited, in thousands)
 
  Three Months Ended Nine Months Ended
  September 30, September 30,
   2024   2023   2024   2023 
U.S.        
System sales and rentals $19,643  $13,467  $50,978  $37,065 
Handpieces and other consumables  29,620   17,047   81,217   42,418 
Service  2,952   1,811   7,888   4,545 
Total U.S. revenue  52,215   32,325   140,083   84,028 
Outside of U.S.        
System sales and rentals  3,155   828   7,974   3,896 
Handpieces and other consumables  2,616   1,651   7,230   3,826 
Service  384   298   975   860 
Total outside of U.S. revenue  6,155   2,777   16,179   8,582 
Total revenue $58,370  $35,102  $156,262  $92,610 
         

FAQ

What was PRCT's revenue growth in Q3 2024?

PROCEPT BioRobotics reported revenue growth of 66% year-over-year, reaching $58.4 million in Q3 2024.

How many robotic systems did PRCT sell in the US during Q3 2024?

PROCEPT BioRobotics sold 45 robotic systems in the U.S. during Q3 2024 at an average selling price of $432,000.

What is PRCT's revised revenue guidance for 2024?

PROCEPT BioRobotics increased its 2024 revenue guidance to $222.5-223.0 million, representing 63-64% growth over the prior year.

What was PRCT's gross margin in Q3 2024?

PROCEPT BioRobotics achieved a record gross margin of 63.2% in Q3 2024, up from 53.8% in the prior year period.

PROCEPT BioRobotics Corporation

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