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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), a surgical robotics company specializing in urological solutions, has announced its participation in the 36th Annual Piper Sandler Healthcare Conference in New York City. The management team will deliver a presentation on Wednesday, December 4 at 8:30 a.m. Eastern Time.
The presentation will be accessible through a live webcast on the company's investor relations website. Interested parties can access the webcast recording for up to 90 days after the event through the company's website at https://ir.procept-biorobotics.com.
PROCEPT BioRobotics (NASDAQ: PRCT) has announced the pricing of its public offering of 1,923,076 shares of common stock at $91.00 per share, aiming to raise approximately $175 million in gross proceeds. A selling stockholder has granted underwriters a 30-day option to purchase up to an additional 288,461 shares. The offering, expected to close around October 31, 2024, is being managed by BofA Securities, Piper Sandler, and Morgan Stanley. The company will not receive proceeds from shares sold by the selling stockholder.
PROCEPT BioRobotics (NASDAQ: PRCT), a surgical robotics company specializing in urology solutions, has announced a $175 million public offering of common stock. A selling stockholder will grant underwriters a 30-day option to purchase up to an additional $26.25 million of shares. The company will not receive proceeds from the selling stockholder's share sale. BofA Securities, Piper Sandler and Morgan Stanley are acting as joint book-running managers. The offering will be conducted through a prospectus supplement and accompanying prospectus filed with the SEC.
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 (Nasdaq: PRCT), a surgical robotics company specializing in urology solutions, has announced its plans to release third quarter 2024 financial results on October 28, 2024, before the market opens. The company will host a conference call at 8:00 a.m. Eastern Time on the same day to discuss the results.
Interested parties can access the call through a webcast link or a dial-in registration for sell-side research 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 (Nasdaq: PRCT) has received FDA approval to initiate a pivotal randomized clinical study for prostate cancer treatment. The WATER IV PCa trial will compare Aquablation therapy to radical prostatectomy in men with Grade Group 1 to 3 localized prostate cancer. This global multicenter study will enroll up to 280 patients across 50 centers, with a 10-year follow-up period.
The FDA has also granted Breakthrough Device Designation for Aquablation therapy in prostate cancer treatment. The study's co-primary endpoint focuses on morbidity at six months, with longer-term follow-up assessing treatment-related harm reduction and oncologic events. This trial could potentially revolutionize localized prostate cancer treatment for millions of men.
PROCEPT BioRobotics (Nasdaq: PRCT), a surgical robotics company specializing in urology solutions, has announced its participation in the 2024 Wells Fargo Healthcare Conference in Boston. The company's management team is scheduled to present on Wednesday, September 4, 2024, at 1:30 p.m. Eastern Time.
Investors and interested parties can access a live webcast of the presentation through the company's website at https://ir.procept-biorobotics.com. The webcast will also be archived for at least 90 days after the event, allowing for later viewing. This presentation offers an opportunity for PROCEPT BioRobotics to showcase its innovative urological solutions and connect with healthcare industry professionals and investors.
PROCEPT BioRobotics (Nasdaq: PRCT) has announced FDA 510(k) clearance for its HYDROS™ Robotic System, a next-generation platform for Aquablation® therapy. This AI-powered system is designed to improve efficiency, enhance surgeon experience, and deliver more accurate treatment plans for better clinical outcomes in urology.
Key features of HYDROS include:
- FirstAssist AI™ for treatment planning
- Advanced image guidance with integrated ultrasound and cystoscopy
- Robotic resection using a heat-free waterjet
- Streamlined workflow with a single-footprint integrated tower
The company expects HYDROS to be fully available in the current quarter across U.S. hospitals. PROCEPT BioRobotics has reaffirmed its 2024 financial guidance following this announcement.
Jupiter Endovascular, a medical technology startup, has exited stealth mode with $21 million in new financing to fund a pivotal trial for Pulmonary Embolism. The company is developing a new class of endovascular procedures using Endoportal Control™ technology, which aims to bring the precision of direct surgical access to catheter-based interventions. Carl J. St. Bernard has been appointed as CEO, bringing over 30 years of experience in the life sciences industry.
The funding round, led by Sonder Capital with participation from strategic investors, will support the upcoming pivotal trial and development of additional clinical applications. Jupiter's technology addresses limitations in catheter-based therapies by providing stability and control within complex cardiovascular anatomies, potentially revolutionizing treatment for millions of patients worldwide.
Neptune Medical, a medical device innovator, has announced a successful $97 million Series D financing and the spinout of its subsidiary, Jupiter Endovascular. The financing round saw significant participation from Sonder Capital and Olympus of the Americas, along with other existing and new investors. This strategic move allows Neptune Medical to focus on gastrointestinal robotics, while Jupiter Endovascular will concentrate on its novel endovascular technology platform.
The financing will strengthen Neptune Medical's position in the GI space, as evidenced by the recent appointment of Dr. Fred Moll, a medical robotics pioneer, as Chairman of the Board. Both companies aim to lead innovation in their respective specialties, with Neptune pushing boundaries in GI robotics and Jupiter revolutionizing endovascular therapies.
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