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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 Corporation (Nasdaq: PRCT) reported strong financial results for Q1 2023, with total revenue of $24.4 million, up 72% year-over-year. U.S. handpiece and consumables revenue surged 165% to $11.8 million, while system and rental revenue increased 13% to $8.8 million. The company raised its 2023 revenue guidance to $128 million, a 71% growth from the previous year. PROCEPT also received a positive coverage policy from United Healthcare and signed a national sales contract with a significant U.S. integrated delivery network.
Despite these gains, the net loss widened to $28.5 million from $17.2 million in the prior year. Operating expenses rose to $40.9 million, reflecting increased sales and marketing investments. Gross margin decreased to 51% from 54%.
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