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About PROCEPT BioRobotics Corporation
PROCEPT BioRobotics Corporation (NASDAQ: PRCT) is a Silicon Valley-based surgical robotics company dedicated to advancing patient care through transformative solutions in urology. The company develops, manufactures, and markets innovative robotic platforms, including the AquaBeam® Robotic System and the next-generation HYDROS™ Robotic System, both of which deliver Aquablation® therapy. This proprietary, minimally invasive treatment is designed to address benign prostatic hyperplasia (BPH), the most common prostate disease affecting millions of men worldwide.
Core Technology: Aquablation Therapy
Aquablation therapy is a groundbreaking, robot-assisted procedure that combines real-time ultrasound imaging with a heat-free waterjet to remove prostate tissue. This approach ensures precision and safety while preserving critical anatomical structures that control sexual function, continence, and overall quality of life. Unlike traditional surgical methods, Aquablation therapy offers predictable and reproducible outcomes, independent of prostate size, shape, or surgeon experience.
Product Portfolio
- AquaBeam® Robotic System: An advanced image-guided platform for minimally invasive urologic surgery, specifically designed for BPH treatment.
- HYDROS™ Robotic System: The first AI-powered robotic platform that enhances surgical planning and execution through advanced imaging and artificial intelligence, enabling optimal outcomes for patients and surgeons alike.
Revenue Model
PROCEPT BioRobotics generates revenue through the sale of its robotic systems and accompanying single-use disposable handpieces and consumables. The company's business model emphasizes recurring revenue streams, driven by the increasing adoption of Aquablation therapy in hospitals and surgical centers globally.
Market Context and Competitive Position
Operating within the rapidly growing surgical robotics industry, PROCEPT BioRobotics addresses a critical need in the urology market. BPH affects approximately 40 million men in the United States alone, with traditional treatments often compromising sexual function or requiring significant recovery time. By offering a safe, effective, and durable solution, PROCEPT BioRobotics has positioned itself as a key player in this niche. The company's extensive clinical evidence, including over 150 peer-reviewed publications, underscores its commitment to innovation and patient outcomes.
Clinical Evidence and Adoption
PROCEPT BioRobotics has developed a robust body of clinical evidence supporting the efficacy and safety of Aquablation therapy. Its real-world data and long-term studies demonstrate significant symptom relief and improved quality of life for patients, making it a preferred choice for urologists worldwide. The company's recent FDA approvals and breakthrough designations further validate its technology and expand its potential applications, including ongoing research into prostate cancer treatment.
Strategic Advantages
- Technological Innovation: Integration of AI and advanced imaging for precise, personalized treatment planning.
- Clinical Validation: Extensive peer-reviewed studies and real-world data supporting safety, efficacy, and durability.
- Market Differentiation: Unique ability to deliver consistent outcomes independent of surgeon expertise or prostate anatomy.
Conclusion
PROCEPT BioRobotics stands at the forefront of innovation in urological care, leveraging cutting-edge robotics and clinical expertise to redefine the treatment of BPH. Through its AquaBeam and HYDROS robotic systems, the company continues to set new standards for safety, efficacy, and patient outcomes, solidifying its position as a transformative force in the surgical robotics industry.
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%.
PROCEPT BioRobotics Corporation (Nasdaq: PRCT) announced it will report its financial results for Q1 2023 on April 27, 2023, before market open. A conference call is scheduled for the same day at 8:00 a.m. Eastern Time. The company is focused on innovations in urology and has developed the AquaBeam Robotic System for minimally invasive surgeries to treat benign prostatic hyperplasia (BPH), affecting about 40 million men in the U.S. PROCEPT BioRobotics emphasizes the effectiveness and safety of its Aquablation therapy, supported by a substantial clinical evidence base, including nine studies and over 150 peer-reviewed publications. Additionally, management will present at the Bank of America 2023 Health Care Conference on May 10, 2023.
PROCEPT BioRobotics Corporation (PRCT) announced that United Healthcare updated its Prostate Surgeries and Interventions Policy Bulletin, confirming Aquablation therapy as medically necessary for treating lower urinary tract symptoms (LUTS) due to benign prostatic hyperplasia (BPH). Effective June 1, 2023, this policy enhances accessibility for patients, potentially providing access to approximately 95% of men in the U.S. The Aquablation therapy employs an automated robotic system that uses heat-free waterjet technology, backed by successful FDA trials demonstrating its safety and efficacy.
PROCEPT BioRobotics Corporation (Nasdaq: PRCT) announced an in-person investor event on April 28, 2023, during the American Urological Association Annual Meeting in Chicago. This event will feature remarks from key executives and a surgeon panel discussing the benefits of Aquablation therapy, which addresses benign prostatic hyperplasia (BPH). Attendees include CEO Reza Zadno and other senior executives. A live webcast of the event will be available on the company's website for at least 90 days. PROCEPT BioRobotics is focused on developing robotic systems for minimally invasive urologic surgery, with significant clinical evidence supporting its Aquablation therapy.
PROCEPT BioRobotics Corporation announced that its Aquablation Therapy for benign prostate hyperplasia (BPH) has received a MedTech Innovation Briefing (MIB) from the National Institute for Health Care Excellence (NICE) in the UK. The therapy is recognized as equally effective as traditional TURP, with clinical experts noting its innovative nature, ability to preserve sexual function, and potential to replace TURP. Aquablation is the first robotic surgical system to obtain a MIB, validating its safety and durability compared to TURP. PROCEPT BioRobotics emphasizes its commitment to advancing patient care through transformative urological solutions.
PROCEPT BioRobotics Corporation (Nasdaq: PRCT), a leader in surgical robotics focused on urology, announced management will present at the Virtual Key Bank Life Sciences & MedTech Investor Forum on March 21, 2023, at 12:45 p.m. Eastern Time. A live webcast will be available, with an archived recording for replay for 90 days. PROCEPT is renowned for its AquaBeam Robotic System, designed for minimally invasive urologic surgery, specifically targeting benign prostatic hyperplasia (BPH), which affects 40 million men in the U.S. The company boasts extensive clinical evidence supporting its Aquablation therapy.
PROCEPT BioRobotics Corporation (Nasdaq: PRCT) reported significant financial growth for 2022, with total revenue reaching $75.0 million, a 118% increase from 2021. In Q4 2022 alone, revenue was $23.8 million, marking a 135% rise year-over-year. System and rental revenue for the U.S. hit $10.4 million, up 109%, while handpiece and consumable revenue soared by 202%. Despite a net loss of $28.2 million for the quarter, the company projects $125 million in revenue for 2023, reflecting a 67% growth forecast. Key factors driving growth include expansion in the sales team and increased market interest.
PROCEPT BioRobotics Corporation (Nasdaq: PRCT) has announced that its management will present at the 43rd Annual Cowen Health Care Conference in Boston on March 7, 2023, at 12:50 p.m. Eastern Time. Interested parties can access a live webcast and an archived recording on the company’s website for at least 90 days following the event.
PROCEPT is recognized for its AquaBeam Robotic System, aimed at enhancing minimally invasive surgery for benign prostatic hyperplasia (BPH). Currently, BPH affects around 40 million men in the U.S., and PROCEPT's innovative Aquablation therapy is supported by extensive clinical evidence, including nine studies and over 100 peer-reviewed publications.
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