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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) reported a 135% increase in total revenue for Q3 2022, totaling $20.3 million compared to the same period last year. U.S. system revenue rose 95% to $9.8 million, while handpiece revenue surged 267% to $8.0 million. The company raised its 2022 revenue guidance to approximately $72.5 million, a 110% growth over 2021. However, net loss widened to $22.6 million and operating expenses increased to $32.3 million.
PROCEPT BioRobotics Corporation (Nasdaq: PRCT) will release its third quarter financial results on November 3, 2022, after the market closes. A conference call with management will follow at 1:30 p.m. Pacific Time. Investors can join via webcast or phone. The company is focused on surgical robotics, specifically addressing benign prostatic hyperplasia (BPH) through the AquaBeam Robotic System, which has shown significant clinical evidence in improving patient outcomes. Information on the event will be accessible on their website and archived recordings will be available for 90 days.
PROCEPT BioRobotics Corporation (Nasdaq: PRCT) announced a new five-year $52 million loan agreement with CIBC Innovation Banking to enhance its financial position. This loan will refinance an existing $50 million debt, allowing for an interest-only payment period of up to 48 months and reducing annual interest expenses by approximately $2.8 million. CFO Kevin Waters emphasized that this arrangement supports the company’s long-term growth strategy and provides financial flexibility. PROCEPT specializes in surgical robotics, focusing on treating benign prostatic hyperplasia.
PROCEPT BioRobotics (Nasdaq: PRCT) and Providence have formed a multi-system national contract for the acquisition of AquaBeam Robotic Systems, enhancing patient care in urology. As of June 30, 2022, Providence had seven AquaBeam systems installed in California and Texas. Doctor Richard Shapiro emphasized that Aquablation therapy offers long-term symptom relief for men with benign prostatic hyperplasia. PROCEPT aims to accelerate adoption of Aquablation therapy, prioritizing patient safety and effectiveness by using advanced robotic technology for precise prostate treatment.
PROCEPT BioRobotics Corporation (Nasdaq: PRCT) has announced its participation in the 2022 Wells Fargo healthcare conference, with management scheduled to present on September 7 at 9:10 a.m. Eastern Time. The event will be available via live webcast on the company’s website, offering an archived recording for at least 90 days post-event. PROCEPT focuses on advancing patient care through innovative surgical robotics, particularly with its AquaBeam Robotic System aimed at treating benign prostatic hyperplasia, impacting about 40 million men in the U.S.
PROCEPT BioRobotics Corporation (Nasdaq: PRCT) reported Q2 2022 results showing a 97% year-over-year revenue increase to $16.7 million, driven by strong U.S. sales. System revenue reached $8.5 million (+79%), while handpiece sales surged 246% to $5.7 million. The company raised its 2022 revenue guidance to $66-$68 million (91%-97% growth). However, net loss grew to $19.2 million from $14.6 million in the prior year. Operating expenses increased to $26.4 million, reflecting expansion efforts. Cash reserves stand at $269.8 million.
PROCEPT BioRobotics Corporation (Nasdaq: PRCT) announced it will release its financial results for the second quarter of 2022 on August 4, 2022, after market close. A conference call will follow at 1:30 p.m. PT / 4:30 p.m. ET. Investors can listen through a webcast or by registering for a call. PROCEPT focuses on surgical robotics and advanced solutions in urology, particularly for treating benign prostatic hyperplasia (BPH). The company highlights its AquaBeam Robotic System and significant clinical evidence supporting its Aquablation therapy.
PROCEPT BioRobotics (Nasdaq: PRCT) announced on June 9, 2022, that five regional private insurance plans have begun providing positive coverage for Aquablation therapy, treating benign prostatic hyperplasia (BPH). This includes three Blue Cross Blue Shield healthcare plans and covers approximately 8.5 million members. Key plans include Highmark (4.5 million members), BCBS of Minnesota (2.1 million members), and Medical Mutual (1.1 million members). CEO Reza Zadno stated these decisions reflect strong clinical support for Aquablation therapy, enhancing patient access to this effective treatment.
PROCEPT BioRobotics reported first-quarter 2022 revenues of $14.2 million, a 97% increase year-over-year. U.S. system and rental revenue reached $7.8 million, up 70%, while handpiece and consumables revenue surged 174% to $4.4 million. The company raised its full-year revenue guidance to $58 million to $62 million, reflecting 68% to 80% growth. Operating expenses rose to $23.4 million, resulting in a net loss of $17.2 million. Cash and short-term investments stood at $284.3 million. The AQUABEAM Robot received regulatory approval in Korea and Japan.
PROCEPT BioRobotics Corporation (Nasdaq: PRCT) announced on April 28, 2022, that Aetna US Healthcare has updated its coverage policy to positively include Aquablation therapy for Benign Prostatic Hyperplasia (BPH) treatment, effective April 26, 2022. Additionally, Independence Blue Cross Blue Shield extended its coverage to include Aquablation therapy for approximately 4 million members, starting April 25, 2022. The CEO highlighted the growing adoption of Aquablation therapy, which now has five of the seven largest U.S. commercial payors approving its coverage.
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