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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) announced an in-person investor event on May 13, 2022, during the American Urology Association Annual Meeting in New Orleans. The event will feature insights from the executive team and a surgeon panel discussing the AquaBeam Robotic System. PROCEPT's AquaBeam technology focuses on treating benign prostatic hyperplasia (BPH), a condition affecting around 40 million men in the U.S. The company has established a robust clinical evidence base, comprising nine studies and over 100 peer-reviewed publications supporting Aquablation therapy outcomes.
PROCEPT BioRobotics (Nasdaq: PRCT) reported strong financial results for Q4 and full year 2021, with revenues reaching $10.1 million for Q4 and $34.5 million for the full year, up from $3.2 million and $7.7 million in 2020. The company's U.S. system and rental revenue increased to $5.0 million in Q4. Despite a net loss of $18.3 million in Q4, the company issued revenue guidance of $54.0 million to $58.0 million for 2022. Key achievements included a nearly doubled sales force and positive results from the WATER Study supporting Aquablation therapy.
PROCEPT BioRobotics Corporation (Nasdaq: PRCT) announced it will report its financial results for the fourth quarter and full year 2021 on March 8, 2022, before market open. A conference call will be held at 5:00 a.m. PT / 8:00 a.m. ET. Investors can listen by calling (800) 306-0005 domestically or (209) 905-5968 internationally. The AquaBeam Robotic System, designed for minimally-invasive urologic surgery, targets benign prostatic hyperplasia, affecting around 40 million men in the U.S. There is a strong clinical evidence base supporting Aquablation therapy.
PROCEPT BioRobotics Corporation announced positive five-year outcomes from its WATER study, affirming the efficacy of Aquablation therapy compared to TURP for treating benign prostatic hyperplasia (BPH). The study showed a 51% lower retreatment rate, with significant improvements in IPSS scores—15.1 points for Aquablation vs. 13.2 for TURP. In particular, larger prostates (≥50 ml) exhibited even greater benefits, suggesting a shift in BPH treatment paradigms. The results indicate Aquablation's potential as a preferred option, emphasizing safety and durability across varying prostate sizes.
PROCEPT BioRobotics Corporation (Nasdaq: PRCT) announced its upcoming participation in two major investor conferences. The first is the 11th Annual SVB Leerink Global Healthcare Conference on February 17, 2022, at 2:00 pm PT / 5:00 pm ET, followed by the 42nd Annual Cowen Health Care Conference on March 9, 2022, at 9:50 am PT / 12:50 pm ET. A live webcast and archive will be accessible on the company's website for 90 days post-event. PROCEPT specializes in robotic solutions for urology, particularly the AquaBeam Robotic System, addressing benign prostatic hyperplasia (BPH), impacting around 40 million men in the U.S.
PROCEPT BioRobotics Corporation (Nasdaq: PRCT) announced the installation of five AquaBeam Robotic Systems across Northside Health Systems in Georgia, marking a significant expansion of their surgical robotics program. The AquaBeam system utilizes heat-free waterjet technology for the treatment of benign prostatic hyperplasia (BPH), a common prostate disease affecting 40 million men in the U.S. The therapy aims to provide a safe and effective treatment option tailored to patients’ needs, enhancing access to innovative surgical techniques.
PROCEPT BioRobotics Corporation (Nasdaq: PRCT) announced preliminary unaudited revenues for Q4 and FY 2021, projecting revenue between $9.8 million and $10.1 million for Q4, up from <$3.2 million> in the previous year. Total FY 2021 revenue is expected to be between $34.1 million and $34.4 million, compared to <$7.7 million> in FY 2020. Revenue growth is attributed to increased sales of their AquaBeam Robotic System and successful adoption of Aquablation therapy. Full financial results will be released in March 2022.
PROCEPT BioRobotics Corporation (Nasdaq: PRCT) announced the appointment of Mary Garrett to its Board of Directors, increasing the board size to nine members. Ms. Garrett brings extensive experience, having previously served on the board of Hillrom Corporation and as Chief Marketing Officer for IBM Corporation. Her expertise in technology and organizational development is expected to benefit PROCEPT's growth in the urology market, especially with its AquaBeam Robotic System targeting benign prostatic hyperplasia (BPH), a condition affecting approximately 40 million men in the U.S.
PROCEPT BioRobotics Corporation (Nasdaq: PRCT) reported a strong third quarter 2021 with total revenue of $8.7 million, a significant increase from $2.1 million in Q3 2020. U.S. system revenue rose to $5.0 million from $0.6 million, while U.S. handpiece revenue reached $2.2 million compared to $0.5 million last year. The company completed its IPO, generating net proceeds of $172.4 million. Gross margin improved to 48.9% from -1% a year ago. Despite a net loss of $14.1 million, PROCEPT maintained a healthy cash position of $320.5 million.
PROCEPT BioRobotics Corporation (Nasdaq: PRCT) has appointed Elisabeth Sandoval to its Board of Directors, expanding the board to nine members. Sandoval brings extensive experience from her roles at Alder Biopharmaceuticals and Allergan, emphasizing her commercial expertise in healthcare. CEO Reza Zadno stated that her background aligns with the company's strategies to enhance adoption of Aquablation therapy for treating benign prostatic hyperplasia (BPH). This therapy aims to revolutionize care for the 40 million men in the U.S. affected by BPH, supported by a strong body of clinical evidence.
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