PROCEPT BioRobotics Announces $52 Million Debt Refinancing
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.
- New $52 million loan enhances financial stability.
- Refinancing improves interest savings by $2.8 million per year.
- Flexible repayment terms with up to 48 months of interest-only payments.
- None.
REDWOOD CITY, Calif., Oct. 10, 2022 (GLOBE NEWSWIRE) -- PROCEPT® BioRobotics Corporation (Nasdaq: PRCT) (the “Company”), a surgical robotics company focused on advancing patient care by developing transformative solutions in urology, announced today that it has entered into a new five-year
The Company’s new term loan includes a final maturity date of five years from the closing date. The new term loan has an interest-only period of 36 months, which may be extended to 48 months.
“In order to further strengthen our balance sheet, we have successfully extinguished our
“CIBC Innovation Banking is pleased to support PROCEPT as it continues its impressive growth,” said Jeff Chapman, Head of North American Life Science and Healthcare, CIBC Innovation Banking. “We are excited to work with a company on the forefront of surgical robotics whose technology can treat so many patients.”
Armentum Partners served as financial advisor to the Company on the transaction. Additional detail regarding the foregoing financing is set forth in the Company’s Current Report on Form 8-K, filed today with the SEC.
For more information on Aquablation therapy, visit www.aquablation.com
About PROCEPT BioRobotics Corporation
PROCEPT BioRobotics is a surgical robotics company focused on advancing patient care by developing transformative solutions in urology. PROCEPT BioRobotics develops, manufactures and sells the AquaBeam Robotic System, an advanced, image-guided, surgical robotic system for use in minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia, or BPH. BPH is the most common prostate disease and impacts approximately 40 million men in the United States. PROCEPT designed Aquablation therapy to deliver effective, safe and durable outcomes for males suffering from lower urinary tract symptoms, or LUTS, due to BPH that are independent of prostate size and shape or surgeon experience. The Company has developed a significant and growing body of clinical evidence, which includes nine clinical studies and over 100 peer-reviewed publications, supporting the benefits and clinical advantages of Aquablation therapy.
Forward Looking Statements
This release contains forward‐looking statements within the meaning of federal securities laws, including with respect to the Company’s projected financial performance for full year 2022, statements regarding the potential utilities, values, benefits and advantages of Aquablation® therapy performed using PROCEPT BioRobotics’ products, including AquaBeam® Robotic System, which involve risks and uncertainties that could cause the actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are only predictions based on our current expectations, estimates, and assumptions, valid only as of the date they are made, and subject to risks and uncertainties, some of which we are not currently aware. Forward-looking statements may include statements regarding financial guidance, market opportunity and penetration, the Company’s possible or assumed future results of operations, including descriptions of the Company’s revenues, gross margin, profitability, operating expenses, installed base growth, commercial momentum, reimbursement coverage, overall business strategy, and other global events on the Company and its operations. Forward‐looking statements should not be read as a guarantee of future performance or results and may not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. These forward‐looking statements are based on the Company’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward‐looking statements as a result of these risks and uncertainties. These risks and uncertainties are described more fully in the section titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Company’s annual report on From 10-K filed with the SEC on March 22, 2022, and in the Company’s other periodic reports filed with the SEC. PROCEPT BioRobotics does not undertake any obligation to update forward‐looking statements and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward‐looking statements contained herein. These forward-looking statements should not be relied upon as representing PROCEPT BioRobotics’ views as of any date subsequent to the date of this press release.
All surgical treatments have inherent and associated side effects. For a list of potential side effects visit https://aquablation.com/safety-information/
Investor Contact:
Matt Bacso, CFA
VP, Investor Relations and Business Operations
m.bacso@PROCEPT-BioRobotics.com
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