PROCEPT BioRobotics® Reports Third Quarter 2024 Financial Results and Increases 2024 Revenue and Adjusted EBITDA Guidance
PROCEPT BioRobotics reported strong Q3 2024 results with total revenue of $58.4 million, up 66% year-over-year. U.S. revenue grew 62% to $52.2 million, while international revenue increased 122% to $6.2 million. The company sold 45 robotic systems in the U.S. at an average price of $432,000. Gross margin reached a record 63.2%, up from 53.8% in the prior year. The company increased its 2024 guidance, projecting revenue of $222.5-223.0 million and improved its adjusted EBITDA loss forecast to $60.0 million. Cash position remained strong at $199.8 million as of September 30, 2024.
PROCEPT BioRobotics ha riportato risultati solidi per il terzo trimestre del 2024, con un fatturato totale di $58,4 milioni, in crescita del 66% rispetto all'anno precedente. Il fatturato negli Stati Uniti è aumentato del 62%, raggiungendo $52,2 milioni, mentre il fatturato internazionale è cresciuto del 122%, raggiungendo i $6,2 milioni. L'azienda ha venduto 45 sistemi robotici negli Stati Uniti a un prezzo medio di $432.000. Il margine lordo ha toccato un record del 63,2%, rispetto al 53,8% dell'anno precedente. L'azienda ha innalzato le previsioni per il 2024, prevedendo un fatturato tra $222,5 e $223,0 milioni e ha migliorato la sua previsione di perdita EBITDA corretto a $60,0 milioni. La posizione di cassa è rimasta solida, raggiungendo i $199,8 milioni al 30 settembre 2024.
PROCEPT BioRobotics reportó resultados sólidos en el tercer trimestre de 2024, con ingresos totales de $58.4 millones, lo que representa un crecimiento del 66% interanual. Los ingresos en EE. UU. crecieron un 62%, alcanzando los $52.2 millones, mientras que los ingresos internacionales aumentaron un 122%, llegando a $6.2 millones. La empresa vendió 45 sistemas robóticos en EE. UU. a un precio promedio de $432,000. El margen bruto alcanzó un récord del 63.2%, en comparación con el 53.8% del año anterior. La empresa elevó sus proyecciones para 2024, proyectando ingresos entre $222.5 y $223.0 millones y mejoró su pronóstico de pérdida EBITDA ajustada a $60.0 millones. La posición de efectivo se mantuvo sólida en $199.8 millones al 30 de septiembre de 2024.
PROCEPT BioRobotics는 2024년 3분기 강력한 실적을 보고했으며, 총 수익은 $58.4백만으로 전년 대비 66% 증가했습니다. 미국에서는 수익이 62% 증가하여 $52.2백만에 도달했으며, 국제 수익은 122% 늘어나 $6.2백만에 달했습니다. 이 회사는 미국에서 평균 가격 $432,000에 45개의 로봇 시스템을 판매했습니다. 총 마진은 63.2%에 도달하여, 지난해 53.8%에서 증가했습니다. 회사는 2024년 전망을 상향 조정하여 $222.5-223.0백만의 수익을 예상하며, 조정된 EBITDA 손실 전망도 $60.0백만으로 개선했습니다. 2024년 9월 30일 기준으로 현금 보유고는 $199.8백만으로 강력한 상태를 유지했습니다.
PROCEPT BioRobotics a rapporté de solides résultats pour le troisième trimestre 2024, avec un chiffre d'affaires total de $58,4 millions, en hausse de 66 % par rapport à l'année précédente. Le chiffre d'affaires aux États-Unis a augmenté de 62 %, atteignant $52,2 millions, tandis que le chiffre d'affaires international a crû de 122 %, s'élevant à $6,2 millions. L'entreprise a vendu 45 systèmes robotiques aux États-Unis à un prix moyen de $432 000. La marge brute a atteint un niveau record de 63,2 %, contre 53,8 % l'année précédente. L'entreprise a augmenté ses prévisions pour 2024, prévoyant un chiffre d'affaires de $222,5 à $223,0 millions et a amélioré sa prévision de perte d'EBITDA ajusté à $60,0 millions. La position de trésorerie est restée solide à $199,8 millions au 30 septembre 2024.
PROCEPT BioRobotics hat im dritten Quartal 2024 starke Ergebnisse gemeldet, mit einem Gesamtumsatz von $58,4 Millionen, was einem Anstieg von 66% im Jahresvergleich entspricht. Der Umsatz in den USA wuchs um 62% auf $52,2 Millionen, während der internationale Umsatz um 122% auf $6,2 Millionen stieg. Das Unternehmen verkaufte 45 robotische Systeme in den USA zu einem Durchschnittspreis von $432.000. Die Bruttomarge erreichte mit 63,2% einen Rekord, gegenüber 53,8% im Vorjahr. Das Unternehmen hob seine Prognosen für 2024 an und rechnet mit einem Umsatz von $222,5 bis $223,0 Millionen und verbesserte seine Prognose für den bereinigten EBITDA-Verlust auf $60,0 Millionen. Die Liquiditätsposition blieb stark bei $199,8 Millionen am 30. September 2024.
- Total revenue increased 66% YoY to $58.4 million
- Record gross margin of 63.2%, up from 53.8%
- U.S. handpiece revenue grew 74% to $29.6 million
- International revenue surged 122% to $6.2 million
- Raised full-year revenue guidance to $222.5-223.0 million
- Improved adjusted EBITDA loss guidance to $60.0 million from $67.5 million
- Strong cash position of $199.8 million
- Net loss of $21.0 million in Q3 2024
- Operating expenses increased to $59.3 million from $44.5 million YoY
- Projected adjusted EBITDA remains negative for 2024
Insights
PROCEPT BioRobotics delivered exceptional Q3 2024 results with
- Record gross margin of
63.2% , up from53.8% YoY - U.S. install base reached 445 robotic systems
- Strong ASP of
$432,000 per system - Healthy cash position of
$199.8M
The increased FY2024 guidance (
The successful HYDROS launch demonstrates PROCEPT's growing dominance in robotic urology solutions. The
The
SAN JOSE, Calif., Oct. 28, 2024 (GLOBE NEWSWIRE) -- PROCEPT BioRobotics Corporation (Nasdaq: PRCT) (the “Company”), a surgical robotics company focused on advancing patient care by developing transformative solutions in urology, today reported unaudited financial results for the quarter ended September 30, 2024.
Recent Highlights
- Total revenue of
$58.4 million for the third quarter of 2024, an increase of66% compared to the prior period in 2023 - U.S. handpiece and consumables revenue of
$29.6 million for the third quarter of 2024, an increase of74% compared to the prior period in 2023 - Sold 45 robotic systems in the U.S. in the third quarter of 2024 at an average selling price of approximately
$432,000 - U.S. system and rental revenue of
$19.6 million for the third quarter of 2024, an increase of46% compared to the prior period in 2023 - International revenue of
$6.2 million , for the third quarter of 2024, an increase of122% compared to the prior period in 2023 - Reported record gross margin of
63.2% in the third quarter of 2024 - Increased fiscal year 2024 total revenue guidance range to
$222.5 million to$223.0 million - Increased fiscal year 2024 gross margin guidance to
61% - Increased fiscal year 2024 Adjusted EBITDA guidance to a loss of
$60.0 million
“I’m extremely proud of the entire PROCEPT team for their collective effort and execution in launching HYDROS in the third quarter,” said Reza Zadno, Chief Executive Officer. “After receiving HYDROS FDA clearance in August, we successfully converted the third quarter capital pipeline, manufactured sufficient quantities of commercial product, trained our clinical teams while mitigating downside pressure on procedures, and effectively managed customer relationships during this critical phase of our Company's growth. As a result, we delivered another successful quarter with annual revenue growth of
Third Quarter 2024 Financial Results
Total revenue for the third quarter of 2024 was
Gross margin for the third quarter 2024 was
Operating expenses in the third quarter of 2024 were
Net loss was
Cash, cash equivalents and restricted cash as of September 30, 2024, totaled
Full Year 2024 Financial Guidance
- The Company projects revenue for the full year 2024 to be in the range of
$222.5 million to$223.0 million , which represents63% and64% growth respectfully over the Company’s prior year revenue. This compares to previous revenue guidance of$217.0 million . - The Company projects full year 2024 gross margin to be approximately
61% . This compares to previous guidance of approximately59% . - The Company projects full year 2024 total operating expense of approximately
$231.5 million , which is unchanged from previously issued guidance. - The Company projects full year 2024 Adjusted EBITDA loss to be (
$60.0) million . This compares to previous guidance of ($67.5) million .
Adjusted EBITDA is a financial measure that is not prepared in accordance with generally accepted accounting principles in the United States (GAAP). For more information about the Company’s use of non-GAAP financial measures, please see the section below titled “Use of Non-GAAP Financial Measures (Unaudited).”
Webcast and Conference Call Information
PROCEPT BioRobotics will host a conference call to discuss the third quarter 2024 financial results on Monday, October 28, 2024, at 8:00 a.m. Eastern Time.
Investors interested in listening to the conference call may do so by following one of the below links:
- Webcast link for interested listeners:
- https://edge.media-server.com/mmc/p/yhamkcsz
- Dial-in registration for sell-side research analysts:
- https://register.vevent.com/register/BI271ff7de75a342d8941d642d1900ba40
About PROCEPT BioRobotics Corporation
PROCEPT BioRobotics is a surgical robotics company focused on advancing patient care by developing transformative solutions in urology. PROCEPT BioRobotics manufactures the AQUABEAM® and HYDROS™ Robotic Systems. The HYDROS Robotic System is the only AI-Powered, robotic technology that delivers Aquablation therapy. PROCEPT BioRobotics 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. BPH is the most common prostate disease and impacts approximately 40 million men in the United States. The Company has developed a significant and growing body of clinical evidence with over 150 peer-reviewed publications, supporting the benefits and clinical advantages of Aquablation therapy.
Use of Non-GAAP Financial Measures (Unaudited)
This press release references Adjusted EBITDA, a financial measure that is not prepared in accordance with generally accepted accounting principles in the United States (GAAP). The Company defines Adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization and stock-based compensation. Non-GAAP financial measures are not a substitute for or superior to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.
The Company believes that presenting Adjusted EBITDA provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.
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 2024, 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 and overall business strategy. 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 Form 10-K filed with the SEC on February 28, 2023. 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.
Important Safety Information
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
VP, Investor Relations and Business Operations
m.bacso@procept-biorobotics.com
| PROCEPT BioRobotics Corporation CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 58,370 | $ | 35,102 | $ | 156,262 | $ | 92,610 | ||||||||
| Cost of sales | 21,459 | 16,228 | 62,835 | 42,816 | ||||||||||||
| Gross profit | 36,911 | 18,874 | 93,427 | 49,794 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 16,647 | 11,600 | 47,232 | 33,950 | ||||||||||||
| Selling, general and administrative | 42,691 | 32,883 | 123,099 | 95,457 | ||||||||||||
| Total operating expenses | 59,338 | 44,483 | 170,331 | 129,407 | ||||||||||||
| Loss from operations | (22,427 | ) | (25,609 | ) | (76,904 | ) | (79,613 | ) | ||||||||
| Interest expense | (1,140 | ) | (1,019 | ) | (3,215 | ) | (2,870 | ) | ||||||||
| Interest and other income, net | 2,593 | 2,006 | 7,562 | 4,090 | ||||||||||||
| Net loss | $ | (20,974 | ) | (24,622 | ) | (72,557 | ) | (78,393 | ) | |||||||
| Net loss per share, basic and diluted | $ | (0.40 | ) | $ | (0.51 | ) | $ | (1.41 | ) | $ | (1.70 | ) | ||||
| Weighted-average common shares used to | ||||||||||||||||
| Compute net loss per share attributable to | ||||||||||||||||
| Common shareholders, basic and diluted | 52,011 | 48,310 | 51,550 | 46,131 | ||||||||||||
| PROCEPT BioRobotics Corporation RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (Unaudited, in thousands) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net loss | $ | (20,974 | ) | $ | (24,622 | ) | $ | (72,557 | ) | $ | (78.393 | ) | ||||
| Depreciation and amortization expense | 1,328 | 1,054 | 3,781 | 2.489 | ||||||||||||
| Stock-based compensation expense | 8,512 | 5,326 | 22,755 | 14.153 | ||||||||||||
| Interest (income) and interest expense, net | (1,296 | ) | (1,126 | ) | (4,694 | ) | (1.477 | ) | ||||||||
| Adjusted EBITDA | $ | (12,430 | ) | $ | (19,368 | ) | $ | (50,715 | ) | $ | (63.228 | ) | ||||
| PROCEPT BioRobotics Corporation RECONCILIATION OF GAAP NET LOSS TO ADJUSTED 2024 EBITDA Guidance (Unaudited, in thousands) | ||||
| 2024 | ||||
| Net loss | $ | (90,500 | ) | |
| Depreciation and amortization expense | 5,100 | |||
| Stock-based compensation expense | 31,300 | |||
| Interest (income) and interest expense, net | (5,900 | ) | ||
| Adjusted EBITDA | $ | (60,000 | ) | |
| PROCEPT BioRobotics Corporation CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands) | ||||||||
| September 30, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 196,762 | $ | 257,222 | ||||
| Accounts receivable, net | 69,048 | 48,376 | ||||||
| Inventory | 50,850 | 39,756 | ||||||
| Prepaid expenses and other current assets | 6,321 | 5,213 | ||||||
| Total current assets | 322,981 | 350,567 | ||||||
| Restricted cash, non-current | 3,038 | 3,038 | ||||||
| Property and equipment, net | 26,605 | 28,748 | ||||||
| Operating lease right-of-use assets, net | 19,267 | 20,241 | ||||||
| Intangible assets, net | 1,000 | 1,204 | ||||||
| Other assets | 1,251 | 919 | ||||||
| Total assets | $ | 374,142 | $ | 404,717 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 15,088 | $ | 13,499 | ||||
| Accrued compensation | 18,834 | 16,885 | ||||||
| Deferred revenue | 7,989 | 5,656 | ||||||
| Operating leases, current | 1,839 | 1,683 | ||||||
| Loan facility derivative liability | 2,000 | 1,886 | ||||||
| Other current liabilities | 7,896 | 6,318 | ||||||
| Total current liabilities | 53,646 | 45,927 | ||||||
| Long-term debt | 51,438 | 51,339 | ||||||
| Operating leases, non-current | 27,361 | 26,182 | ||||||
| Other liabilities | 479 | 517 | ||||||
| Total liabilities | 132,924 | 123,965 | ||||||
| Stockholders’ equity: | ||||||||
| Additional paid-in capital | 768,365 | 735,240 | ||||||
| Accumulated other comprehensive loss | (18 | ) | 84 | |||||
| Accumulated deficit | (527,129 | ) | (454,572 | ) | ||||
| Total stockholders’ equity | 241,218 | 280,752 | ||||||
| Total liabilities and stockholders’ equity | $ | 374,142 | $ | 404,717 | ||||
| PROCEPT BioRobotics Corporation REVENUE BY TYPE AND GEOGRAPHY (Unaudited, in thousands) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| U.S. | ||||||||||||||||
| System sales and rentals | $ | 19,643 | $ | 13,467 | $ | 50,978 | $ | 37,065 | ||||||||
| Handpieces and other consumables | 29,620 | 17,047 | 81,217 | 42,418 | ||||||||||||
| Service | 2,952 | 1,811 | 7,888 | 4,545 | ||||||||||||
| Total U.S. revenue | 52,215 | 32,325 | 140,083 | 84,028 | ||||||||||||
| Outside of U.S. | ||||||||||||||||
| System sales and rentals | 3,155 | 828 | 7,974 | 3,896 | ||||||||||||
| Handpieces and other consumables | 2,616 | 1,651 | 7,230 | 3,826 | ||||||||||||
| Service | 384 | 298 | 975 | 860 | ||||||||||||
| Total outside of U.S. revenue | 6,155 | 2,777 | 16,179 | 8,582 | ||||||||||||
| Total revenue | $ | 58,370 | $ | 35,102 | $ | 156,262 | $ | 92,610 | ||||||||
FAQ
What was PRCT's revenue growth in Q3 2024?
How many robotic systems did PRCT sell in the US during Q3 2024?
What is PRCT's revised revenue guidance for 2024?
What was PRCT's gross margin in Q3 2024?
