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    PROCEPT BioRobotics® Reports Third Quarter 2024 Financial Results and Increases 2024 Revenue and Adjusted EBITDA Guidance

    10/28/24 7:00:00 AM ET
    $PRCT
    Medical/Dental Instruments
    Health Care
    Get the next $PRCT alert in real time by email

    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 of 66% 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 of 74% 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 of 46% compared to the prior period in 2023
    • International revenue of $6.2 million, for the third quarter of 2024, an increase of 122% 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 66% and record gross margins of 63.2%."

    Third Quarter 2024 Financial Results

    Total revenue for the third quarter of 2024 was $58.4 million, an increase of 66% compared to the prior year period. U.S. revenue was $52.2 million, representing growth of 62% compared to the prior year period. The increase was primarily driven by increased system sales, higher system average selling prices, and increased handpiece and other consumable revenue. U.S. handpiece and consumable revenue for the third quarter of 2024 was $29.6 million, an increase of 74% compared to the prior year period. U.S. system revenue for the third quarter of 2024 was $19.6 million, an increase of 46% compared to the prior year period. As of September 30, 2024, the install base of robotic systems in the U.S. was 445 systems. International revenue was $6.2 million for the quarter, an increase of 122% compared to the prior year period.

    Gross margin for the third quarter 2024 was 63.2% compared to 53.8% in the prior year period. Gross margin improvement was primarily due to improved overhead absorption and increased U.S. robotic system average selling prices.

    Operating expenses in the third quarter of 2024 were $59.3 million, compared with $44.5 million in the prior year period. The increase was driven by increased sales and marketing expenses primarily to expand the commercial organization and increased research and development expenses.

    Net loss was $21.0 million for the third quarter of 2024, compared to a loss of $24.6 million in the prior year period. Adjusted EBITDA was a loss of $12.4 million for the third quarter of 2024, compared to a loss of $19.4 million in the prior year period.

    Cash, cash equivalents and restricted cash as of September 30, 2024, totaled $199.8 million.

    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 represents 63% and 64% 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 approximately 59%.
    • 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

    [email protected]



    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 
             


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