Recent Highlights
- Total revenue of
$44.5 million for the first quarter of 2024, an increase of 83% compared to the prior year period in 2023 U.S. handpiece and consumables revenue of$23.6 million for the first quarter of 2024, an increase of 101% compared to the prior year period in 2023- Sold 38 U.S. robotic systems in the first quarter of 2024
U.S. system and rental revenue of$14.2 million for the first quarter of 2024, an increase of 62% compared to the prior year period in 2023- International revenue of
$4.3 million for the first quarter of 2024, an increase of 65% compared to the prior year period in 2023 - Increased fiscal year 2024 total revenue guidance to
$213.5 million
“We started 2024 with strong revenue growth exceeding 80% and demonstrated disciplined management of operating expenses throughout the first quarter. Now firmly in our
First Quarter 2024 Financial Results
Total revenue for the first quarter of 2024 was
Gross margin for the first quarter 2024 was 56% compared to 51% in the prior year period and 49% in the fourth quarter of 2023. Gross margin expansion in the first quarter was due to strong operational execution and improved overhead absorption, along with revenue overachievement.
Operating expenses in the first quarter of 2024 were
Net loss was
Cash and short-term investments as of
Full Year 2024 Financial Guidance
- The Company projects revenue for the full year 2024 to be
$213.5 million , which represents 57% growth over the Company’s prior year revenue. This compares to previous revenue guidance of$210.0 million . - The Company projects full year 2024 gross margin to be approximately 58% to 59%. This compares to previous guidance of approximately 57% to 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
($70.0) million . This compares to previous guidance of($73.0) million .
Adjusted EBITDA is a financial measure that is not prepared in accordance with generally accepted accounting principles in
Webcast and Conference Call Information
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/2ag2438d/
- Dial-in registration for sell-side research analysts:
- https://register.vevent.com/register/BI45f305acae75480b8cd3b6d5463826de
About
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 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, reimbursement coverage, overall business strategy, or information regarding the impact of 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
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:
VP, Investor Relations and Business Operations
m.bacso@procept-biorobotics.com
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data) | ||||||||
Three Months Ended | ||||||||
2024 | 2023 | |||||||
Revenue | $ | 44,539 | $ | 24,404 | ||||
Cost of sales | 19,505 | 11,913 | ||||||
Gross profit | 25,034 | 12,491 | ||||||
Operating expenses: | ||||||||
Research and development | 13,084 | 10,737 | ||||||
Selling, general and administrative | 39,599 | 30,131 | ||||||
Total operating expenses | 52,683 | 40,868 | ||||||
Loss from operations | (27,649 | ) | (28,377 | ) | ||||
Interest expense | (1,045 | ) | (886 | ) | ||||
Interest and other income, net | 2,737 | 779 | ||||||
Net loss | $ | (25,957 | ) | $ | (28,484 | ) | ||
Net loss per share, basic and diluted | $ | (0.51 | ) | $ | (0.63 | ) | ||
Weighted-average common shares used to | ||||||||
Compute net loss per share attributable to | ||||||||
Common shareholders, basic and diluted | 51,011 | 45,066 |
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (Unaudited, in thousands) | ||||||||
Three Months Ended | ||||||||
2024 | 2023 | |||||||
Net loss | $ | (25,957 | ) | $ | (28,484 | ) | ||
Depreciation and amortization expense | 1,184 | 793 | ||||||
Stock-based compensation expense | $ | 6,256 | 3,724 | |||||
Interest (income) and interest expense, net | (1,838 | ) | 49 | |||||
Adjusted EBITDA | $ | (20,355 | ) | $ | (23,918 | ) |
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED 2024 EBITDA Guidance (Unaudited, in thousands) | |||||
2024 | |||||
Net loss | $ | (100,000 | ) | ||
Depreciation and amortization expense | 5,645 | ||||
Stock-based compensation expense | 31,500 | ||||
Interest (income) and interest expense, net | (7,145 | ) | |||
Adjusted EBITDA | $ | (70,000 | ) |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 225,576 | $ | 257,222 | ||||
Accounts receivable, net | 56,081 | 48,376 | ||||||
Inventory | 41,622 | 39,756 | ||||||
Prepaid expenses and other current assets | 5,907 | 5,213 | ||||||
Total current assets | 329,186 | 350,567 | ||||||
Restricted cash, non-current | 3,038 | 3,038 | ||||||
Property and equipment, net | 28,488 | 28,748 | ||||||
Operating lease right-of-use assets, net | 19,892 | 20,241 | ||||||
Intangible assets, net | 1,136 | 1,204 | ||||||
Other assets | 1,160 | 919 | ||||||
Total assets | $ | 382,900 | $ | 404,717 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 10,084 | $ | 13,499 | ||||
Accrued compensation | 11,469 | 16,885 | ||||||
Deferred revenue | 5,860 | 5,656 | ||||||
Operating leases, current | 1,701 | 1,683 | ||||||
Loan facility derivative liability, current | 1,914 | 1,886 | ||||||
Other current liabilities | 7,622 | 6,318 | ||||||
Total current liabilities | 38,650 | 45,927 | ||||||
Long-term debt | 51,371 | 51,339 | ||||||
Operating leases, non-current | 28,315 | 26,182 | ||||||
Other liabilities | 517 | 517 | ||||||
Total liabilities | 118,853 | 123,965 | ||||||
Stockholders’ equity: | ||||||||
Additional paid-in capital | 744,463 | 735,240 | ||||||
Accumulated other comprehensive gain | 113 | 84 | ||||||
Accumulated deficit | (480,529 | ) | (454,572 | ) | ||||
Total stockholders’ equity | 264,047 | 280,752 | ||||||
Total liabilities and stockholders’ equity | $ | 382,900 | $ | 404,717 |
REVENUE BY TYPE AND GEOGRAPHY (Unaudited, in thousands) | ||||||
Three Months Ended | ||||||
2024 | 2023 | |||||
System sales and rentals | $ | 14,236 | $ | 8,770 | ||
Handpieces and other consumables | 23,618 | 11,770 | ||||
Service | 2,347 | 1,235 | ||||
Total | 40,201 | 21,775 | ||||
Outside of | ||||||
System sales and rentals | 1,740 | 1,469 | ||||
Handpieces and other consumables | 2,343 | 906 | ||||
Service | 255 | 254 | ||||
Total outside of | 4,338 | 2,629 | ||||
Total revenue | $ | 44,539 | $ | 24,404 | ||
Source:
2024 GlobeNewswire, Inc., source