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 June 30, 2023.
Recent Highlights
- Total revenue of $33.1 million for
the second quarter of 2023, an increase of 98% compared to the same
period in 2022
- Sold a record 40 U.S. robotic
systems in the second quarter of 2023
- U.S. system and rental revenue of
$14.8 million for the second quarter of 2023, an increase of 74%
compared to the same period in 2022
- U.S. handpiece and consumables
revenue of $13.6 million for the second quarter of 2023, an
increase of 138% compared to the same period in 2022
- Increased fiscal year 2023 total
revenue guidance to $131.0 million
- Received positive coverage policy
decision from United Healthcare, effective June 1, 2023
- Initiated patient enrollment in
Japanese post market survey in mid-July
“Our record performance in the second quarter reflects strong
execution across all our growth drivers. Procedure numbers saw
impressive growth in the quarter, largely attributed to increased
utilization rates among our existing accounts on a sequential
basis. As we move into the second half of 2023, our pipeline of
opportunities continues to grow meaningfully, which gives us
increased confidence to meet our growth objectives,” said Reza
Zadno, Chief Executive Officer. “We believe the combination of
compelling long-term clinical data, increased private payor
coverage, outstanding real-world patient outcomes and an expanded
field based commercial team continue to drive surgeon interest,
patient demand and adoption of Aquablation® therapy."
Second Quarter 2023
Financial Results
Total revenue for the second quarter of 2023 was $33.1 million,
an increase of 98% compared to the prior year period. U.S. revenue
was $29.9 million, representing growth of 102% compared to the
prior year period. The increase was primarily driven by system
sales to new hospital customers and increased handpiece revenue.
U.S. handpiece and consumable revenue for the second quarter of
2023 was $13.6 million, an increase of 138% compared to the prior
year period. Second quarter of 2023 monthly utilization per account
increased 9% compared to the prior year period. U.S. system revenue
for the second quarter of 2023 was a record $14.8 million, an
increase of 74% compared to the prior year period. As of June 30,
2023, the install base of AquaBeam Robotic Systems in the U.S. was
233 systems. International revenue was $3.2 million for the
quarter, an increase of 68% compared to the prior year period.
Gross margin for the second quarter 2023 was 56% compared to 51%
in the prior year period and 51% in the first quarter of 2023.
Sequential gross margin improvement was primarily attributable to
increased operations and manufacturing efficiencies to absorb
overhead expenses and increased sales volume.
Operating expenses in the second quarter of 2023 were $44.1
million, compared with $26.4 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 and general and administrative
expenses.
Net loss was $25.3 million for the second quarter of 2023,
compared to a loss of $19.2 million in the prior year period.
Adjusted EBITDA was a loss of $19.9 million for the second quarter
of 2023, compared to a loss of $14.6 million in the prior year
period.
Cash and short-term investments as of June 30, 2023, totaled
$149.7 million, while long-term borrowings totaled $52.0
million.
Full Year 2023
Financial Guidance
- The Company projects revenue for
the full year 2023 to be approximately $131 million, which
represents 75% growth over the Company’s prior year revenue. This
compares to previous revenue guidance of $128 million.
- The Company projects full year
2023 gross margin to be approximately 55%. This compares to
previous guidance of approximately 54%.
- The Company projects full year
2023 total operating expense of approximately $174 million. This
compares to previous guidance of approximately $167 million.
- The Company projects full year
2023 Adjusted EBITDA loss to be ($74.5) 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 second
quarter 2023 financial results on Thursday, July 27, 2023, 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/fw7aiho7
- Dial-in registration for sell-side research analysts:
-
https://register.vevent.com/register/BIef004df48e304420a49f82d3ae63fa4a
About PROCEPT BioRobotics CorporationPROCEPT
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 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. The Company has developed a significant and growing
body of clinical evidence, which includes nine clinical studies and
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 StatementsThis 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 2023, 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 InformationAll 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, CFAVP, Investor
Relations and Business
Operationsm.bacso@procept-biorobotics.com
PROCEPT BioRobotics Corporation |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Unaudited, in thousands, except per share
data) |
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
$ |
33,104 |
|
|
$ |
16,691 |
|
|
$ |
57,508 |
|
|
$ |
30,888 |
|
Cost of sales |
|
|
14,675 |
|
|
|
8,205 |
|
|
|
26,588 |
|
|
|
14,710 |
|
Gross profit |
|
|
18,429 |
|
|
|
8,486 |
|
|
|
30,920 |
|
|
|
16,178 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
11,613 |
|
|
|
6,706 |
|
|
|
22,350 |
|
|
|
11,717 |
|
Selling, general and administrative |
|
|
32,441 |
|
|
|
19,655 |
|
|
|
62,574 |
|
|
|
38,040 |
|
Total operating expenses |
|
|
44,054 |
|
|
|
26,361 |
|
|
|
84,924 |
|
|
|
49,757 |
|
Loss from operations |
|
|
(25,625 |
) |
|
|
(17,875 |
) |
|
|
(54,004 |
) |
|
|
(33,579 |
) |
Interest expense |
|
|
(965 |
) |
|
|
(1,441 |
) |
|
|
(1,851 |
) |
|
|
(2,862 |
) |
Interest and other income, net |
|
|
1,305 |
|
|
|
132 |
|
|
|
2,084 |
|
|
|
72 |
|
Net loss |
|
$ |
(25,285 |
) |
|
|
(19,184 |
) |
|
|
(53,771 |
) |
|
|
(36,369 |
) |
Net
loss per share, basic and diluted |
|
$ |
(0.56 |
) |
|
$ |
(0.43 |
) |
|
$ |
(1.19 |
) |
|
$ |
(0.82 |
) |
Weighted-average common shares used to |
|
|
|
|
|
|
|
|
Compute net loss per share attributable to |
|
|
|
|
|
|
|
|
Common shareholders, basic and diluted |
|
|
45,160 |
|
|
|
44,324 |
|
|
|
45,023 |
|
|
|
44,091 |
|
|
|
|
|
|
|
|
|
|
PROCEPT BioRobotics Corporation |
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED
EBITDA |
(Unaudited, in thousands) |
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net
loss |
$ |
(25,285 |
) |
|
$ |
(19,184 |
) |
|
$ |
(53,771 |
) |
|
$ |
(36,369 |
) |
Depreciation and amortization expense |
|
642 |
|
|
|
717 |
|
|
|
1,435 |
|
|
|
1,475 |
|
Stock-based compensation expense |
|
5,104 |
|
|
|
2,676 |
|
|
|
8,827 |
|
|
|
4,228 |
|
Interest (income) and interest expense, net |
|
(400 |
) |
|
|
1,196 |
|
|
|
(351 |
) |
|
|
2,581 |
|
Adjusted EBITDA |
$ |
(19,939 |
) |
|
$ |
(14,595 |
) |
|
$ |
(43,860 |
) |
|
$ |
(28,085 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROCEPT BioRobotics Corporation |
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED 2023 EBITDA
Guidance |
(Unaudited, in thousands) |
|
|
|
|
2023 |
|
Net
loss |
$ |
(100,650 |
) |
Depreciation and amortization expense |
|
4,800 |
|
Stock-based compensation expense |
|
22,200 |
|
Interest (income) and interest expense, net |
|
(850 |
) |
Adjusted EBITDA |
$ |
(74,500 |
) |
|
|
|
|
PROCEPT BioRobotics Corporation |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Unaudited, in thousands) |
|
|
|
|
|
June 30, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
149,691 |
|
|
$ |
221,859 |
|
Restricted cash, current |
|
|
777 |
|
|
|
777 |
|
Accounts receivable, net |
|
|
33,173 |
|
|
|
15,272 |
|
Inventory |
|
|
42,636 |
|
|
|
28,543 |
|
Prepaid expenses and other current assets |
|
|
3,739 |
|
|
|
6,175 |
|
Total current assets |
|
|
230,016 |
|
|
|
272,626 |
|
Restricted cash, non-current |
|
|
3,038 |
|
|
|
3,038 |
|
Property and equipment, net |
|
|
16,357 |
|
|
|
8,656 |
|
Operating lease right-of-use assets, net |
|
|
21,563 |
|
|
|
23,481 |
|
Intangible assets, net |
|
|
1,341 |
|
|
|
1,477 |
|
Other assets |
|
|
131 |
|
|
|
51 |
|
Total assets |
|
$ |
272,446 |
|
|
$ |
309,329 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
10,036 |
|
|
$ |
9,391 |
|
Accrued compensation |
|
|
9,949 |
|
|
|
13,447 |
|
Deferred revenue, current |
|
|
4,717 |
|
|
|
2,855 |
|
Operating leases, current |
|
|
2,354 |
|
|
|
2,129 |
|
Other current liabilities |
|
|
8,889 |
|
|
|
7,468 |
|
Total current liabilities |
|
|
35,945 |
|
|
|
35,290 |
|
Long-term debt |
|
|
51,275 |
|
|
|
51,213 |
|
Operating leases, non-current |
|
|
27,135 |
|
|
|
23,975 |
|
Loan facility derivative liability |
|
|
1,832 |
|
|
|
1,779 |
|
Deferred revenue, non-current |
|
|
357 |
|
|
|
— |
|
Total liabilities |
|
|
116,544 |
|
|
|
112,257 |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Additional paid-in capital |
|
|
558,352 |
|
|
|
545,753 |
|
Accumulated other comprehensive loss |
|
|
(6 |
) |
|
|
(6 |
) |
Accumulated deficit |
|
|
(402,444 |
) |
|
|
(348,675 |
) |
Total stockholders’ equity |
|
|
155,902 |
|
|
|
197,072 |
|
Total liabilities and stockholders’ equity |
|
$ |
272,446 |
|
|
$ |
309,329 |
|
|
|
|
|
|
|
|
|
|
PROCEPT BioRobotics Corporation |
REVENUE BY TYPE AND GEOGRAPHY |
(Unaudited, in thousands) |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
U.S. |
|
|
|
|
|
|
|
|
System sales and rentals |
|
$ |
14,828 |
|
$ |
8,516 |
|
$ |
23,598 |
|
$ |
16,270 |
Handpieces and other consumables |
|
|
13,601 |
|
|
5,723 |
|
|
25,371 |
|
|
10,167 |
Service |
|
|
1,499 |
|
|
567 |
|
|
2,734 |
|
|
929 |
Total U.S. revenue |
|
|
29,928 |
|
|
14,806 |
|
|
51,703 |
|
|
27,366 |
Outside of U.S. |
|
|
|
|
|
|
|
|
System sales and rentals |
|
|
1,599 |
|
|
869 |
|
|
3,068 |
|
|
1,610 |
Handpieces and other consumables |
|
|
1,269 |
|
|
832 |
|
|
2,175 |
|
|
1,578 |
Service |
|
|
308 |
|
|
184 |
|
|
562 |
|
|
334 |
Total outside of U.S. revenue |
|
|
3,176 |
|
|
1,885 |
|
|
5,805 |
|
|
3,522 |
Total revenue |
|
$ |
33,104 |
|
$ |
16,691 |
|
$ |
57,508 |
|
$ |
30,888 |
|
|
|
|
|
|
|
|
|
PROCEPT BioRobotics (NASDAQ:PRCT)
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PROCEPT BioRobotics (NASDAQ:PRCT)
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