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, 2024.
Recent Highlights
- Total revenue of $53.4 million for
the second quarter of 2024, an increase of 61% compared to the
prior period in 2023
- U.S. handpiece and consumables
revenue of $27.3 million for the second quarter of 2024, an
increase of 101% compared to the prior period in 2023
- Sold 47 robotic systems in the
U.S. in the second quarter of 2024
- U.S. system and rental revenue of
$17.8 million for the second quarter of 2024, an increase of 20%
compared to the prior period in 2023
- International revenue of $5.7
million, for the second quarter of 2024, an increase of 79%
compared to the prior period in 2023
- Increased fiscal year 2024 total
revenue guidance to approximately $217 million and improved EBITDA
guidance to a loss of $67.5 million
“We are pleased to report another successful quarter with annual
revenue growth of 61%. This outstanding performance across all
segments of the business reflects continued focus on penetrating
BPH hospitals, increasing utilization, and driving operational
efficiencies across the organization,” said Reza Zadno, Chief
Executive Officer. “Additionally, we achieved record gross margins
of 59% and demonstrated significant operating expense
leverage.”
Second Quarter 2024 Financial Results
Total revenue for the second quarter of 2024 was $53.4 million,
an increase of 61% compared to the prior year period. U.S. revenue
was $47.7 million, representing growth of 59% compared to the prior
year period. The increase was primarily driven by increased system
sales to new hospital customers and increased handpiece and
consumable revenue. U.S. handpiece and consumable revenue for the
second quarter of 2024 was $27.3 million, an increase of 101%
compared to the prior year period. U.S. monthly utilization per
account increased approximately 15% in the second quarter of 2024
compared to the prior year period. U.S. system revenue for the
second quarter of 2024 was $17.8 million, an increase of 20%
compared to the prior year period. As of June 30, 2024, the install
base of AquaBeam Robotic Systems in the U.S. was 400 systems.
International revenue was $5.7 million for the quarter, an increase
of 79% compared to the prior year period.
Gross margin for the second quarter 2024 was 59% compared to 56%
in the prior year period. Gross margin improvement was primarily
due to improved overhead absorption and increased U.S. average
selling prices.
Operating expenses in the second quarter of 2024 were $58.3
million, compared with $44.1 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 $25.6 million for the second quarter of 2024,
compared to a loss of $25.3 million in the prior year period.
Adjusted EBITDA was a loss of $18.0 million for the second quarter
of 2024, compared to a loss of $19.9 million in the prior year
period.
Cash and short-term investments as of June 30, 2024, totaled
$214.1 million. Cash usage in the second quarter of 2024 was $11.5
million dollars which is a significant improvement from the $31.6
million usage in the first quarter of 2024. Most of this progress
was driven by improvements in working capital.
Full Year 2024 Financial Guidance
- The Company projects revenue for
the full year 2024 to be $217.0 million, which represents 59%
growth over the Company’s prior year revenue. This compares to
previous revenue guidance of $213.5 million.
- The Company projects full year
2024 gross margin to be approximately 59%. This compares to
previous guidance of approximately 58% 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 ($67.5) million. This compares to
previous guidance of ($70.0) 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 2024 financial results on Thursday, August 1, 2024, at 4:30
p.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/qsztnzfu/
- Dial-in registration for sell-side research analysts:
-
https://register.vevent.com/register/BI7bf6aa315a2b44d6a070a16b6608b822
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 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 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 BacsoVP, Investor
Relations and Business
Operationsm.bacso@procept-biorobotics.com
PROCEPT BioRobotics
CorporationCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited, in thousands, except per
share data)
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
$ |
53,353 |
|
|
$ |
33,104 |
|
|
$ |
97,892 |
|
|
$ |
57,508 |
|
Cost of
sales |
|
|
21,871 |
|
|
|
14,675 |
|
|
|
41,376 |
|
|
|
26,588 |
|
Gross profit |
|
|
31,482 |
|
|
|
18,429 |
|
|
|
56,516 |
|
|
|
30,920 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and
development |
|
|
17,501 |
|
|
|
11,613 |
|
|
|
30,585 |
|
|
|
22,350 |
|
Selling, general and
administrative |
|
|
40,809 |
|
|
|
32,441 |
|
|
|
80,408 |
|
|
|
62,574 |
|
Total operating
expenses |
|
|
58,310 |
|
|
|
44,054 |
|
|
|
110,993 |
|
|
|
84,924 |
|
Loss from
operations |
|
|
(26,828 |
) |
|
|
(25,625 |
) |
|
|
(54,477 |
) |
|
|
(54,004 |
) |
Interest
expense |
|
|
(1,030 |
) |
|
|
(965 |
) |
|
|
(2,075 |
) |
|
|
(1,851 |
) |
Interest and other income,
net |
|
|
2,232 |
|
|
|
1,305 |
|
|
|
4,969 |
|
|
|
2,084 |
|
Net loss |
|
$ |
(25,626 |
) |
|
|
(25,285 |
) |
|
|
(51,583 |
) |
|
|
(53,771 |
) |
Net loss per share, basic and
diluted |
|
$ |
(0.50 |
) |
|
$ |
(0.56 |
) |
|
$ |
(1.01 |
) |
|
$ |
(1.19 |
) |
Weighted-average common shares
used to |
|
|
|
|
|
|
|
|
Compute net loss per share attributable to |
|
|
|
|
|
|
|
|
Common shareholders, basic and
diluted |
|
|
51,622 |
|
|
|
45,160 |
|
|
|
51,316 |
|
|
|
45,023 |
|
|
|
|
|
|
|
|
|
|
PROCEPT BioRobotics
CorporationRECONCILIATION OF GAAP NET LOSS TO
ADJUSTED EBITDA(Unaudited, in
thousands)
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss |
|
$ |
(25,626 |
) |
|
$ |
(25,285 |
) |
|
$ |
(51,583 |
) |
|
$ |
(53,771 |
) |
Depreciation and amortization
expense |
|
|
1,269 |
|
|
|
642 |
|
|
|
2,453 |
|
|
|
1,435 |
|
Stock-based compensation
expense |
|
|
7,986 |
|
|
|
5,104 |
|
|
|
14,242 |
|
|
|
8,827 |
|
Interest (income) and interest
expense, net |
|
|
(1,559 |
) |
|
|
(400 |
) |
|
|
(3,398 |
) |
|
|
(351 |
) |
Adjusted EBITDA |
|
$ |
(17,930 |
) |
|
$ |
(19,939 |
) |
|
$ |
(38,286 |
) |
|
$ |
(43,860 |
) |
PROCEPT BioRobotics
CorporationRECONCILIATION OF GAAP NET LOSS TO
ADJUSTED 2024 EBITDA Guidance(Unaudited, in
thousands)
|
|
|
|
|
|
2024 |
|
Net loss |
|
$ |
(97,250 |
) |
Depreciation and amortization
expense |
|
|
5,340 |
|
Stock-based compensation
expense |
|
|
31,050 |
|
Interest (income) and interest
expense, net |
|
|
(6,640 |
) |
Adjusted EBITDA |
|
$ |
(67,500 |
) |
PROCEPT BioRobotics
CorporationCONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited, in thousands)
|
|
|
|
|
June 30, 2024 |
|
December 31, 2023 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash
equivalents |
|
$ |
214,093 |
|
|
$ |
257,222 |
|
Accounts receivable,
net |
|
|
58,917 |
|
|
|
48,376 |
|
Inventory |
|
|
43,865 |
|
|
|
39,756 |
|
Prepaid expenses and other current
assets |
|
|
5,017 |
|
|
|
5,213 |
|
Total current
assets |
|
|
321,892 |
|
|
|
350,567 |
|
Restricted cash,
non-current |
|
|
3,038 |
|
|
|
3,038 |
|
Property and equipment,
net |
|
|
27,675 |
|
|
|
28,748 |
|
Operating lease right-of-use
assets, net |
|
|
19,584 |
|
|
|
20,241 |
|
Intangible assets,
net |
|
|
1,068 |
|
|
|
1,204 |
|
Other
assets |
|
|
1,093 |
|
|
|
919 |
|
Total assets |
|
$ |
374,350 |
|
|
$ |
404,717 |
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
9,950 |
|
|
$ |
13,499 |
|
Accrued
compensation |
|
|
14,882 |
|
|
|
16,885 |
|
Deferred
revenue |
|
|
6,552 |
|
|
|
5,656 |
|
Operating leases,
current |
|
|
1,769 |
|
|
|
1,683 |
|
Loan facility derivative
liability |
|
|
1,942 |
|
|
|
1,886 |
|
Other current
liabilities |
|
|
7,750 |
|
|
|
6,318 |
|
Total current
liabilities |
|
|
42,845 |
|
|
|
45,927 |
|
Long-term debt |
|
|
51,404 |
|
|
|
51,339 |
|
Operating leases,
non-current |
|
|
27,843 |
|
|
|
26,182 |
|
Other
liabilities |
|
|
479 |
|
|
|
517 |
|
Total
liabilities |
|
|
122,571 |
|
|
|
123,965 |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Additional paid-in
capital |
|
|
757,935 |
|
|
|
735,240 |
|
Accumulated other comprehensive
loss |
|
|
(1 |
) |
|
|
84 |
|
Accumulated
deficit |
|
|
(506,155 |
) |
|
|
(454,572 |
) |
Total stockholders’
equity |
|
|
251,779 |
|
|
|
280,752 |
|
Total liabilities and
stockholders’
equity |
|
$ |
374,350 |
|
|
$ |
404,717 |
|
PROCEPT BioRobotics
CorporationREVENUE BY TYPE AND
GEOGRAPHY(Unaudited, in thousands)
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
U.S. |
|
|
|
|
|
|
|
|
System sales and
rentals |
|
$ |
17,819 |
|
$ |
14,828 |
|
$ |
32,055 |
|
$ |
23,598 |
Handpieces and other
consumables |
|
|
27,260 |
|
|
13,601 |
|
|
50,878 |
|
|
25,371 |
Service |
|
|
2,589 |
|
|
1,499 |
|
|
4,936 |
|
|
2,734 |
Total U.S.
revenue |
|
|
47,668 |
|
|
29,928 |
|
|
87,869 |
|
|
51,703 |
Outside of U.S. |
|
|
|
|
|
|
|
|
System sales and
rentals |
|
|
3,078 |
|
|
1,599 |
|
|
4,818 |
|
|
3,068 |
Handpieces and other
consumables |
|
|
2,271 |
|
|
1,269 |
|
|
4,614 |
|
|
2,175 |
Service |
|
|
336 |
|
|
308 |
|
|
591 |
|
|
562 |
Total outside of U.S.
revenue |
|
|
5,685 |
|
|
3,176 |
|
|
10,023 |
|
|
5,805 |
Total revenue |
|
$ |
53,353 |
|
$ |
33,104 |
|
$ |
97,892 |
|
$ |
57,508 |
|
|
|
|
|
|
|
|
|
PROCEPT BioRobotics (NASDAQ:PRCT)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
PROCEPT BioRobotics (NASDAQ:PRCT)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024