Revenue and Profit - Revenue for the three months ended June 30, 2024, was $53,353 thousand, a 61% increase from $33,104 thousand for the same period in 2023[10] - Gross profit for the six months ended June 30, 2024, was $56,516 thousand, compared to $30,920 thousand for the same period in 2023, reflecting an increase of 83%[10] - Total revenue for the six months ended June 30, 2024, was $97.892 million, a 70.4% increase from $57.508 million for the same period in 2023[45] - U.S. revenue for the three months ended June 30, 2024, was $47.668 million, up 59.3% from $29.928 million in the same period last year[45] Expenses - Research and development expenses for the three months ended June 30, 2024, were $17,501 thousand, up 50% from $11,613 thousand in the same period of 2023[10] - Selling, general and administrative expenses increased to $40,809 thousand for the three months ended June 30, 2024, compared to $32,441 thousand for the same period in 2023, representing a 26% increase[10] - Stock-based compensation for the six months ended June 30, 2024, totaled $14.242 million, an increase from $8.827 million in the same period in 2023[34] - The company recognized rent expenses of $1.8 million and $1.9 million for the three months ended June 30, 2024 and 2023, respectively, and $3.4 million and $4.0 million for the six months ended June 30, 2024 and 2023[49] Net Loss - The net loss for the three months ended June 30, 2024, was $(25,626) thousand, slightly higher than the net loss of $(25,285) thousand for the same period in 2023[10] - Net loss for the six months ended June 30, 2024, was $51,583,000, compared to a net loss of $53,771,000 for the same period in 2023, representing a decrease of 4.1%[16] - The company reported a net loss per share of $(1.01) for the six months ended June 30, 2024, compared to $(1.19) for the same period in 2023[42] Assets and Liabilities - Total current assets decreased to $321,892 thousand as of June 30, 2024, from $350,500 thousand as of December 31, 2023[8] - Total liabilities decreased to $122,571 thousand as of June 30, 2024, from $123,900 thousand as of December 31, 2023[8] - Stockholders' equity decreased to $251,779 thousand as of June 30, 2024, from $280,700 thousand as of December 31, 2023[8] - The company’s total property and equipment, net, was $27,675,000 as of June 30, 2024, compared to $28,740,000 at December 31, 2023, a decrease of 3.7%[29] Cash Flow - Cash used in operating activities decreased to $48,022,000 for the six months ended June 30, 2024, from $64,267,000 in the prior year, a reduction of 25.4%[16] - The company’s cash flow from investing activities was $2,989,000 for the six months ended June 30, 2024, down from $10,711,000 in the prior year, a decrease of 72.0%[16] - The company reported cash and cash equivalents of $214,093,000 as of June 30, 2024, down from $257,222,000 at December 31, 2023, a decrease of 16.7%[25] - Cash and cash equivalents amounted to $214.1 million as of June 30, 2024, with minimal risk associated with fluctuating interest rates due to the nature of the securities held[92] Stock and Equity - The company issued 507 common shares under stock plans, resulting in an increase of $5,296 thousand in additional paid-in capital[12] - The weighted-average common shares used to compute net loss per share increased to 51,622 thousand for the three months ended June 30, 2024, from 45,160 thousand for the same period in 2023[10] - Proceeds from the issuance of common stock from the exercise of stock options amounted to $5,759,000 for the six months ended June 30, 2024, compared to $1,093,000 in the same period of 2023, an increase of 426.5%[16] - As of June 30, 2024, the company had 6.8 million shares available for grant under the 2021 Equity Incentive Award Plan[35] Debt and Obligations - The company’s long-term debt includes a senior secured term loan facility of $52.0 million, fully borrowed in October 2022[30] - The company is obligated to maintain a minimum of $90.0 million in deposit accounts held at the lender[32] - Future minimum annual operating lease payments total $42.866 million, with debt repayments amounting to $52 million, leading to total future payments of $94.866 million[49] Risks and Market Conditions - The company is exposed to interest rate risks with loan facility amounts bearing interest at an annual rate based on the secured overnight financing rate (SOFR) plus a margin of 2.25%[93] - A portion of net sales and expenses are denominated in foreign currencies, exposing the company to foreign currency risks, particularly with fluctuations in the Euro[95] - Inflation has generally increased costs related to labor and research and development, but it is not believed to have had a material effect on financial statements[96] - No customer accounted for greater than 10% of accounts receivable as of June 30, 2024, indicating a diversified customer base and mitigated credit risk[94] Regulatory and Product Developments - The AquaBeam Robotic System received 510(k) clearance from the FDA on August 30, 2023, allowing it to treat BPH in patients with an active diagnosis of prostate cancer[17] - The company awarded approximately 61,000 performance stock units (PSUs) during the six months ended June 30, 2024, with performance conditions to be defined later[38] - Approximately $1.8 million of unrecognized cost related to the Employee Stock Purchase Plan (ESPP) is expected to be recognized over a weighted average period of 0.8 years[41]

PROCEPT BioRobotics Corporation (PRCT) came out with a quarterly loss of $0.50 per share versus the Zacks Consensus Estimate of a loss of $0.52. This compares to loss of $0.56 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 3.85%. A quarter ago, it was expected that this company would post a loss of $0.55 per share when it actually produced a loss of $0.51, delivering a surprise of 7.27%. Over the last four quarters, the comp ...

SAN JOSE, Calif., Aug. 01, 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 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 se ...

SAN JOSE, Calif., Aug. 01, 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 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 se ...

Investors interested in listening to the conference call may do so by following one of the below links: Dial-in registration for sell-side research analysts: https://register.vevent.com/register/BI7bf6aa315a2b44d6a070a16b6608b822 An archived recording will be available on the "Investors" section of the Company's website at: https://ir.procept-biorobotics.com. Each webcast will be available for replay for at least 90 days after the event. PROCEPT BioRobotics is a surgical robotics company focused on advancin ...

Company Update - PROCEPT BioRobotics announced that the American Medical Association (AMA) has established a new Current Procedural Terminology (CPT) Category I code for Aquablation therapy, a treatment for benign prostatic hyperplasia (BPH) [1] - The new Category I code will replace the existing Category III code starting January 1, 2026, with hospitals and physicians continuing to use the Category III code (0421T) until then [7] Product and Technology - Aquablation therapy is the first and only ultrasound-guided, robotic-assisted, heat-free waterjet treatment for BPH, offering personalized treatment planning and precise tissue removal while preserving key anatomical functions [2] - The AquaBeam Robotic System, developed by PROCEPT BioRobotics, is an advanced, image-guided surgical robotic system designed for minimally invasive urologic surgery, specifically targeting BPH [4] Market and Clinical Evidence - BPH affects approximately 40 million men in the United States, making it the most common prostate disease [4] - PROCEPT BioRobotics has developed a significant body of clinical evidence, including nine clinical studies and over 150 peer-reviewed publications, supporting the benefits and clinical advantages of Aquablation therapy [4] Leadership and Industry Support - Reza Zadno, CEO of PROCEPT BioRobotics, expressed appreciation for the support and guidance provided by the American Urological Association during the CPT code approval process [2]

SAN JOSE, Calif., June 03, 2024 (GLOBE NEWSWIRE) -- PROCEPT BioRobotics® (Nasdaq: PRCT) (the "Company"), a surgical robotics company focused on advancing patient care by developing transformative solutions in urology, today announced that members of management will present at the upcoming 2024 Truist Securities MedTech Conference in Boston, Massachusetts. Management is scheduled to present on Tuesday, June 18 at 1:20 p.m. Eastern Time. A live webcast of each event, as well as an archived recording, will be ...

Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-40797 PROCEPT BioRobotics Corporation (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION | Delaware | | | 26-0199180 | | --- ...

PROCEPT BioRobotics Corporation (NASDAQ:PRCT) Q1 2024 Earnings Conference Call May 1, 2024 9:00 AM ET Company Participants Matt Basco - Vice President, Investor Relations Reza Zadno - Chief Executive Officer Sham Shiblaq - Chief Commercial Officer Kevin Waters - Chief Financial Officer Conference Call Participants Craig Bijou - Bank of America Matthew O'Brien - Piper Sandler Josh Jennings - TD Cowen Richard Newitter - Truist. Brandon Vasquez - William Blair Chris Pasquale - Nephron Research Nathan Treybeck ...

PROCEPT BioRobotics Reports First Quarter 2024 Financial Results and Increases 2024 Revenue Guidance SAN JOSE, Calif., May 1, 2024 -- 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 March 31, 2024. Recent Highlights Net loss was $26.0 million for the first quarter of 2024, compared to a loss of $28.5 million in the ...