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 ...

Core Insights - PROCEPT BioRobotics Corporation reported a total revenue of $53.4 million for Q2 2024, marking a 61% increase compared to Q2 2023 [2][3] - The company achieved record gross margins of 59% and improved operational efficiencies, reflecting strong performance across all business segments [2][4] Financial Performance - Total revenue for Q2 2024 was $53.4 million, up 61% from $33.1 million in Q2 2023 [3][21] - U.S. revenue reached $47.7 million, a 59% increase year-over-year, driven by higher system sales and consumable revenue [3][21] - U.S. handpiece and consumable revenue was $27.3 million, representing a 101% increase compared to the prior year [2][3] - International revenue was $5.7 million, reflecting a 79% increase from the previous year [2][3] Operational Highlights - The company sold 47 robotic systems in the U.S. during Q2 2024 [2] - U.S. system and rental revenue was $17.8 million, a 20% increase compared to the prior year [2][3] - Monthly utilization per account in the U.S. increased by approximately 15% year-over-year [3] Guidance and Projections - The company raised its full-year 2024 revenue guidance to approximately $217 million, representing a 59% growth over the previous year [7] - Full-year 2024 gross margin is projected to be around 59%, an improvement from previous guidance [7] - Total operating expenses for 2024 are expected to be approximately $231.5 million, unchanged from prior guidance [8] Loss and Cash Flow - The net loss for Q2 2024 was $25.6 million, slightly higher than the loss of $25.3 million in Q2 2023 [5] - Adjusted EBITDA for Q2 2024 was a loss of $18.0 million, an improvement from a loss of $19.9 million in the prior year [5][17] - Cash and short-term investments totaled $214.1 million as of June 30, 2024, with cash usage in Q2 significantly improved to $11.5 million from $31.6 million in Q1 2024 [6]

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 ...

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Condensed Consolidated Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) Unaudited Q1 2024 financial statements show revenue growth to $44.5 million, a narrowed net loss of $26.0 million, and total assets of $382.9 million [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of March 31, 2024, shows a decrease in total assets to $382.9 million, driven by reduced cash, alongside lower liabilities and equity Balance Sheet Summary | Balance Sheet Item | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $225,576 | $257,222 | | Total current assets | $329,186 | $350,530 | | Total assets | $382,900 | $404,738 | | Total current liabilities | $38,650 | $45,922 | | Total liabilities | $118,853 | $123,986 | | Total stockholders' equity | $264,047 | $280,752 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For Q1 2024, revenue grew 83% to $44.5 million, gross profit doubled, and net loss narrowed to $26.0 million despite increased operating expenses Operations and Comprehensive Loss Summary | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | $44,539 | $24,404 | +83% | | Gross Profit | $25,034 | $12,491 | +100% | | Loss from Operations | ($27,649) | ($28,377) | -3% | | Net Loss | ($25,957) | ($28,484) | -9% | | Net Loss Per Share | ($0.51) | ($0.63) | N/A | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash flow statements show $32.3 million used in operating activities for Q1 2024, an improvement from the prior year, resulting in a net cash decrease of $31.6 million Cash Flow Summary | Cash Flow Activity | Q1 2024 (in thousands) | Q1 2023 (in thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | ($32,286) | ($35,928) | | Net cash used in investing activities | ($1,946) | ($5,339) | | Net cash provided by financing activities | $2,586 | $380 | | **Net decrease in cash** | **($31,646)** | **($40,887)** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes to financial statements detail the company's surgical robotics business, disaggregated revenue showing strong U.S. growth, and key financial arrangements including a $52.0 million term loan - The company develops, manufactures, and sells the AquaBeam Robotic System for use in minimally invasive urologic surgery, with an initial focus on treating benign prostatic hyperplasia (BPH)[23](index=23&type=chunk) Revenue by Type | Revenue by Type (in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | System sales and rentals | $15,976 | $10,239 | | Handpieces and other consumables | $25,961 | $12,676 | | Service | $2,602 | $1,489 | | **Total Revenue** | **$44,539** | **$24,404** | - Revenue from the United States accounted for **90%** of total revenue in Q1 2024, up from **89%** in Q1 2023[51](index=51&type=chunk)[53](index=53&type=chunk) - The company has a **$52.0 million** senior secured term loan facility with CIBC, which matures in October 2027[36](index=36&type=chunk)[88](index=88&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion highlights 83% revenue growth driven by increased system sales and utilization, improved gross margin, and sufficient cash to fund operations for the next twelve months - As of March 31, 2024, the company had an installed base of **462** AquaBeam Robotic Systems globally, with **354** in the United States[60](index=60&type=chunk)[65](index=65&type=chunk) - Revenue growth was primarily driven by an **$18.4 million** increase in revenue from the United States, due to higher sales volumes of systems, handpieces, and service contracts[76](index=76&type=chunk) - Gross margin increased to **56%** from **51%** in the prior year, mainly because fixed manufacturing overhead costs were spread over more production units, along with higher average selling prices[78](index=78&type=chunk)[79](index=79&type=chunk) - The company believes its existing cash and cash equivalents of **$225.6 million**, along with anticipated revenue, will be sufficient to fund operations for at least the next twelve months[84](index=84&type=chunk)[86](index=86&type=chunk) [Item 3. Quantitative and Qualitative Disclosure About Market Risk](index=23&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) The company's market risks include interest rate, credit, and foreign currency exposures, primarily from its variable-rate debt and Euro-denominated transactions, which management deems immaterial - The company is exposed to interest rate risk from its variable-rate loan facility, which bears interest based on the secured overnight financing rate (SOFR)[103](index=103&type=chunk) - Foreign currency risk is primarily from transactions denominated in Euros. The company does not currently hedge this exposure[106](index=106&type=chunk)[107](index=107&type=chunk) - Management does not believe that a hypothetical **10%** change in currency rates or a **100 basis point** change in interest rates would have a material impact on its financial statements[103](index=103&type=chunk)[106](index=106&type=chunk) [Item 4. Controls and Procedures](index=24&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of the end of the period, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective**[109](index=109&type=chunk) - There were **no changes** in internal control over financial reporting during the quarter ended March 31, 2024, that have materially affected, or are reasonably likely to materially affect, internal controls[111](index=111&type=chunk) [Part II. Other Information](index=25&type=section&id=Part%20II.%20Other%20Information) [Item 1. Legal Proceedings](index=25&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material legal proceedings are currently underway - The company is **not subject** to any material legal proceedings[113](index=113&type=chunk) [Item 1A. Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors were reported during the quarter, directing investors to the latest Annual Report on Form 10-K - There were **no material changes** to the company's previously disclosed risk factors during the three months ended March 31, 2024[114](index=114&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=25&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities or use of proceeds during the period - None reported for the period[116](index=116&type=chunk) [Item 5. Other Information](index=25&type=section&id=Item%205.%20Other%20Information) The Board Chair, Frederic Moll, M.D., terminated a pre-arranged Rule 10b5-1 stock sale plan on February 29, 2024 - On February 29, 2024, the Board Chair, Frederic Moll, M.D., terminated a pre-arranged Rule 10b5-1 stock sale plan[119](index=119&type=chunk) [Item 6. Exhibits](index=26&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including required Sarbanes-Oxley certifications - Lists exhibits filed with the report, including Sarbanes-Oxley certifications and Inline XBRL documents[121](index=121&type=chunk)

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 ...

[Company Announcement & Highlights](index=1&type=section&id=1.%20Company%20Announcement%20%26%20Highlights) [First Quarter 2024 Overview](index=1&type=section&id=1.1.%20First%20Quarter%202024%20Overview) PROCEPT BioRobotics reported strong first-quarter 2024 financial results with significant revenue growth and an upward revision of its full-year 2024 revenue guidance First Quarter Revenue Performance | Metric | Q1 2024 | Q1 2023 | Year-over-Year Growth | | :--- | :--- | :--- | :--- | | Total Revenue | $44.5 million | $24.4 million | 83% | - Full-year 2024 revenue guidance raised to **$213.5 million** (previously $210.0 million)[9](index=9&type=chunk)[10](index=10&type=chunk) [CEO Commentary](index=1&type=section&id=1.2.%20CEO%20Commentary) CEO Reza Zadno highlighted strong first-quarter revenue growth exceeding 80%, disciplined operating expense management, and improved gross margin, expressing confidence in achieving long-term growth targets with an expanded commercial team and increasing demand for Aquablation therapy - Strong start to 2024 with **over 80% revenue growth** and disciplined operating expense management in the first quarter[3](index=3&type=chunk) - Gross margin is expected to improve throughout the year by leveraging overhead[3](index=3&type=chunk) - The company is confident in achieving long-term growth targets with an expanded and more experienced commercial team and increasing demand for Aquablation therapy[3](index=3&type=chunk) [First Quarter 2024 Financial Performance](index=1&type=section&id=2.%20First%20Quarter%202024%20Financial%20Performance) [Revenue Analysis](index=1&type=section&id=2.1.%20Revenue%20Analysis) Total revenue for Q1 2024 increased by 83% year-over-year, driven primarily by strong performance in the U.S. market, particularly from handheld devices and consumables sales, and system sales to new hospital customers, with international revenue also showing significant growth Revenue Breakdown by Geography and Type | Metric | Q1 2024 (million USD) | Q1 2023 (million USD) | Year-over-Year Growth | | :-------------------------------- | :-------------------- | :-------------------- | :-------------------- | | Total Revenue | 44.5 | 24.4 | 83% | | U.S. Revenue | 40.2 | 21.8 | 85% | | U.S. Handheld Devices and Consumables Revenue | 23.6 | 11.8 | 101% | | U.S. System and Lease Revenue | 14.2 | 8.8 | 62% | | International Revenue | 4.3 | 2.6 | 65% | - As of March 31, 2024, U.S. AquaBeam Robotic System installations reached **354 units**[4](index=4&type=chunk) - Average monthly utilization per account increased by approximately **8% to 6.8 procedures** in Q1 2024[4](index=4&type=chunk) - **38 robotic systems** were sold in the U.S. during Q1 2024[9](index=9&type=chunk) [Gross Margin](index=1&type=section&id=2.2.%20Gross%20Margin) Gross margin significantly improved to 56% in Q1 2024, up from 51% in the prior year and 49% in Q4 2023, driven by strong operational execution, improved overhead absorption, and better-than-expected revenue Gross Margin Performance | Metric | Q1 2024 | Q1 2023 | Q4 2023 | | :---------- | :------ | :------ | :------ | | Gross Margin | 56% | 51% | 49% | - Gross margin expansion is attributed to strong operational execution, improved overhead absorption, and better-than-expected revenue[5](index=5&type=chunk) [Operating Expenses](index=1&type=section&id=2.3.%20Operating%20Expenses) Operating expenses increased to $52.7 million in Q1 2024, up from $40.9 million in the prior year, primarily due to higher sales and marketing expenses for commercial organization expansion and variable compensation, alongside increased R&D and general administrative costs Operating Expenses Breakdown | Metric | Q1 2024 (million USD) | Q1 2023 (million USD) | Year-over-Year Change (million USD) | | :-------------------------------- | :-------------------- | :-------------------- | :-------------------------- | | Total Operating Expenses | 52.7 | 40.9 | +11.8 | | Research and Development Expenses | 13.1 | 10.7 | +2.4 | | Sales, General, and Administrative Expenses | 39.6 | 30.1 | +9.5 | - The increase in expenses was primarily driven by sales and marketing costs for commercial organization expansion and variable compensation, as well as increased research and development and general administrative expenses[6](index=6&type=chunk) [Net Loss and Adjusted EBITDA](index=1&type=section&id=2.4.%20Net%20Loss%20and%20Adjusted%20EBITDA) In Q1 2024, the company's net loss narrowed to $26.0 million, down from $28.5 million in the prior year, with adjusted EBITDA loss also improving year-over-year to $20.4 million from $23.9 million Net Loss and Adjusted EBITDA Performance | Metric | Q1 2024 (million USD) | Q1 2023 (million USD) | Year-over-Year Change (million USD) | | :----------------- | :-------------------- | :-------------------- | :-------------------------- | | Net Loss | (26.0) | (28.5) | +2.5 | | Adjusted EBITDA Loss | (20.4) | (23.9) | +3.5 | Net Loss Per Share | Metric | Q1 2024 | Q1 2023 | | :-------------------------- | :------ | :------ | | Net Loss Per Share (Basic and Diluted) | ($0.51) | ($0.63) | - The weighted-average common shares used to calculate net loss per share increased from **45,066 thousand shares** in Q1 2023 to **51,011 thousand shares** in Q1 2024[20](index=20&type=chunk) [Balance Sheet Snapshot](index=1&type=section&id=2.5.%20Balance%20Sheet%20Snapshot) As of March 31, 2024, the company held $225.6 million in cash and short-term investments, with total long-term debt of $51.4 million, while both total assets and liabilities slightly decreased from December 31, 2023 Balance Sheet Summary | Metric (million USD) | March 31, 2024 | December 31, 2023 | | :-------------------------- | :------------- | :---------------- | | **Assets:** | | | | Cash and Cash Equivalents | 225.6 | 257.2 | | Accounts Receivable, Net | 56.1 | 48.4 | | Inventory | 41.6 | 39.8 | | Total Current Assets | 329.2 | 350.6 | | Total Assets | 382.9 | 404.7 | | **Liabilities and Stockholders' Equity:** | | | | Accounts Payable | 10.1 | 13.5 | | Accrued Compensation | 11.5 | 16.9 | | Total Current Liabilities | 38.7 | 45.9 | | Long-Term Debt | 51.4 | 51.3 | | Total Liabilities | 118.9 | 124.0 | | Total Stockholders' Equity | 264.0 | 280.8 | [Full Year 2024 Financial Guidance](index=1&type=section&id=3.%20Full%20Year%202024%20Financial%20Guidance) [Revenue Guidance](index=1&type=section&id=3.1.%20Revenue%20Guidance) The company raised its full-year 2024 revenue guidance to $213.5 million, representing a 57% increase from last year's revenue, exceeding the previous guidance of $210.0 million Full-Year 2024 Revenue Guidance | Metric | New FY 2024 Guidance (million USD) | Previous FY 2024 Guidance (million USD) | Year-over-Year Growth | | :----------- | :--------------------------- | :-------------------------------- | :-------------------- | | Total Revenue | 213.5 | 210.0 | 57% | [Gross Margin Guidance](index=2&type=section&id=3.2.%20Gross%20Margin%20Guidance) Full-year 2024 gross margin guidance has been updated to approximately 58% to 59%, compared to the previous guidance of approximately 57% to 59% Full-Year 2024 Gross Margin Guidance | Metric | New FY 2024 Guidance | Previous FY 2024 Guidance | | :----------- | :------------------- | :------------------------ | | Gross Margin | 58% to 59% | 57% to 59% | [Operating Expense Guidance](index=3&type=section&id=3.3.%20Operating%20Expense%20Guidance) The company anticipates total operating expenses for the full fiscal year 2024 to be approximately $231.5 million, remaining consistent with previously issued guidance Full-Year 2024 Operating Expense Guidance | Metric | FY 2024 Guidance (million USD) | Previous FY 2024 Guidance (million USD) | | :-------------------- | :--------------------------- | :-------------------------------- | | Total Operating Expenses | 231.5 | 231.5 | [Adjusted EBITDA Guidance](index=3&type=section&id=3.4.%20Adjusted%20EBITDA%20Guidance) Full-year 2024 adjusted EBITDA loss is projected to improve to ($70.0) million, compared to the previous guidance of ($73.0) million Full-Year 2024 Adjusted EBITDA Guidance | Metric | New FY 2024 Guidance (million USD) | Previous FY 2024 Guidance (million USD) | | :----------------- | :--------------------------- | :-------------------------------- | | Adjusted EBITDA Loss | (70.0) | (73.0) | [Company Information](index=3&type=section&id=4.%20Company%20Information) [About PROCEPT BioRobotics Corporation](index=3&type=section&id=4.1.%20About%20PROCEPT%20BioRobotics%20Corporation) PROCEPT BioRobotics is a robotic surgical company focused on urology, developing, manufacturing, and selling the AquaBeam Robotic System for minimally invasive urological procedures, primarily treating benign prostatic hyperplasia (BPH), emphasizing the therapy's effective, safe, and durable outcomes supported by extensive clinical evidence - PROCEPT BioRobotics is a surgical robotics company dedicated to advancing patient care by developing transformative solutions in urology[12](index=12&type=chunk) - The company develops, manufactures, and sells the AquaBeam Robotic System, an advanced, image-guided robotic surgical system for minimally invasive urological procedures, initially focused on treating benign prostatic hyperplasia (BPH)[12](index=12&type=chunk) - Aquablation therapy aims to provide effective, safe, and durable treatment outcomes for men suffering from lower urinary tract symptoms due to BPH, regardless of prostate size, shape, or surgeon experience[12](index=12&type=chunk) - The company has accumulated extensive and growing clinical evidence, including **nine clinical studies** and **over 150 peer-reviewed publications**, supporting the benefits and clinical advantages of Aquablation therapy[12](index=12&type=chunk) [Investor Relations & Webcast Information](index=3&type=section&id=4.2.%20Investor%20Relations%20%26%20Webcast%20Information) PROCEPT BioRobotics will host a conference call on May 1, 2024, to discuss its first-quarter 2024 financial results, with registration details for the webcast and conference call, along with investor contact information, provided - PROCEPT BioRobotics will host a conference call on **Thursday, May 1, 2024, at 8:00 a.m. Eastern Time** to discuss its first-quarter 2024 financial results[11](index=11&type=chunk) - Webcast and conference call registration links are provided for investors and sell-side research analysts[17](index=17&type=chunk) - Investor contact: **Matt Bacso**, Vice President of Investor Relations and Business Operations[19](index=19&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=5.%20Non-GAAP%20Financial%20Measures) [Use of Non-GAAP Financial Measures (Unaudited)](index=3&type=section&id=5.1.%20Use%20of%20Non-GAAP%20Financial%20Measures%20(Unaudited)) This press release refers to Adjusted EBITDA, a non-GAAP financial measure defined as earnings before interest expense, taxes, depreciation and amortization, and stock-based compensation expense, used by the company to provide supplemental information for understanding operating performance and enhancing transparency, while acknowledging its limitations compared to GAAP measures - Adjusted EBITDA is a financial measure not prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP)[11](index=11&type=chunk)[13](index=13&type=chunk) - The company defines Adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization, and stock-based compensation expense[13](index=13&type=chunk) - The company believes that providing Adjusted EBITDA offers investors useful supplemental information to understand and evaluate its operating performance, enhance overall understanding of its past performance and future prospects, and increase transparency regarding key financial measures used by management in financial and operational decision-making[14](index=14&type=chunk) - Non-GAAP financial measures are not a substitute for, or superior to, GAAP financial performance measures, should not be considered an alternative to any other performance measure derived in accordance with GAAP, and may not be directly comparable to similarly titled measures of other companies[13](index=13&type=chunk)[14](index=14&type=chunk) [Legal & Safety Disclosures](index=3&type=section&id=6.%20Legal%20%26%20Safety%20Disclosures) [Forward-Looking Statements](index=3&type=section&id=6.1.%20Forward-Looking%20Statements) This section contains forward-looking statements regarding anticipated financial results, product efficacy, and business strategies, which are subject to risks and uncertainties that could cause actual results to differ materially from expectations, cautioning readers not to place undue reliance on these statements as they are based on current expectations and are not guarantees of future performance - This press release contains forward-looking statements within the meaning of federal securities laws, including the company's projected full-year 2024 financial results and statements regarding the potential efficacy, value, benefits, and advantages of Aquablation® therapy performed using PROCEPT BioRobotics products, including the AquaBeam Robotic System[15](index=15&type=chunk) - These statements involve risks and uncertainties that could cause actual results to differ materially from the results and expectations expressed or implied by these forward-looking statements[15](index=15&type=chunk) - Forward-looking statements are merely predictions based on the company's current expectations, estimates, and assumptions, are valid only as of the date of this release, and are subject to risks and uncertainties[15](index=15&type=chunk) - These risks and uncertainties are described in more detail in the company's filings with the U.S. Securities and Exchange Commission ("SEC"), including in the "Risk Factors" section of the company's Annual Report on Form 10-K filed with the SEC on February 28, 2024[18](index=18&type=chunk) [Important Safety Information](index=4&type=section&id=6.2.%20Important%20Safety%20Information) All surgical treatments carry inherent associated side effects; for a list of potential side effects, please visit the company's provided safety information website - All surgical treatments have inherent associated side effects[19](index=19&type=chunk) - For a list of potential side effects, please visit https://aquablation.com/safety-information/[19](index=19&type=chunk) [Unaudited Financial Statements](index=5&type=section&id=7.%20Unaudited%20Financial%20Statements) [Condensed Consolidated Statements of Operations](index=5&type=section&id=7.1.%20Condensed%20Consolidated%20Statements%20of%20Operations) Presents the unaudited condensed consolidated statements of operations for the three months ended March 31, 2024, and March 31, 2023, detailing revenue, cost of sales, gross profit, operating expenses, and net loss Condensed Consolidated Statements of Operations | Metric (thousand USD) | Q1 2024 | Q1 2023 | | :-------------------------------- | :------ | :------ | | Revenue | 44,539 | 24,404 | | Cost of Sales | 19,505 | 11,913 | | Gross Profit | 25,034 | 12,491 | | Research and Development Expenses | 13,084 | 10,737 | | Sales, General, and Administrative Expenses | 39,599 | 30,131 | | Total Operating Expenses | 52,683 | 40,868 | | Operating Loss | (27,649) | (28,377) | | Net Loss | (25,957) | (28,484) | | Net Loss Per Share (Basic and Diluted) | (0.51) | (0.63) | [Reconciliation of GAAP Net Loss to Adjusted EBITDA (Q1 2024)](index=5&type=section&id=7.2.%20Reconciliation%20of%20GAAP%20Net%20Loss%20to%20Adjusted%20EBITDA%20(Q1%202024)) Provides a reconciliation of GAAP net loss to Adjusted EBITDA for the three months ended March 31, 2024, and March 31, 2023, showing adjustments for depreciation and amortization, stock-based compensation expense, and net interest Reconciliation of GAAP Net Loss to Adjusted EBITDA (Q1 2024) | Metric (thousand USD) | Q1 2024 | Q1 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](index=7&type=section&id=7.3.%20Reconciliation%20of%20GAAP%20Net%20Loss%20to%20Adjusted%202024%20EBITDA%20Guidance) Presents the reconciliation of projected full-year 2024 GAAP net loss to Adjusted EBITDA guidance, including adjustments for depreciation and amortization, stock-based compensation expense, and net interest Reconciliation of GAAP Net Loss to Adjusted FY 2024 EBITDA Guidance | Metric (thousand USD) | FY 2024 Guidance | | :-------------------------------- | :--------------- | | 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](index=9&type=section&id=7.4.%20Condensed%20Consolidated%20Balance%20Sheets) Provides the unaudited condensed consolidated balance sheets as of March 31, 2024, and December 31, 2023, detailing assets, liabilities, and stockholders' equity Condensed Consolidated Balance Sheets | Metric (thousand USD) | March 31, 2024 | December 31, 2023 | | :-------------------------- | :------------- | :---------------- | | **Assets:** | | | | Cash and Cash Equivalents | 225,576 | 257,222 | | Accounts Receivable, Net | 56,081 | 48,376 | | Inventory | 41,622 | 39,756 | | Total Current Assets | 329,186 | 350,567 | | Total Assets | 382,900 | 404,717 | | **Liabilities and Stockholders' Equity:** | | | | Accounts Payable | 10,084 | 13,499 | | Accrued Compensation | 11,469 | 16,885 | | Total Current Liabilities | 38,650 | 45,927 | | Long-Term Debt | 51,371 | 51,339 | | Total Liabilities | 118,853 | 123,965 | | Total Stockholders' Equity | 264,047 | 280,752 | [Revenue by Type and Geography](index=11&type=section&id=7.5.%20Revenue%20by%20Type%20and%20Geography) Details the company's revenue breakdown by type (system sales and leases, handheld devices and other consumables, services) and geographic region (U.S. and outside U.S.) for the three months ended March 31, 2024, and March 31, 2023 Revenue by Type and Geography | Revenue Category (thousand USD) | Q1 2024 | Q1 2023 | | :-------------------------------- | :------ | :------ | | **U.S. Revenue:** | | | | System Sales and Leases | 14,236 | 8,770 | | Handheld Devices and Other Consumables | 23,618 | 11,770 | | Services | 2,347 | 1,235 | | Total U.S. Revenue | 40,201 | 21,775 | | **Outside U.S. Revenue:** | | | | System Sales and Leases | 1,740 | 1,469 | | Handheld Devices and Other Consumables | 2,343 | 906 | | Services | 255 | 254 | | Total Outside U.S. Revenue | 4,338 | 2,629 | | **Total Revenue** | 44,539 | 24,404 |