Group 1 - PROCEPT BioRobotics Corporation announced a public offering of 1,923,076 shares of common stock at a price of $91.00 per share, aiming for gross proceeds of approximately $175 million [1] - A selling stockholder has granted underwriters a 30-day option to purchase an additional 288,461 shares at the public offering price [1] - The offering is expected to close on or about October 31, 2024, subject to customary closing conditions [1] Group 2 - BofA Securities, Piper Sandler, and Morgan Stanley are acting as joint book-running managers for the offering [2] - The securities are being offered under an effective shelf registration statement filed with the SEC on August 1, 2023 [2] Group 3 - PROCEPT BioRobotics focuses on developing transformative solutions in urology, including the AQUABEAM® and HYDROS™ Robotic Systems [5] - The HYDROS Robotic System is noted as the only AI-powered robotic technology delivering Aquablation therapy, which is designed for effective treatment of lower urinary tract symptoms due to BPH [5] - BPH affects approximately 40 million men in the United States, highlighting the market potential for PROCEPT BioRobotics' solutions [5]

PROCEPT BioRobotics Corporation (PRCT) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and followin ...

SAN JOSE, Calif., Oct. 28, 2024 (GLOBE NEWSWIRE) -- PROCEPT BioRobotics® Corporation (NASDAQ: PRCT) ("PROCEPT BioRobotics" or the "Company"), a surgical robotics company focused on advancing patient care by developing transformative solutions in urology, today announced the commencement of an underwritten public offering of $175,000,000 of shares of its common stock. A selling stockholder also expects to grant the underwriters a 30-day option to purchase up to an additional $26,250,000 of shares of the Comp ...

Core Insights - PROCEPT BioRobotics reported better-than-expected third-quarter earnings with an EPS loss of $(0.40), improving from $(0.51) a year ago and beating the consensus loss of $(0.49) [1] - The company achieved third-quarter sales of $58.4 million, representing a 66.3% year-over-year increase, surpassing the consensus estimate of $53.18 million [1][2] Revenue Drivers - The sales increase was primarily driven by higher system sales, increased average selling prices, and a rise in handpiece and consumable revenue [2] - U.S. handpiece and consumable revenue for Q3 2024 reached $29.6 million, a 74% increase year-over-year [2] - U.S. system revenue for Q3 2024 was $19.6 million, reflecting a 46% increase [3] Operational Metrics - As of September 30, the U.S. install base of robotic systems stood at 445 systems [3] - Gross margin for Q3 was 63.2%, up from 53.8% a year ago, attributed to improved overhead absorption and higher average selling prices [3] Future Guidance - PROCEPT BioRobotics projects 2024 revenue between $222.5 million and $223 million, an increase from prior guidance of $217 million and consensus of $217.06 million [3][4] - The company anticipates a 2024 gross margin of approximately 61%, up from previous guidance of 59% [4] - Adjusted EBITDA for the full year 2024 is projected at $(60.0) million, an improvement from the previous guidance of $(67.5) million [4] Market Outlook - Analysts express optimism regarding the strong underlying demand for Aquablation, with the U.S. market expected to reach only 10% penetration by the end of 2024 [4] - Utilization growth is estimated at 7%, alongside the launch of the new Hydros system and potential catalysts in prostate cancer treatment [4] - William Blair maintains an Outperform rating on the stock, which saw a price increase of 28.50% to $88.36 [5]

Financial Data and Key Metrics Changes - Total revenue for Q3 2024 was $58.4 million, representing a growth of 66% compared to Q3 2023 [7][24] - U.S. revenue for the quarter was $52.2 million, reflecting a growth of 62% year-over-year [24] - Gross margin reached an all-time high of 63.2%, driven by strong execution and higher average selling prices [29] - Net loss for Q3 2024 was $21 million, an improvement from a loss of $24.6 million in the same period last year [31] - Adjusted EBITDA loss was $12.4 million, compared to a loss of $19.4 million in Q3 2023 [32] Business Line Data and Key Metrics Changes - Sold 45 robotic systems in Q3 2024, with approximately 80% being HYDROS systems [25] - U.S. handpiece and consumable revenue was $29.6 million, representing a growth of 74% year-over-year [27] - International revenue was $6.2 million, showing a growth of 121% compared to the previous year [28] Market Data and Key Metrics Changes - U.S. installed base of robotic systems grew to 445, a 64% increase from the prior year [7] - International revenue growth was primarily driven by strong sales momentum in the United Kingdom [10] Company Strategy and Development Direction - The company is focused on the commercial launch of the HYDROS Robotic Systems, which is expected to drive widespread adoption and improve patient outcomes [12][17] - A new randomized clinical study for prostate cancer has been initiated, with the goal of expanding the market for Aquablation therapy [18][21] - The company aims to become the standard-of-care for BPH and a leading global neurology company [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying trends, including system average selling prices and customer demand [14] - The company anticipates challenges in Q4 due to sales team training and macro factors affecting procedures [46][47] - Management remains optimistic about the long-term growth potential and profitability, emphasizing the importance of controlling operating expenses [71] Other Important Information - The company expects full-year 2024 total revenue to be in the range of $222.5 million to $223 million, representing growth of approximately 63% to 64% compared to 2023 [33] - Full-year 2024 gross margins are now expected to be approximately 61%, an increase from previous guidance [35] Q&A Session Summary Question: Comments on HYDROS pricing and customer reaction - Management noted that customer reactions to HYDROS have been extremely positive, with excitement around its features [41] - They are maintaining pricing flexibility for the fourth quarter, with expected ASPs in the range of $420,000 to $430,000 [43] Question: Utilization trends and impact of sales rep training - Management acknowledged that removing reps from the field for training would impact utilization, but they saw strong procedure activity in September [45][46] Question: Sales rep training and procedure delays - The majority of launches for HYDROS are scheduled for Q4, with training impacting the timing of procedures but not leading to lost cases [54] Question: Replacement cycle and market opportunity - Management indicated that the focus remains on new accounts for 2024, with discussions of a replacement cycle expected in 2025 [57][61] Question: Reimbursement dynamics and Medicare audits - Management addressed concerns about Medicare audits and noted that they are working to resolve size restrictions with payers [83][85]

PROCEPT BioRobotics Corporation (PRCT) came out with a quarterly loss of $0.40 per share versus the Zacks Consensus Estimate of a loss of $0.48. This compares to loss of $0.51 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 16.67%. A quarter ago, it was expected that this company would post a loss of $0.52 per share when it actually produced a loss of $0.50, delivering a surprise of 3.85%. Over the last four quarters, the com ...

BPH Market and Unmet Needs - Benign Prostatic Hyperplasia (BPH) affects approximately 40 million men in the U S [10] - Approximately 6 7 million U S men are actively managed for BPH [11] - The U S BPH surgical market represents a $20B+ opportunity [8, 16] - Up to 30% of patients discontinue BPH medications within 2 years due to minimal symptom impact and side effects [18] - Resective surgeries, while effective, have limitations in safety, with complications like ejaculatory dysfunction occurring in as high as 89% of cases [22] Aquablation Therapy and HYDROS Robotic System - The HYDROS Robotic System is a next-generation system for Aquablation therapy, featuring AI-powered treatment planning and advanced image guidance [24] - Aquablation therapy has demonstrated similar efficacy to TURP across all prostate sizes in clinical and commercial studies [36] - Clinical data shows low rates of irreversible complications with Aquablation in all prostates, including 0 0% incontinence and 0 0% erectile dysfunction in WATER and WATER II studies [37] - Approximately 70% of prostates treated with Aquablation in the U S are <100 mL [47] Financial Performance and Guidance - Worldwide revenue for the company reached $58 4 million in 3Q24, a 66% year-over-year increase [73] - U S systems sold increased by 18% year-over-year, with 445 systems installed [73] - The company projects total revenue between $222 5 million and $223 0 million for FY24, representing a 63% to 64% year-over-year growth [78, 81]

Financial Performance - Total revenue for Q3 2024 was $58.4 million, a 66% increase compared to Q3 2023 [2][3] - U.S. revenue for Q3 2024 was $52.2 million, a 62% increase compared to Q3 2023 [3] - U.S. handpiece and consumables revenue for Q3 2024 was $29.6 million, a 74% increase compared to Q3 2023 [2][3] - U.S. system and rental revenue for Q3 2024 was $19.6 million, a 46% increase compared to Q3 2023 [2][3] - International revenue for Q3 2024 was $6.2 million, a 122% increase compared to Q3 2023 [2][3] - Gross margin for Q3 2024 was 63.2%, compared to 53.8% in Q3 2023 [4] - Net loss for Q3 2024 was $21.0 million, compared to a loss of $24.6 million in Q3 2023 [5] - Adjusted EBITDA for Q3 2024 was a loss of $12.4 million, compared to a loss of $19.4 million in Q3 2023 [5] Full Year 2024 Guidance - The company projects full year 2024 revenue to be in the range of $222.5 million to $223.0 million, representing 63% to 64% growth over 2023 [5][6] - Full year 2024 gross margin is projected to be approximately 61%, up from previous guidance of 59% [6] - Full year 2024 Adjusted EBITDA loss is projected to be $60.0 million, improved from previous guidance of $67.5 million [6] Operational Highlights - The company sold 45 robotic systems in the U.S. in Q3 2024 at an average selling price of approximately $432,000 [2] - As of September 30, 2024, the install base of robotic systems in the U.S. was 445 systems [3] - The company successfully launched HYDROS in Q3 2024 after receiving FDA clearance in August 2024 [2] Industry and Product Focus - PROCEPT BioRobotics is a surgical robotics company focused on advancing patient care in urology [8] - The company manufactures the AQUABEAM® and HYDROS™ Robotic Systems, with HYDROS being the only AI-powered robotic technology delivering Aquablation therapy [8] - Aquablation therapy is designed to treat lower urinary tract symptoms (LUTS) due to benign prostatic hyperplasia (BPH), impacting approximately 40 million men in the U.S. [8] - The company has over 150 peer-reviewed publications supporting the benefits of Aquablation therapy [8] Financial Position - Cash, cash equivalents, and restricted cash as of September 30, 2024, totaled $199.8 million [5] - Total current assets as of September 30, 2024, were $322.98 million, compared to $350.57 million as of December 31, 2023 [17] - Total liabilities as of September 30, 2024, were $132.92 million, compared to $123.97 million as of December 31, 2023 [18]

A downtrend has been apparent in PROCEPT BioRobotics Corporation (PRCT) lately with too much selling pressure. The stock has declined 15.7% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround. Here is How to Spot Oversold Stocks We use Relative Strength Index (RSI), one of the most commonly used technic ...

PROCEPT BioRobotics Corporation (PRCT) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on October 28, 2024, might help the stock move higher if these key n ...