PROCEPT BioRobotics (PRCT) - 2025 Q1 - Quarterly Report

Financial Performance - Revenue for the three months ended March 31, 2025, was $69,162,000, representing a 55.5% increase from $44,539,000 in the same period of 2024[15] - Gross profit for the same period was $44,161,000, up from $25,034,000, indicating a gross margin improvement[15] - Net loss for Q1 2025 was $24,737,000, a slight improvement compared to a net loss of $25,957,000 in Q1 2024[15] - Total stock-based compensation recognized for the three months ended March 31, 2025, was $10.1 million, compared to $6.3 million for the same period in 2024, indicating a year-over-year increase of approximately 61.5%[45] - U.S. revenue accounted for 87% of total revenue in Q1 2025, compared to 90% in Q1 2024[60] Operating Expenses - Total operating expenses increased to $71,599,000 in Q1 2025 from $52,683,000 in Q1 2024, primarily due to higher research and development costs[15] Cash and Liquidity - Cash and cash equivalents at the end of Q1 2025 were $316,207,000, down from $336,763,000 at the beginning of the period[20] - The company reported a net cash used in operating activities of $16,980,000 for Q1 2025, compared to $32,286,000 in Q1 2024[20] - Total cash and cash equivalents decreased from $333.7 million as of December 31, 2024, to $316.2 million as of March 31, 2025, representing a decline of approximately 5.0%[29] Assets and Liabilities - Total current assets decreased to $465,791,000 as of March 31, 2025, from $481,800,000 as of December 31, 2024[13] - Total liabilities as of March 31, 2025, were $130,218,000, a slight decrease from $131,700,000 as of December 31, 2024[13] Stock and Equity - The company issued 560,000 shares of common stock under stock plans during the first quarter of 2025, increasing total shares outstanding to 55,278,000[17] - The weighted-average common stock outstanding increased to 54.917 million shares in Q1 2025 from 51.011 million shares in Q1 2024[53] Inventory and Property - Total inventory rose from $56.2 million as of December 31, 2024, to $62.3 million as of March 31, 2025, marking an increase of approximately 10.0%[31] - Total property and equipment, net, increased from $26.7 million as of December 31, 2024, to $28.1 million as of March 31, 2025, a growth of about 5.3%[32] Debt and Interest - The Company achieved a twelve-month revenue target of $200 million as of December 31, 2024, which allowed for an extension of the interest-only period on the Term Loan Facility[35] - The weighted-average interest rate for the Term Loan Facility decreased from 7.8% for the period ending March 31, 2024, to 6.6% for the period ending March 31, 2025[36] - Future minimum annual debt repayments total $52 million, with $8.67 million due in 2026 and $43.33 million due in 2027[38] Stock-Based Compensation - The Company recorded a total of $10.7 million of unrecognized stock-based compensation expense related to stock options as of March 31, 2025[47] - The fair value of options granted to employees was estimated at a weighted-average fair value of $35.00 for the three months ended March 31, 2025[47] - As of March 31, 2025, the total unrecognized stock-based compensation expense related to RSUs was $99.6 million[48] - The Company awarded 683,000 RSUs during the three months ended March 31, 2025, with a weighted-average fair value of $61.15[48] Employee Contributions - Employer contributions to the defined contribution retirement savings plan were $0.9 million for the three months ended March 31, 2025[64] Segment Information - The Company operates as a single operating segment, with no customers accounting for more than 10% of revenue during the three months ended March 31, 2025[58]