PROCEPT BioRobotics® Reports Second Quarter 2024 Financial Results and Increases 2024 Revenue and EBITDA Guidance

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]