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

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]