PROCEPT BioRobotics® Reports Fourth Quarter and Full Year 2024 Results

Core Insights - PROCEPT BioRobotics Corporation reported a total revenue of $68.2 million for Q4 2024, marking a 57% increase year-over-year, driven by higher system and handpiece sales, increased average selling prices, and international revenue growth [4][9] - The company received FDA 510(k) clearance for its HYDROS™ Robotic System and FDA-IDE approval for a pivotal clinical study for prostate cancer, indicating significant advancements in its product offerings and clinical research [3] - For the full year 2024, total revenue reached $224.5 million, a 65% increase from 2023, with a projected revenue of approximately $320 million for 2025, representing a 42% growth [10][9] Financial Performance - Q4 2024 gross margin improved to 64% from 49% in the prior year, attributed to better overhead absorption and increased revenues [5] - Operating expenses for Q4 2024 were $63.4 million, up from $50.8 million in the previous year, primarily due to expansion of the commercial organization and increased compensation expenses [6] - The net loss for Q4 2024 was $18.9 million, an improvement from a loss of $27.5 million in the same period last year, with adjusted EBITDA loss narrowing to $10.3 million from $23.3 million [7][12] Revenue Breakdown - U.S. system revenue for Q4 2024 was $27.6 million, a 67% increase year-over-year, with 60 new robotic systems sold at an average price of approximately $460,000 [4][9] - U.S. handpiece and consumable revenue for the quarter was $29.3 million, reflecting a 36% increase compared to the prior year [4] - International revenue for Q4 2024 was $7.8 million, a significant increase of approximately 137% compared to the previous year [4] Guidance and Projections - The company projects Q1 2025 total revenue to be approximately $65.5 million, with U.S. system revenue expected to be around $18.7 million [16] - For the full year 2025, the company anticipates a gross margin of approximately 64.5% and total operating expenses of about $300 million [16] - The projected adjusted EBITDA loss for 2025 is approximately $35 million [16]