PROCEPT BioRobotics Reports First Quarter 2025 Financial Results and Increases 2025 Revenue Guidance

Core Insights - PROCEPT BioRobotics Corporation reported a strong performance in Q1 2025, achieving total revenue growth of 55% year-over-year, driven by robust procedural momentum and strategic placements of its Hydros™ system [3][4]. Financial Performance - Total revenue for Q1 2025 was $69.2 million, a 55% increase compared to $44.5 million in Q1 2024 [4][9]. - U.S. revenue reached $60.3 million, reflecting a 50% growth from the previous year, primarily due to system sales and increased handpiece revenue [4][9]. - U.S. handpiece and consumable revenue was $38.0 million, up 61% year-over-year, while system revenue was $18.7 million, a 31% increase [4][9]. - International revenue was $8.9 million, marking a significant 104% increase compared to the prior year [4][9]. Profitability Metrics - Gross margin for Q1 2025 improved to 64%, up from 56% in the prior year, attributed to operational efficiencies and higher average selling prices [5]. - Operating expenses increased to $71.6 million from $52.7 million in the previous year, driven by expansion of the commercial organization and increased R&D expenses [6]. - The net loss for Q1 2025 was $24.7 million, slightly improved from a loss of $26.0 million in Q1 2024 [7][19]. - Adjusted EBITDA loss was $15.8 million, compared to a loss of $20.4 million in the prior year [7][19]. Future Guidance - The company raised its full-year 2025 revenue guidance to $323 million, representing a 44% increase over the previous year [10][11]. - Projected gross margin for the full year is approximately 64.5%, with potential headwinds from global tariff rates estimated to impact margins by about 150 basis points [10][11]. - Total operating expenses for 2025 are projected to be around $300 million, with an expected Adjusted EBITDA loss of $35 million [11]. Market Position and Strategy - The U.S. launch of the Hydros™ system is gaining traction, particularly among large Integrated Delivery Networks, with 45% of U.S. system placements coming from corporate multi-unit orders [3][4]. - The company aims to revolutionize BPH treatment through its robotic solutions, with a focus on delivering effective outcomes for patients [12].