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Mar 31, 2023
PROCEPT BioRobotics Q1 2023 Earnings Report
PROCEPT BioRobotics reported strong first quarter results, driven by increased U.S. revenue and handpiece sales, and raised full year 2023 revenue guidance.
Key Takeaways
PROCEPT BioRobotics reported a 72% increase in total revenue to $24.4 million for Q1 2023, with U.S. revenue up 73%. The company's U.S. handpiece and consumable revenue increased by 165%. They have increased their full year 2023 revenue guidance to $128.0 million.
Total revenue for Q1 2023 was $24.4 million, a 72% increase year-over-year.
U.S. handpiece and consumables revenue increased by 165% to $11.8 million.
U.S. system and rental revenue increased by 13% to $8.8 million.
The company increased fiscal year 2023 total revenue guidance to $128.0 million.
PROCEPT BioRobotics
PROCEPT BioRobotics
PROCEPT BioRobotics Revenue by Segment
PROCEPT BioRobotics Revenue by Geographic Location
Revenue by Segment
U.S. System Sales & Rentals Revenue
CapyFin.comU.S. Handpieces & Consumables Revenue
CapyFin.comInternational System Sales & Rentals Revenue
CapyFin.comInternational Handpieces & Consumables Revenue
CapyFin.comRevenue by Geographic Location
U.S. Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
The Company projects revenue for the full year 2023 to be $128 million, which represents 71% growth over the Company’s prior year revenue. The Company projects full year 2023 gross margin to be approximately 54%. The Company projects full year 2023 total operating expense of approximately $167 million. The Company reiterates full year 2023 Adjusted EBITDA loss to be ($70.5) million.
Positive Outlook
- Revenue for the full year 2023 to be $128 million, which represents 71% growth over the Company’s prior year revenue.
- Full year 2023 gross margin to be approximately 54%.
- Sequential gross margin improvement was primarily attributable to increased operations and manufacturing efficiencies to absorb overhead expenses.
- Received positive coverage policy decision from United Healthcare, effective June 1, 2023
- Signed national sales contract with largest U.S. IDN on April 1, 2023
Challenges Ahead
- Full year 2023 Adjusted EBITDA loss to be ($70.5) million.
- Operating expenses in the first quarter of 2023 were $40.9 million, compared with $23.4 million in the prior year period.
- Net loss was $28.5 million for the first quarter of 2023, compared to a loss of $17.2 million in the prior year period.
- Adjusted EBITDA was a loss of $23.9 million for the first quarter of 2023, compared to a loss of $13.5 million in the prior year period.
- Gross margin for the first quarter 2023 was 51% compared to 54% in the prior year period
Revenue & Expenses
Visualization of income flow from segment revenue to net income