PROCEPT BioRobotics Q1 2023 Earnings Report
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
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