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Jun 30, 2023
PROCEPT BioRobotics Q2 2023 Earnings Report
PROCEPT BioRobotics reported strong second-quarter results with significant revenue growth and increased revenue guidance for 2023.
Key Takeaways
PROCEPT BioRobotics reported a strong second quarter with total revenue of $33.1 million, a 98% increase compared to the prior year period. U.S. revenue grew by 102% to $29.9 million, driven by system sales and increased handpiece revenue. The company increased its full-year 2023 revenue guidance to $131 million and achieved a gross margin of 56%.
Total revenue for Q2 2023 reached $33.1 million, a 98% increase year-over-year.
U.S. system and rental revenue was $14.8 million, up 74% compared to the same period in 2022.
U.S. handpiece and consumables revenue increased by 138% to $13.6 million.
Fiscal year 2023 total revenue guidance was increased to $131.0 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 approximately $131 million, which represents 75% growth over the Company’s prior year revenue. The Company projects full year 2023 gross margin to be approximately 55%. The Company projects full year 2023 total operating expense of approximately $174 million. The Company projects full year 2023 Adjusted EBITDA loss to be ($74.5) million.
Positive Outlook
- Revenue for full year 2023 is projected to be approximately $131 million, representing 75% growth over the prior year.
- Full year 2023 gross margin is projected to be approximately 55%.
- Company is experiencing strong growth.
- Company is focused on advancing patient care.
- Company is focused on developing transformative solutions in urology.
Challenges Ahead
- Full year 2023 total operating expenses are projected to be approximately $174 million.
- Full year 2023 Adjusted EBITDA loss is projected to be ($74.5) million.
- Net loss was $25.3 million for the second quarter of 2023, compared to a loss of $19.2 million in the prior year period.
- Operating expenses in the second quarter of 2023 were $44.1 million, compared with $26.4 million in the prior year period.
- Adjusted EBITDA was a loss of $19.9 million for the second quarter of 2023, compared to a loss of $14.6 million in the prior year period.
Revenue & Expenses
Visualization of income flow from segment revenue to net income