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PROCEPT BioRobotics
🇺🇸 NASDAQ:PRCT
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Jun 30, 2024

PROCEPT BioRobotics Q2 2024 Earnings Report

PROCEPT BioRobotics reported a successful second quarter in 2024, marked by significant revenue growth and increased gross margins.

Key Takeaways

PROCEPT BioRobotics reported a strong second quarter in 2024, with a 61% increase in total revenue compared to the prior year. The company also achieved record gross margins of 59% and demonstrated operating expense leverage. Increased revenue guidance for 2024 was provided.

Total revenue for Q2 2024 was $53.4 million, a 61% increase year-over-year.

U.S. handpiece and consumables revenue increased by 101% to $27.3 million.

U.S. system and rental revenue increased by 20% to $17.8 million.

International revenue increased by 79% to $5.7 million.

Total Revenue
$53.4M
Previous year: $33.1M
+61.2%
EPS
-$0.5
Previous year: -$0.56
-10.7%
Gross Margin
59%
Previous year: 56%
+5.4%
Installed Base (US)
400
Previous year: 233
+71.7%
Gross Profit
$31.5M
Previous year: $18.4M
+70.8%
Cash and Equivalents
$214M
Previous year: $150M
+43.0%
Free Cash Flow
-$16.8M
Previous year: -$33.7M
-50.2%
Total Assets
$374M
Previous year: $272M
+37.4%

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 2024 to be $217.0 million and Adjusted EBITDA loss to be ($67.5) million.

Positive Outlook

  • Full year 2024 revenue projected to be $217.0 million, representing 59% growth over the prior year.
  • Full year 2024 gross margin projected to be approximately 59%.
  • Full year 2024 total operating expense of approximately $231.5 million, which is unchanged from previously issued guidance.
  • Full year 2024 Adjusted EBITDA loss projected to be ($67.5) million.
  • Cash usage in the second quarter of 2024 was $11.5 million dollars which is a significant improvement from the $31.6 million usage in the first quarter of 2024.

Challenges Ahead

  • The Company projects full year 2024 Adjusted EBITDA loss to be ($67.5) million.
  • Operating expenses in the second quarter of 2024 were $58.3 million, compared with $44.1 million in the prior year period.
  • Net loss was $25.6 million for the second quarter of 2024, compared to a loss of $25.3 million in the prior year period.
  • Increased sales and marketing expenses primarily to expand the commercial organization.
  • Increased research and development expenses.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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