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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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