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Sep 30, 2023
PROCEPT BioRobotics Q3 2023 Earnings Report
PROCEPT BioRobotics reported Q3 2023 financial results, demonstrating strong revenue growth and increased revenue guidance for 2023.
Key Takeaways
PROCEPT BioRobotics reported a 72% increase in total revenue to $35.1 million for Q3 2023, driven by strong U.S. performance, particularly in handpiece and system sales. The company increased its full-year revenue guidance to $133.5 million and successfully completed an equity follow-on offering.
Total revenue for Q3 2023 reached $35.1 million, a 72% increase compared to the same period in 2022.
U.S. handpiece and consumables revenue was $17.0 million, representing a 113% increase year-over-year.
U.S. robotic system and rental revenue amounted to $13.5 million, a 37% increase compared to the prior year.
The company increased its fiscal year 2023 total revenue guidance to $133.5 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 $133.5 million, which represents 78% growth over the Company’s prior year revenue. The Company projects full year 2023 gross margin to be in the range of 54% to 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 ($76.9) million.
Positive Outlook
- Revenue for the full year 2023 is projected to be approximately $133.5 million, representing 78% growth over the prior year.
- Full year 2023 gross margin is projected to be in the range of 54% to 55%.
- Total operating expense for full year 2023 is projected to be approximately $174 million.
- Company Successfully completed equity follow-on offering, raising approximately $162 million in net proceeds
- Received U.S. FDA IDE approval to Investigate Aquablation Therapy for Prostate Cancer
Challenges Ahead
- Full year 2023 Adjusted EBITDA loss is projected to be ($76.9) million.
- Net loss was $24.6 million for the third quarter of 2023, compared to a loss of $22.6 million in the prior year period.
- Operating expenses in the third quarter of 2023 were $44.5 million, compared with $32.3 million in the prior year period.
- Adjusted EBITDA was a loss of $19.4 million for the third quarter of 2023, compared to a loss of $18.3 million in the prior year period.
- All surgical treatments have inherent and associated side effects.
Revenue & Expenses
Visualization of income flow from segment revenue to net income