PROCEPT BioRobotics Q3 2023 Earnings Report
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
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