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Sep 30, 2024
PROCEPT BioRobotics Q3 2024 Earnings Report
Reported a successful quarter with strong revenue growth and record gross margins, driven by the launch of HYDROS and increased system sales.
Key Takeaways
PROCEPT BioRobotics reported a strong third quarter in 2024, with total revenue increasing by 66% compared to the prior year period. The company launched HYDROS, contributing to U.S. handpiece and consumables revenue growth of 74%. Gross margin reached a record 63.2%. The company increased its full year 2024 revenue and Adjusted EBITDA guidance.
Total revenue for Q3 2024 reached $58.4 million, a 66% increase year-over-year.
U.S. handpiece and consumables revenue grew by 74% to $29.6 million in Q3 2024.
U.S. system and rental revenue increased by 46% to $19.6 million in Q3 2024.
Gross margin improved to a record 63.2% in Q3 2024.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company projects revenue for the full year 2024 to be in the range of $222.5 million to $223.0 million. The Company projects full year 2024 gross margin to be approximately 61%. The Company projects full year 2024 total operating expense of approximately $231.5 million. The Company projects full year 2024 Adjusted EBITDA loss to be ($60.0) million.
Positive Outlook
- Revenue for full year 2024 is projected to be between $222.5 million and $223.0 million, representing 63% and 64% growth respectively.
- Full year 2024 gross margin is projected to be approximately 61%.
- Full year 2024 Adjusted EBITDA loss is projected to be ($60.0) million.
- Revenue guidance increased from $217.0 million.
- Adjusted EBITDA loss guidance improved from ($67.5) million.
Challenges Ahead
- Full year 2024 Adjusted EBITDA loss is projected to be ($60.0) million.
- Total operating expense for full year 2024 is projected to be approximately $231.5 million.
- All surgical treatments have inherent and associated side effects.
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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