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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.
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.comInternational Service Revenue
CapyFin.comRevenue by Geographic Location
U.S. Revenue
CapyFin.comInternational Revenue
CapyFin.com 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.
- Net loss for the third quarter of 2024 was $21.0 million.
- Operating expenses in the third quarter of 2024 were $59.3 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income