On August 1, 2024, PROCEPT BioRobotics Corp (PRCT, Financial) released its 8-K filing for the second quarter of 2024, showcasing impressive financial results and an upward revision in its revenue and EBITDA guidance for the fiscal year.
PROCEPT BioRobotics Corp is a surgical robotics company focused on advancing patient care by developing transformative solutions in urology. It develops, manufactures, and sells the AquaBeam Robotic System, an image-guided, surgical robotic system for use in minimally invasive urologic surgery, with an initial focus on treating benign prostatic hyperplasia (BPH). The company's assets are based in the United States, and its revenue is generated from sales of the AquaBeam Robotic System and the accompanying single-use disposable handpieces.
Performance Highlights
For the second quarter of 2024, PROCEPT BioRobotics Corp reported total revenue of $53.4 million, a 61% increase compared to the same period in 2023. This figure surpassed the analyst estimate of $50.16 million. The company's U.S. revenue was $47.7 million, reflecting a 59% growth year-over-year, driven by increased system sales to new hospital customers and higher handpiece and consumable revenue.
U.S. handpiece and consumable revenue for Q2 2024 was $27.3 million, marking a 101% increase from the prior year period. Additionally, U.S. system and rental revenue grew by 20% to $17.8 million. International revenue also saw a significant rise, reaching $5.7 million, a 79% increase compared to Q2 2023.
Financial Achievements and Metrics
PROCEPT BioRobotics Corp achieved record gross margins of 59% in Q2 2024, up from 56% in the prior year period. This improvement was primarily due to better overhead absorption and increased U.S. average selling prices. Operating expenses for the quarter were $58.3 million, compared to $44.1 million in Q2 2023, driven by higher sales and marketing expenses and increased research and development costs.
The company reported a net loss of $25.6 million for Q2 2024, slightly higher than the $25.3 million loss in the same period last year. However, adjusted EBITDA showed improvement, with a loss of $18.0 million compared to a loss of $19.9 million in Q2 2023. Cash and short-term investments totaled $214.1 million as of June 30, 2024, with cash usage significantly reduced to $11.5 million in Q2 2024 from $31.6 million in Q1 2024.
Income Statement Summary
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Total Revenue | $53.4 million | $33.1 million |
| Gross Profit | $31.5 million | $18.4 million |
| Operating Expenses | $58.3 million | $44.1 million |
| Net Loss | $(25.6) million | $(25.3) million |
| Adjusted EBITDA | $(18.0) million | $(19.9) million |
Balance Sheet and Cash Flow
As of June 30, 2024, PROCEPT BioRobotics Corp reported total assets of $374.4 million, with cash and cash equivalents amounting to $214.1 million. The company's total liabilities stood at $122.6 million, while stockholders' equity was $251.8 million.
Guidance and Future Outlook
PROCEPT BioRobotics Corp has increased its fiscal year 2024 total revenue guidance to approximately $217 million, up from the previous guidance of $213.5 million. The company also improved its EBITDA guidance to a loss of $67.5 million, compared to the prior guidance of a $70.0 million loss. The company projects a full-year gross margin of approximately 59% and total operating expenses of around $231.5 million.
“We are pleased to report another successful quarter with annual revenue growth of 61%. This outstanding performance across all segments of the business reflects continued focus on penetrating BPH hospitals, increasing utilization, and driving operational efficiencies across the organization,” said Reza Zadno, Chief Executive Officer.
In summary, PROCEPT BioRobotics Corp's Q2 2024 financial results demonstrate robust growth and operational improvements, positioning the company well for continued success in the medical devices and instruments industry. For more detailed information, please refer to the company's 8-K filing.
Explore the complete 8-K earnings release (here) from PROCEPT BioRobotics Corp for further details.
