PROCEPT BioRobotics Corporation (Nasdaq: PRCT) (the “Company”), a
surgical robotics company focused on advancing patient care by
developing transformative solutions in urology, today reported
unaudited financial results for the quarter ended September 30,
2023.
Recent Highlights
- Total revenue of
$35.1 million for the third quarter of 2023, an increase of 72%
compared to the same period in 2022
- U.S. handpiece and
consumables revenue of $17.0 million for the third quarter of 2023,
an increase of 113% compared to the same period in 2022
- Third quarter of
2023 U.S. monthly account utilization increased sequentially by 5%
compared to the second quarter of 2023
- Sold 38 U.S.
robotic systems in the third quarter of 2023
- U.S. robotic
system and rental revenue of $13.5 million for the third quarter of
2023, an increase of 37% compared to the same period in 2022
- Increased fiscal
year 2023 total revenue guidance to approximately $133.5
million
- 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
“We delivered another quarter of excellent results, driven by an
acceleration in monthly utilization and strong U.S. system
sales. Due to the enhanced productivity of our
field-based commercial team and the growing demand of Aquablation
therapy, we enter the fourth quarter of 2023 with a robust capital
pipeline that continues to meaningfully grow,” said Reza Zadno,
Chief Executive Officer. “In addition to our commercial
achievements in Q3, we successfully completed an equity financing
to bolster our balance sheet and received IDE approval to
investigate Aquablation therapy for prostate cancer. Given this
positive momentum, we are more optimistic about our business today
than at any point and have a high degree of confidence in our
ability to achieve our long-term growth plan.”
Third Quarter 2023
Financial Results
Total revenue for the third quarter of 2023 was $35.1 million,
an increase of 72% compared to the prior year period. U.S. revenue
was $32.3 million, representing growth of 73% compared to the prior
year period. The increase was primarily driven by increased
handpiece revenue and system sales to new hospital customers. U.S.
handpiece and consumable revenue for the third quarter of 2023 was
$17.0 million, an increase of 113% compared to the prior year
period. Third quarter of 2023 monthly utilization per account
increased 6% compared to the prior year period. U.S. system revenue
for the third quarter of 2023 was $13.5 million, an increase of 37%
compared to the prior year period. As of September 30, 2023, the
install base of AquaBeam Robotic Systems in the U.S. was 271
systems. International revenue was $2.8 million for the quarter, an
increase of 62% compared to the prior year period.
Gross margin for the third quarter 2023 was 54% compared to 50%
in the prior year period. Gross margin improvement was primarily
attributable to increased operations and manufacturing efficiencies
to absorb overhead expenses and increased sales volume.
Operating expenses in the third quarter of 2023 were $44.5
million, compared with $32.3 million in the prior year period. When
compared to the second quarter of 2023, total operating expenses
increased $0.4 million, which is the lowest sequential increase
over the last two years. The increase was driven by increased sales
and marketing expenses primarily to expand the commercial
organization, and increased research and development and general
and administrative expenses.
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.
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.
Cash and short-term investments as of September 30, 2023,
totaled $287.1 million, while long-term borrowings totaled $52.0
million.
Full Year 2023
Financial 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. This compares to previous revenue guidance of $131.0
million.
- The Company
projects full year 2023 gross margin to be in the range of 54% to
55%. This compares to previous guidance of approximately 55%.
- The Company
projects full year 2023 total operating expense of approximately
$174 million, which is unchanged from previous guidance.
- The Company
projects full year 2023 Adjusted EBITDA loss to be ($76.9) million.
This compares to previous guidance of ($74.5) million.
Adjusted EBITDA is a financial measure that is not prepared in
accordance with generally accepted accounting principles in the
United States (GAAP). For more information about the Company’s use
of non-GAAP financial measures, please see the section below titled
“Use of Non-GAAP Financial Measures (Unaudited).”
Webcast and Conference Call Information PROCEPT
BioRobotics will host a conference call to discuss the third
quarter 2023 financial results on Wednesday, November 1, 2023, at
4:30 p.m. Eastern Time.
Investors interested in listening to the conference call may do
so by following one of the below links:
- Webcast link for interested listeners:
- https://edge.media-server.com/mmc/p/cycnvr77/
- Dial-in registration for sell-side research analysts:
-
https://register.vevent.com/register/BIc491d3ec87c645f08218c0c5909923e2
About PROCEPT BioRobotics CorporationPROCEPT
BioRobotics is a surgical robotics company focused on advancing
patient care by developing transformative solutions in urology.
PROCEPT BioRobotics develops, manufactures and sells the AquaBeam
Robotic System, an advanced, image-guided, surgical robotic system
for use in minimally invasive urologic surgery with an initial
focus on treating benign prostatic hyperplasia, or BPH. BPH is the
most common prostate disease and impacts approximately 40 million
men in the United States. PROCEPT BioRobotics designed Aquablation
therapy to deliver effective, safe and durable outcomes for males
suffering from lower urinary tract symptoms, or LUTS, due to BPH
that are independent of prostate size and shape or surgeon
experience. The Company has developed a significant and growing
body of clinical evidence, which includes nine clinical studies and
over 150 peer-reviewed publications, supporting the benefits and
clinical advantages of Aquablation therapy.
Use of Non-GAAP Financial Measures
(Unaudited)This press release references Adjusted EBITDA,
a financial measure that is not prepared in accordance with
generally accepted accounting principles in the United States
(GAAP). The Company defines Adjusted EBITDA as earnings before
interest expense, taxes, depreciation and amortization and
stock-based compensation. Non-GAAP financial measures are not a
substitute for or superior to measures of financial performance
prepared in accordance with GAAP and should not be considered as an
alternative to any other performance measures derived in accordance
with GAAP.
The Company believes that presenting Adjusted EBITDA provides
useful supplemental information to investors about the Company in
understanding and evaluating its operating results, enhancing the
overall understanding of its past performance and future prospects,
and allowing for greater transparency with respect to key financial
metrics used by its management in financial and operational
decision making. However, there are a number of limitations related
to the use of non-GAAP measures and their nearest GAAP equivalents.
For example, other companies may calculate non-GAAP measures
differently, or may use other measures to calculate their financial
performance, and therefore any non-GAAP measures the Company uses
may not be directly comparable to similarly titled measures of
other companies.
Forward Looking StatementsThis release contains
forward‐looking statements within the meaning of federal securities
laws, including with respect to the Company’s projected financial
performance for full year 2023, statements regarding the potential
utilities, values, benefits and advantages of Aquablation® therapy
performed using PROCEPT BioRobotics’ products, including AquaBeam®
Robotic System, which involve risks and uncertainties that could
cause the actual results to differ materially from the anticipated
results and expectations expressed in these forward-looking
statements. You are cautioned not to place undue reliance on these
forward-looking statements. Forward-looking statements are only
predictions based on our current expectations, estimates, and
assumptions, valid only as of the date they are made, and subject
to risks and uncertainties, some of which we are not currently
aware. Forward-looking statements may include
statements regarding financial guidance, market opportunity and
penetration, the Company’s possible or assumed future results of
operations, including descriptions of the Company’s revenues, gross
margin, profitability, operating expenses, installed base growth,
commercial momentum and overall business strategy. Forward‐looking
statements should not be read as a guarantee of future performance
or results and may not necessarily be accurate indications of the
times at, or by, which such performance or results will be
achieved. These forward‐looking statements are based on the
Company’s current expectations and inherently involve significant
risks and uncertainties. Actual results and the timing of events
could differ materially from those anticipated in such
forward‐looking statements as a result of these risks and
uncertainties. These risks and uncertainties are described more
fully in the section titled “Risk Factors” in the Company’s filings
with the Securities and Exchange Commission (the “SEC”), including
the Company’s annual report on Form 10-K filed with the SEC on
February 28, 2023. PROCEPT BioRobotics does not undertake any
obligation to update forward‐looking statements and expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward‐looking statements contained
herein. These forward-looking statements should not be relied upon
as representing PROCEPT BioRobotics’ views as of any date
subsequent to the date of this press release.
Important Safety InformationAll surgical
treatments have inherent and associated side effects. For a list of
potential side effects visit
https://aquablation.com/safety-information/
Investor Contact:Matt BacsoVP, Investor
Relations and Business
Operationsm.bacso@procept-biorobotics.com
|
PROCEPT BioRobotics CorporationCONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited,
in thousands, except per share data) |
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue |
|
$ |
35,102 |
|
|
$ |
20,349 |
|
|
$ |
92,610 |
|
|
$ |
51,237 |
|
Cost of sales |
|
|
16,228 |
|
|
|
10,118 |
|
|
|
42,816 |
|
|
|
24,828 |
|
Gross profit |
|
|
18,874 |
|
|
|
10,231 |
|
|
|
49,794 |
|
|
|
26,409 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
11,600 |
|
|
|
7,582 |
|
|
|
33,950 |
|
|
|
19,299 |
|
Selling, general and administrative |
|
|
32,883 |
|
|
|
24,754 |
|
|
|
95,457 |
|
|
|
62,794 |
|
Total operating expenses |
|
|
44,483 |
|
|
|
32,336 |
|
|
|
129,407 |
|
|
|
82,093 |
|
Loss from operations |
|
|
(25,609 |
) |
|
|
(22,105 |
) |
|
|
(79,613 |
) |
|
|
(55,684 |
) |
Interest expense |
|
|
(1,019 |
) |
|
|
(1,455 |
) |
|
|
(2,870 |
) |
|
|
(4,317 |
) |
Interest and other income,
net |
|
|
2,006 |
|
|
|
947 |
|
|
|
4,090 |
|
|
|
1,019 |
|
Net loss |
|
$ |
(24,622 |
) |
|
|
(22,613 |
) |
|
|
(78,393 |
) |
|
|
(58,982 |
) |
Net loss per share, basic and
diluted |
|
$ |
(0.51 |
) |
|
$ |
(0.51 |
) |
|
$ |
(1.70 |
) |
|
$ |
(1.33 |
) |
Weighted-average common shares
used to |
|
|
|
|
|
|
|
|
Compute net loss per share attributable to |
|
|
|
|
|
|
|
|
Common shareholders, basic and diluted |
|
|
48,310 |
|
|
|
44,640 |
|
|
|
46,131 |
|
|
|
44,276 |
|
|
|
|
|
|
|
|
|
|
|
PROCEPT BioRobotics
CorporationRECONCILIATION OF GAAP NET LOSS TO
ADJUSTED EBITDA(Unaudited, in
thousands) |
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net loss |
|
$ |
(24,622 |
) |
|
$ |
(22,613 |
) |
|
$ |
(78,393 |
) |
|
$ |
(58,982 |
) |
Depreciation and amortization
expense |
|
|
1,054 |
|
|
|
703 |
|
|
|
2,489 |
|
|
|
2,178 |
|
Stock-based compensation
expense |
|
|
5,326 |
|
|
|
3,225 |
|
|
|
14,153 |
|
|
|
7,452 |
|
Interest (income) and interest
expense, net |
|
|
(1,126 |
) |
|
|
426 |
|
|
|
(1,477 |
) |
|
|
3,007 |
|
Adjusted EBITDA |
|
$ |
(19,368 |
) |
|
$ |
(18,259 |
) |
|
$ |
(63,228 |
) |
|
$ |
(46,345 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROCEPT BioRobotics
CorporationRECONCILIATION OF GAAP NET LOSS TO
ADJUSTED 2023 EBITDA Guidance(Unaudited, in
thousands) |
|
|
|
|
|
2023 |
Net loss |
|
$ |
(98,560 |
) |
Depreciation and amortization
expense |
|
|
4,300 |
|
Stock-based compensation
expense |
|
|
20,350 |
|
Interest (income) and interest
expense, net |
|
|
(2,990 |
) |
Adjusted EBITDA |
|
$ |
(76,900 |
) |
|
|
|
|
|
|
PROCEPT BioRobotics CorporationCONDENSED
CONSOLIDATED BALANCE SHEETS(Unaudited, in
thousands) |
|
|
|
|
|
September 30, |
|
December 31, 2022 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
287,087 |
|
|
$ |
221,859 |
|
Restricted cash, current |
|
|
777 |
|
|
|
777 |
|
Accounts receivable, net |
|
|
34,622 |
|
|
|
15,272 |
|
Inventory |
|
|
42,201 |
|
|
|
28,543 |
|
Prepaid expenses and other current assets |
|
|
3,981 |
|
|
|
6,175 |
|
Total current assets |
|
|
368,668 |
|
|
|
272,626 |
|
Restricted cash,
non-current |
|
|
3,038 |
|
|
|
3,038 |
|
Property and equipment,
net |
|
|
27,032 |
|
|
|
8,656 |
|
Operating lease right-of-use
assets, net |
|
|
20,699 |
|
|
|
23,481 |
|
Intangible assets, net |
|
|
1,273 |
|
|
|
1,477 |
|
Other assets |
|
|
415 |
|
|
|
51 |
|
Total assets |
|
$ |
421,125 |
|
|
$ |
309,329 |
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
13,597 |
|
|
$ |
9,391 |
|
Accrued compensation |
|
|
13,265 |
|
|
|
13,447 |
|
Deferred revenue, current |
|
|
5,007 |
|
|
|
2,855 |
|
Operating leases, current |
|
|
1,702 |
|
|
|
2,129 |
|
Other current liabilities |
|
|
7,785 |
|
|
|
7,468 |
|
Total current liabilities |
|
|
41,356 |
|
|
|
35,290 |
|
Long-term debt |
|
|
51,307 |
|
|
|
51,213 |
|
Operating leases, non-current |
|
|
26,730 |
|
|
|
23,975 |
|
Loan facility derivative liability |
|
|
1,859 |
|
|
|
1,779 |
|
Deferred revenue, non-current |
|
|
517 |
|
|
|
— |
|
Total liabilities |
|
|
121,769 |
|
|
|
112,257 |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Additional paid-in capital |
|
|
726,428 |
|
|
|
545,753 |
|
Accumulated other comprehensive loss |
|
|
(6 |
) |
|
|
(6 |
) |
Accumulated deficit |
|
|
(427,066 |
) |
|
|
(348,675 |
) |
Total stockholders’
equity |
|
|
299,356 |
|
|
|
197,072 |
|
Total liabilities and
stockholders’ equity |
|
$ |
421,125 |
|
|
$ |
309,329 |
|
|
|
|
|
|
|
|
|
|
|
PROCEPT BioRobotics CorporationREVENUE BY
TYPE AND GEOGRAPHY(Unaudited, in
thousands) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
U.S. |
|
|
|
|
|
|
|
|
System sales and rentals |
|
$ |
13,467 |
|
|
$ |
9,811 |
|
|
$ |
37,065 |
|
|
$ |
26,081 |
|
Handpieces and other consumables |
|
|
17,047 |
|
|
|
8,015 |
|
|
|
42,418 |
|
|
|
18,182 |
|
Service |
|
|
1,811 |
|
|
|
812 |
|
|
|
4,545 |
|
|
|
1,741 |
|
Total U.S. revenue |
|
|
32,325 |
|
|
|
18,638 |
|
|
|
84,028 |
|
|
|
46,004 |
|
Outside of U.S. |
|
|
|
|
|
|
|
|
System sales and rentals |
|
|
828 |
|
|
|
743 |
|
|
|
3,896 |
|
|
|
2,353 |
|
Handpieces and other consumables |
|
|
1,651 |
|
|
|
791 |
|
|
|
3,826 |
|
|
|
2,369 |
|
Service |
|
|
298 |
|
|
|
177 |
|
|
|
860 |
|
|
|
511 |
|
Total outside of U.S. revenue |
|
|
2,777 |
|
|
|
1,711 |
|
|
|
8,582 |
|
|
|
5,233 |
|
Total revenue |
|
$ |
35,102 |
|
|
$ |
20,349 |
|
|
$ |
92,610 |
|
|
$ |
51,237 |
|
|
|
|
|
|
|
|
|
|
PROCEPT BioRobotics (NASDAQ:PRCT)
過去 株価チャート
から 4 2024 まで 5 2024
PROCEPT BioRobotics (NASDAQ:PRCT)
過去 株価チャート
から 5 2023 まで 5 2024