In This Article:
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Total Revenue: $58.4 million for Q3 2024, a 66% increase compared to Q3 2023.
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US Revenue: $52.2 million, a 62% increase compared to the prior year period.
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International Revenue: $6.2 million, representing growth of 121%.
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Gross Margin: 63.2%, an all-time high for the company.
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US Installed Base: 445 systems, a 64% increase compared to the prior year period.
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Robotic Systems Sold: 45 systems with a blended average selling price of approximately $432,000.
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Hand Pieces Shipped: Approximately 8,740 in the US, a 79% increase compared to Q3 2023.
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Net Loss: $21 million for Q3 2024, compared to $24.6 million in the same period of the prior year.
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Adjusted EBITDA Loss: $12.4 million compared to a loss of $19.4 million in Q3 2023.
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Cash and Cash Equivalents: $200 million as of September 30, 2024.
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Full Year 2024 Revenue Guidance: $222.5 million to $223 million, representing growth of approximately 63% to 64% compared to 2023.
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Full Year 2024 Gross Margin Guidance: Approximately 61%.
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Full Year 2024 Adjusted EBITDA Loss Guidance: Approximately $60 million.
Release Date: October 28, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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PROCEPT BioRobotics Corp (NASDAQ:PRCT) reported a strong financial performance with a 66% revenue growth in Q3 2024 compared to Q3 2023.
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The company achieved a record gross margin of 63.2%, indicating strong operational efficiency.
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International revenue grew by 86%, driven by strong sales momentum in the United Kingdom.
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The launch of the new Hydro robotic system was well-received, with positive feedback on its AI features and improved user interface.
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The FDA granted breakthrough device designation for a new clinical study on prostate cancer, potentially expanding the market for PROCEPT BioRobotics Corp (NASDAQ:PRCT).
Negative Points
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The launch of the Hydro system posed challenges, including the need for extensive training of sales representatives, which temporarily impacted sales coverage.
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There were macroeconomic factors such as hurricanes and saline shortages that affected procedure volumes.
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The Hydro system is currently 10% more costly to manufacture than the previous AquaBeam system, although this is expected to improve with scale.
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There are ongoing Medicare audits and some payer restrictions that could impact reimbursement dynamics.
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The company is not yet profitable, with a net loss of $21 million reported for Q3 2024, although there is a clear pathway to profitability.
Q & A Highlights
Q: Can you provide more details on the customer reaction to the Hydro launch and its pricing strategy? A: Reza Zadno, CEO, stated that the reaction to Hydro has been extremely positive, with excitement around features like AI assist and ease of setup. Shamshi Black, CCO, added that the quick pipeline conversion reflects strong customer enthusiasm. Kevin Waters, CFO, mentioned that while they are pleased with the current ASPs, they aim to maintain pricing flexibility to ensure widespread adoption.