PROCEPT BioRobotics Corp. Reports Third Quarter 2021 Financial Results and Provides 2021 Revenue Guidance
05 11월 2021 - 5:03AM
PROCEPT® BioRobotics Corporation (Nasdaq: PRCT), a surgical
robotics company focused on advancing patient care by developing
transformative solutions in urology, today reported financial
results for the quarter ended September 30, 2021.
Recent Highlights
- Total revenue of $8.7 million for the third quarter of 2021,
compared to $2.1 million in the prior year period
- U.S. system revenue of $5.0 million for the third quarter of
2021, compared to $0.6 million in the prior year period
- U.S. handpiece revenue of $2.2 million for the third quarter of
2021, compared to $0.5 million in the prior year period
- International revenue of $1.3 million for the third quarter of
2021, compared to $1.0. million in the prior year period
- Completed initial public offering, raising approximately $172.4
million in net proceeds
- Announced new positive coverage policy from Cigna, effective
September 15, 2021
- Issued 2021 total revenue guidance range of $33.0 to $33.3
million
“We are very pleased with the results we delivered in the third
quarter, which was capped off by the positive coverage policy
announcement by Cigna in late September to expand Aquablation
covered lives by an additional 16 million persons,” said Reza
Zadno, Chief Executive Officer. “We are also proud of our
successful completion of our IPO and are grateful for the support
of the participating investors. The proceeds from the offering will
enable us to further scale our business and invest in the
commercial infrastructure to accelerate the adoption of Aquablation
therapy to become the standard of care for BPH.”
Third Quarter 2021 Financial Results
Total Revenue was $8.7 million in the third quarter 2021, an
increase from $2.1 million in the third quarter of 2020. The
increase was primarily driven by system sales to new and existing
hospital customers. U.S. system revenue was $5.0 million, compared
to $0.6 million in the prior year period. As of September 30, 2021,
the install base of Aquabeam Robotic Systems in the U.S. was 75
units. U.S. handpiece and consumable revenue was $2.2 million,
compared to $0.5 million in the third quarter of 2020.
International revenue for the third quarter was $1.3 million,
compared to $1.0 million in the third quarter of 2020.
Gross margin for the third quarter 2021 was 48.9% compared to a
-1% in the third quarter of 2020 and 42.2% in the second quarter of
2021. The increase relative to the second quarter of 2021 was
driven primarily by increased system average selling prices.
Total operating expenses in the third quarter of 2021 were $17.0
million, compared with $10.9 million in the prior year period. The
increase was primarily driven by increased sales and marketing
expenses to expand the sales organization and increased G&A
expenses associated with being a public company.
Net loss was $14.1 million for the third quarter of 2021
compared to $12.0 million in the prior year period.
Cash and short-term investments as of September 30, 2021,
totaled $320.5 million, while long-term borrowings totaled $50.0
million. The company received approximately $172.4 million of net
proceeds from the initial public offering, which closed on
September 17.
2021 Financial Guidance
The Company expects full year 2021 revenue to be in the range of
$33.0 to $33.3 million.
Webcast and Conference Call Information PROCEPT
BioRobotics will host a conference call to discuss the third
quarter 2021 financial results after the market close on Thursday,
November 4th, 2021 at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern
Time. Investors interested in listening to the conference call may
do so by dialing (800) 306-0005 for domestic callers or (209)
950-5968 for international callers, using conference ID: 7198987.
Live audio of the webcast will be available on the “Investors”
section of the company’s website at:
https://ir.procept-biorobotics.com. The webcast will be archived
and available for replay for at least 90 days after the event.
About PROCEPT BioRobotics CorporationPROCEPT is
a surgical robotics company focused on advancing patient care by
developing transformative solutions in urology. PROCEPT 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
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. PROCEPT has developed a significant and growing
body of clinical evidence, which includes nine clinical studies and
over 100 peer-reviewed publications, supporting the benefits and
clinical advantages of Aquablation therapy.
Forward Looking StatementsThis release contains
forward‐looking statements within the meaning of federal securities
laws, including statements regarding the potential utilities,
values, benefits and advantages of Aquablation® therapy performed
using PROCEPT’s 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 information the impact of the COVID-19
pandemic on the Company and its operations, 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, guidance for 2021 full year,
commercial momentum, or 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 PROCEPT’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 PROCEPT’s filings with the Securities and
Exchange Commission (the “SEC”), including PROCEPT’s final
prospectus filed with the SEC pursuant to Rule 424(b)(4) on
September 16, 2021. PROCEPT 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’s views as of any date subsequent to the date
of this press release.
Investor Contact:Gilmartin GroupMatt Bacso,
CFAMatt.bacso@gilmartinir.com
PROCEPT BioRobotics
CorporationCONDENSED CONSOLIDATED BALANCE
SHEETS (in thousands)
(unaudited)
|
September 30, 2021 |
|
December 31, 2020 |
|
|
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
320,484 |
|
|
|
$ |
100,130 |
|
|
Accounts receivable, net |
6,353 |
|
|
|
1,549 |
|
|
Inventory |
10,401 |
|
|
|
6,924 |
|
|
Prepaid expenses and other current assets |
2,232 |
|
|
|
1,653 |
|
|
Total current assets |
339,470 |
|
|
|
110,256 |
|
|
Restricted cash |
777 |
|
|
|
777 |
|
|
Property and equipment, net |
5,731 |
|
|
|
8,274 |
|
|
Operating lease right-of-use
assets, net |
3,667 |
|
|
|
4,641 |
|
|
Intangible assets, net |
1,818 |
|
|
|
2,023 |
|
|
Total assets |
$ |
351,463 |
|
|
|
$ |
125,971 |
|
|
Liabilities,
Redeemable Convertible Preferred Stock and
Stockholders' Equity (Deficit) |
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
3,590 |
|
|
|
$ |
1,240 |
|
|
Accrued compensation |
4,875 |
|
|
|
4,640 |
|
|
Note payable – current portion |
— |
|
|
|
4,551 |
|
|
Operating lease – current portion |
2,032 |
|
|
|
1,708 |
|
|
Deferred revenue |
848 |
|
|
|
233 |
|
|
Other current liabilities |
2,834 |
|
|
|
2,154 |
|
|
Total current liabilities |
14,179 |
|
|
|
14,526 |
|
|
Note payable – non-current portion |
49,762 |
|
|
|
44,407 |
|
|
Operating lease – non-current portion |
2,550 |
|
|
|
4,096 |
|
|
Loan facility derivative liability |
1,460 |
|
|
|
1,782 |
|
|
Other non-current liabilities |
200 |
|
|
|
200 |
|
|
Total liabilities |
68,151 |
|
|
|
65,011 |
|
|
Redeemable convertible preferred
stock |
— |
|
|
|
243,854 |
|
|
Stockholders’ equity
(deficit): |
|
|
|
Common Stock and additional paid-in capital |
526,526 |
|
|
|
18,788 |
|
|
Accumulated other comprehensive loss |
(41 |
) |
|
|
(14 |
) |
|
Accumulated deficit |
(243,173 |
) |
|
|
(201,668 |
) |
|
Total stockholders’ equity
(deficit) |
283,312 |
|
|
|
(182,894 |
) |
|
Total liabilities, convertible redeemable preferred stock and
stockholders’ equity (deficit) |
$ |
351,463 |
|
|
|
$ |
125,971 |
|
|
PROCEPT BioRobotics
CorporationCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS (in thousands,
except per share data)(unaudited)
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenue |
$ |
8,668 |
|
|
|
$ |
2,107 |
|
|
|
$ |
24,335 |
|
|
|
$ |
4,496 |
|
|
Cost of
sales |
4,428 |
|
|
|
2,138 |
|
|
|
12,986 |
|
|
|
6,221 |
|
|
Gross profit |
4,240 |
|
|
|
(31 |
) |
|
|
11,349 |
|
|
|
(1,725 |
) |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and
development |
4,919 |
|
|
|
3,893 |
|
|
|
13,917 |
|
|
|
11,732 |
|
|
Selling, general and
administrative |
12,118 |
|
|
|
7,054 |
|
|
|
34,765 |
|
|
|
21,138 |
|
|
Total operating
expenses |
17,037 |
|
|
|
10,947 |
|
|
|
48,682 |
|
|
|
32,870 |
|
|
Loss from
operations |
(12,797 |
) |
|
|
(10,978 |
) |
|
|
(37,333 |
) |
|
|
(34,595 |
) |
|
Interest
expense |
(1,469 |
) |
|
|
(1,387 |
) |
|
|
(4,370 |
) |
|
|
(3,490 |
) |
|
Interest and other income,
net |
163 |
|
|
|
357 |
|
|
|
198 |
|
|
|
344 |
|
|
Net loss |
$ |
(14,103 |
) |
|
|
$ |
(12,008 |
) |
|
|
$ |
(41,505 |
) |
|
|
$ |
(37,741 |
) |
|
Net loss per share, basic and
diluted |
$ |
(1.22 |
) |
|
|
$ |
(2.77 |
) |
|
|
$ |
(5.64 |
) |
|
|
$ |
(11.34 |
) |
|
Weighted-average common shares
used to |
|
|
|
|
|
|
|
compute net loss per share attributable to |
|
|
|
|
|
|
|
common shareholders, basic and
diluted |
11,580 |
|
|
|
4,329 |
|
|
|
7,361 |
|
|
|
3,327 |
|
|
Other comprehensive loss: |
|
|
|
|
|
|
|
Unrealized (loss) gain on cash
equivalents |
(2 |
) |
|
|
(16 |
) |
|
|
(27 |
) |
|
|
3 |
|
|
Comprehensive
loss |
$ |
(14,105 |
) |
|
|
$ |
(12,024 |
) |
|
|
$ |
(41,532 |
) |
|
|
$ |
(37,738 |
) |
|
PROCEPT BioRobotics
CorporationREVENUE BY TYPE AND
GEOGRAPHY(in
thousands)(unaudited)
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
U.S. |
|
|
|
|
|
|
|
System sales and rentals |
$ |
5,038 |
|
|
$ |
646 |
|
|
$ |
14,368 |
|
|
$ |
1,106 |
|
Hand pieces and other consumables |
2,184 |
|
|
451 |
|
|
5,458 |
|
|
930 |
|
Service |
169 |
|
|
16 |
|
|
378 |
|
|
26 |
|
Total U.S. revenue |
7,391 |
|
|
1,113 |
|
|
20,204 |
|
|
2,062 |
|
Outside of U.S. |
|
|
|
|
|
|
|
System sales and rentals |
481 |
|
|
369 |
|
|
1,725 |
|
|
1,111 |
|
Hand pieces and other consumables |
666 |
|
|
596 |
|
|
2,159 |
|
|
1,278 |
|
Service |
130 |
|
|
29 |
|
|
247 |
|
|
45 |
|
Total outside of U.S. revenue |
1,277 |
|
|
994 |
|
|
4,131 |
|
|
2,434 |
|
Total revenue |
$ |
8,668 |
|
|
$ |
2,107 |
|
|
$ |
24,335 |
|
|
$ |
4,496 |
|
PROCEPT BioRobotics (NASDAQ:PRCT)
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PROCEPT BioRobotics (NASDAQ:PRCT)
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