PROCEPT® BioRobotics (Nasdaq: PRCT) (the “Company”), a surgical
robotics company focused on advancing patient care by developing
transformative solutions in urology, today reported financial
results for the fourth quarter and full year ended December 31,
2021.
Recent Highlights
- Revenue of $10.1 million for the fourth quarter of 2021 and
$34.5 million for the full year of 2021, compared to $3.2 million
and $7.7 million, respectively, from the same periods of 2020
- U.S. system and rental revenue of $5.0 million for the fourth
quarter of 2021, compared to $1.2 million in the prior year
period
- U.S. handpiece and consumables revenue of $3.4 million for the
fourth quarter of 2021, compared to $0.8 million in the prior year
period
- Announced positive 5-year WATER Study data on February 14,
2022
- Issued 2022 total revenue guidance range of $54.0 million to
$58.0 million
“We are very pleased with the results we delivered in 2021 and
continue to see positive momentum in the first quarter of 2022,”
said Reza Zadno, Chief Executive Officer. “We also achieved a
number of critical milestones over the last few months, including
approximately doubling the size of our field-based sales force and
announcing 5-year WATER Study data - which highlights the
durability, safety and efficacy of Aquablation therapy and
demonstrates IPSS superiority compared to TURP in prostates larger
than 50 mL. We believe these catalysts will accelerate the adoption
of our technology to become the standard of care for BPH.”
Fourth Quarter 2021 Financial Results
Revenue for the fourth quarter of 2021 was $10.1 million,
compared to $3.2 million in the fourth quarter of 2020. The
increase was primarily driven by system sales to new hospital
customers and increased utilization among existing customers. U.S.
system revenue was $5.0 million, compared to $1.2 million in the
prior year period. As of December 31, 2021, the install base of
Aquabeam Robotic Systems in the U.S. was 78 units. U.S. handpiece
and consumable revenue was $3.4 million, compared to $0.8 million
in the fourth quarter of 2020. International revenue was $1.4
million, compared to $1.2 million in the prior year period.
Gross margin for the fourth quarter 2021 was 44.5% compared to
14.6% in the prior year period. Gross margin improvement was
primarily attributable to the growth in revenues, which allowed the
Company to spread the fixed portion of its manufacturing and
overhead costs over more production units.
Operating expenses in the fourth quarter of 2021 were $21.3
million, compared with $13.7 million in the prior year period. The
increase was primarily driven by increased selling, general and
administrative expenses to expand the sales organization and
increased expenses associated with being a public company.
Net loss was ($18.3) million for the fourth quarter of 2021,
compared to ($15.3) million in the prior year period.
Cash and short-term investments as of December 31, 2021 totaled
$304.3 million, while long-term borrowings totaled $50.0
million.
Full Year 2021 Financial Results
Revenue for the full year 2021 was $34.5 million, compared to
$7.7 million for the full year 2020. The growth was primarily
driven by increases in U.S. revenues, attributable to the expansion
of the U.S. sales force and improved U.S. reimbursement coverage in
2021.
Gross margin for full year 2021 was 46.0%, compared to a
negative 16.3% for the full year 2020. Gross margin improvement was
primarily attributable to the growth in revenues.
Operating expenses were $70.0 million for the full year 2021,
compared to $46.5 million for the full year 2020, an increase of
50.5% driven primarily by headcount increases and public company
operating costs.
Net loss was ($59.9) million for the full year 2021, compared to
($53.0) million for the full year 2020.
First Quarter 2022 Revenue Guidance
- The Company projects revenue for the first quarter of 2022 to
be in the range of $12.0 million to $12.5 million
Full Year 2022 Financial Guidance
- The Company projects full year 2022 revenue to be in the range
of $54.0 million to $58.0 million and gross margin to be in the
range of 47.0% to 49.0%
- Full year 2022 operating expenses projected to be approximately
$105.0 million, which includes approximately $12.5 million in
stock-based compensation expense
- Full year 2022 Adjusted EBITDA loss expected to be in the range
of ($63.0) million to ($60.0) 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 fourth
quarter 2021 financial results after the market close on Tuesday,
March 8th, 2022, at 5:00 a.m. Pacific Time / 8:00 a.m. Eastern
Time. Investors interested in listening to the conference call may
do so by dialing (800) 306-0005 for domestic callers or (209)
905-5968 for international callers, using conference ID: 2515587.
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.
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 the first quarter and full year 2022, 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
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, overall business strategy, or information
regarding the impact of the COVID-19 pandemic on the Company and
its operations. 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 quarterly report on From 10-Q filed
with the SEC on November 5, 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
CorporationCONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share
data)(unaudited)
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
Revenue |
|
$ |
3,221 |
|
|
$ |
10,138 |
|
|
$ |
7,717 |
|
|
$ |
34,473 |
|
Cost of sales |
|
|
2,752 |
|
|
|
5,622 |
|
|
|
8,972 |
|
|
|
18,608 |
|
Gross profit |
|
|
469 |
|
|
|
4,516 |
|
|
|
(1,255 |
) |
|
|
15,865 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
4,543 |
|
|
|
5,076 |
|
|
|
16,275 |
|
|
|
18,993 |
|
Selling, general and administrative |
|
|
9,133 |
|
|
|
16,271 |
|
|
|
30,272 |
|
|
|
51,036 |
|
Total operating expenses |
|
|
13,676 |
|
|
|
21,347 |
|
|
|
46,547 |
|
|
|
70,029 |
|
Loss from operations |
|
|
(13,207 |
) |
|
|
(16,831 |
) |
|
|
(47,802 |
) |
|
|
(54,164 |
) |
Interest expense |
|
|
(1,772 |
) |
|
|
(1,441 |
) |
|
|
(5,261 |
) |
|
|
(5,810 |
) |
Interest and other income
(expense), net |
|
|
(299 |
) |
|
|
(76 |
) |
|
|
44 |
|
|
|
121 |
|
Net loss |
|
$ |
(15,278 |
) |
|
$ |
(18,348 |
) |
|
$ |
(53,019 |
) |
|
$ |
(59,853 |
) |
Net loss per share, basic and
diluted |
|
$ |
(3.28 |
) |
|
$ |
(0.42 |
) |
|
$ |
(14.47 |
) |
|
$ |
(3.63 |
) |
Weighted-average common shares
used to |
|
|
|
|
|
|
|
|
Compute net loss per share attributable to |
|
|
|
|
|
|
|
|
Common shareholders, basic and diluted |
|
|
4,663 |
|
|
|
43,540 |
|
|
|
3,663 |
|
|
|
16,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROCEPT BioRobotics
CorporationCONDENSED CONSOLIDATED BALANCE
SHEETS (in
thousands)(unaudited)
|
|
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
304,320 |
|
|
$ |
100,130 |
|
Accounts receivable, net |
|
|
4,464 |
|
|
|
1,549 |
|
Inventory |
|
|
13,147 |
|
|
|
6,924 |
|
Prepaid expenses and other current assets |
|
|
4,242 |
|
|
|
1,653 |
|
Total current assets |
|
|
326,173 |
|
|
|
110,256 |
|
Restricted cash |
|
|
777 |
|
|
|
777 |
|
Property and equipment,
net |
|
|
5,045 |
|
|
|
8,274 |
|
Operating lease right-of-use
assets, net |
|
|
3,279 |
|
|
|
4,641 |
|
Intangible assets, net |
|
|
1,750 |
|
|
|
2,023 |
|
Total assets |
|
$ |
337,024 |
|
|
$ |
125,971 |
|
Liabilities, Redeemable Convertible Preferred Stock and
Stockholders' Equity (Deficit) |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
2,029 |
|
|
$ |
1,240 |
|
Accrued compensation |
|
|
6,475 |
|
|
|
4,640 |
|
Deferred revenue |
|
|
1,025 |
|
|
|
233 |
|
Note payable – current portion |
|
|
— |
|
|
|
4,551 |
|
Operating lease – current portion |
|
|
2,105 |
|
|
|
1,708 |
|
Convertible preferred stock warrant liability |
|
|
— |
|
|
|
177 |
|
Other current liabilities |
|
|
4,607 |
|
|
|
1,977 |
|
Total current liabilities |
|
|
16,241 |
|
|
|
14,526 |
|
Note payable – non-current portion |
|
|
50,004 |
|
|
|
44,407 |
|
Operating lease – non-current portion |
|
|
1,991 |
|
|
|
4,096 |
|
Loan facility derivative liability |
|
|
1,496 |
|
|
|
1,782 |
|
Other non-current liabilities |
|
|
200 |
|
|
|
200 |
|
Total liabilities |
|
|
69,932 |
|
|
|
65,011 |
|
Redeemable convertible
preferred stock |
|
|
— |
|
|
|
243,854 |
|
Stockholders’ equity
(deficit): |
|
|
|
|
Additional paid-in capital |
|
|
528,666 |
|
|
|
18,788 |
|
Accumulated other comprehensive loss |
|
|
(53 |
) |
|
|
(14 |
) |
Accumulated deficit |
|
|
(261,521 |
) |
|
|
(201,668 |
) |
Total stockholders’ equity
(deficit) |
|
|
267,092 |
|
|
|
(182,894 |
) |
Total liabilities, convertible
redeemable preferred stock and stockholders’ equity (deficit) |
|
$ |
337,024 |
|
|
$ |
125,971 |
|
|
|
|
|
|
|
|
|
|
PROCEPT BioRobotics
CorporationREVENUE BY TYPE AND
GEOGRAPHY(in
thousands)(unaudited)
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
U.S. |
|
|
|
|
|
|
|
|
System sales and rentals |
|
$ |
1,229 |
|
|
$ |
5,007 |
|
|
$ |
2,334 |
|
|
$ |
19,375 |
|
Handpieces and other consumables |
|
|
769 |
|
|
|
3,435 |
|
|
|
1,699 |
|
|
|
8,893 |
|
Service |
|
|
40 |
|
|
|
302 |
|
|
|
67 |
|
|
|
680 |
|
Total U.S. revenue |
|
|
2,038 |
|
|
|
8,744 |
|
|
|
4,100 |
|
|
|
28,948 |
|
Outside of U.S. |
|
|
|
|
|
|
|
|
System sales and rentals |
|
|
714 |
|
|
|
768 |
|
|
|
1,824 |
|
|
|
2,493 |
|
Handpieces and other consumables |
|
|
443 |
|
|
|
475 |
|
|
|
1,722 |
|
|
|
2,634 |
|
Service |
|
|
26 |
|
|
|
151 |
|
|
|
71 |
|
|
|
398 |
|
Total outside of U.S. revenue |
|
|
1,183 |
|
|
|
1,394 |
|
|
|
3,617 |
|
|
|
5,525 |
|
Total revenue |
|
$ |
3,221 |
|
|
$ |
10,138 |
|
|
$ |
7,717 |
|
|
$ |
34,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROCEPT BioRobotics
CorporationReconciliation of GAAP Net Loss to
Adjusted 2022 EBITDA Guidance(in
thousands)(unaudited)
|
Low |
|
|
High |
Net loss |
($ |
85,000 |
) |
|
|
($ |
82,000 |
) |
Depreciation and amortization expense |
|
3,900 |
|
|
|
|
3,900 |
|
Stock-based compensation expense |
|
12,500 |
|
|
|
|
12,500 |
|
Interest and other expense, net |
|
5,600 |
|
|
|
|
5,600 |
|
Adjusted EBITDA |
$ |
(63,000 |
) |
|
|
$ |
(60,000 |
) |
PROCEPT BioRobotics (NASDAQ:PRCT)
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부터 6월(6) 2024 으로 7월(7) 2024
PROCEPT BioRobotics (NASDAQ:PRCT)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024