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 March 31, 2022.
Recent Highlights
- Total Revenue of $14.2 million for the first quarter of 2022,
an increase of 97% compared to the prior year period in 2021
- U.S. system and rental revenue of $7.8 million for the first
quarter of 2022, an increase of 70% compared to the prior year
period in 2021
- U.S. handpiece and consumables revenue of $4.4 million for the
first quarter of 2022, an increase of 174% compared to the prior
year period in 2021
- Increased fiscal year 2022 total revenue guidance range to
$58.0 million to $62.0 million
- Received positive coverage policy decisions from Aetna US
Healthcare, CareFirst and Independence Blue Cross Blue Shield
- Received regulatory approval for the AQUABEAM Robot in Korea
and Japan
“We are very pleased with this strong start to 2022 and continue
to make important progress in our mission to treat and transform
the lives of millions of men suffering from BPH,” said Reza Zadno,
Chief Executive Officer. “Our install base significantly expanded
during the first quarter and we also increased account utilization.
Additionally, the 5-year WATER Study Data published in February
further demonstrates our clinical durability and will enhance our
ability to drive penetration and utilization.”
First Quarter 2022 Financial Results
Revenue for the first quarter of 2022 was $14.2 million, an
increase of 97% compared to the prior year period. The increase was
primarily driven by U.S revenues, including both system sales to
new hospital customers and increased handpiece revenue. U.S. system
revenue was $7.8 million, an increase of 70% compared to the prior
year period. Growth was influenced largely by strong underlying
demand from high-volume BPH hospitals. As of March 31, 2022, the
install base of Aquabeam Robotic Systems in the U.S. was 93
systems. U.S. handpiece and consumable revenue for the quarter was
$4.4 million, an increase of 174% compared to the prior year
period. International revenue was $1.6 million for the quarter, an
increase of 75% compared to the prior year period.
Gross margin for the first quarter 2022 was 54% compared to 49%
in the prior year period. Gross margin improvement was primarily
attributable to the growth in units sold, higher U.S. handpiece
average selling prices and spreading the fixed portion of our
manufacturing overhead costs over a larger number of units
produced.
Operating expenses in the first quarter of 2022 were $23.4
million, compared with $14.9 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 $17.2 million for the first quarter of 2022,
compared to a loss of $12.8 million in the prior year period.
Cash and short-term investments as of March 31, 2022, totaled
$284.3 million, while long-term borrowings totaled $50.0
million.
Full Year 2022 Financial Guidance
- The Company projects revenue for the full year 2022 to range
from $58 million to $62 million, which represents 68% to 80% growth
over the company’s prior year revenue. This compares to previous
revenue guidance of $54 million to $58 million.
- The Company reiterates full year 2022 Adjusted EBITDA loss to
be in the range of ($63) million to ($60) 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 first
quarter 2022 financial results after the market close on Thursday,
May 5th, 2022, 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 (866) 374-5140 for domestic callers or (808) 238-9813
for international callers, using conference ID: 25960799. 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
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 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 full year 2022, 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, overall business strategy, or information
regarding the impact of the COVID-19 pandemic and other global
events 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 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 From 10-K filed with the SEC on
March 22, 2022. 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
Information
All surgical treatments have inherent and associated side
effects. For a list of potential side effects visit
https://aquablation.com/safety-information/
Investor Contact:Gilmartin GroupMatt Bacso,
CFAMatt.bacso@gilmartinir.com
PROCEPT BioRobotics
CorporationCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except per share
data)(unaudited)
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue |
|
$ |
14,197 |
|
|
$ |
7,192 |
|
Cost of
sales |
|
|
6,505 |
|
|
|
3,665 |
|
Gross profit |
|
|
7,692 |
|
|
|
3,527 |
|
Operating expenses: |
|
|
|
|
Research and
development |
|
|
5,011 |
|
|
|
4,522 |
|
Selling, general and
administrative |
|
|
18,385 |
|
|
|
10,349 |
|
Total operating
expenses |
|
|
23,396 |
|
|
|
14,871 |
|
Loss from
operations |
|
|
(15,704 |
) |
|
|
(11,344 |
) |
Interest
expense |
|
|
(1,421 |
) |
|
|
(1,464 |
) |
Interest and other income
(expense), net |
|
|
(60 |
) |
|
|
(14 |
) |
Net loss |
|
$ |
(17,185 |
) |
|
$ |
(12,822 |
) |
Net loss per share, basic and
diluted |
|
$ |
(0.39 |
) |
|
$ |
(2.65 |
) |
Weighted-average common shares
used to |
|
|
|
|
Compute net loss per share attributable to |
|
|
|
|
Common shareholders, basic and
diluted |
|
|
43,855 |
|
|
|
4,830 |
|
PROCEPT BioRobotics
CorporationRECONCILIATION OF GAAP NET LOSS TO
ADJUSTED EBITDA(in
thousands)(unaudited)
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Net loss |
|
$ |
(17,185 |
) |
|
$ |
(12,822 |
) |
Depreciation and amortization expense |
|
|
758 |
|
|
|
915 |
|
Stock-based compensation expense |
|
|
1,552 |
|
|
|
650 |
|
Interest income and interest expense, net |
|
|
1,385 |
|
|
|
1,450 |
|
Adjusted EBITDA |
|
$ |
(13,490 |
) |
|
$ |
(9,807 |
) |
PROCEPT BioRobotics
CorporationRECONCILIATION OF GAAP NET LOSS TO
ADJUSTED 2022 EBITDA Guidance(in
thousands)(unaudited)
|
|
|
|
|
|
|
|
|
|
Low |
|
High |
Net loss |
|
$ |
(84,400 |
) |
|
$ |
(81,400 |
) |
Depreciation and amortization expense |
|
|
3,900 |
|
|
|
3,900 |
|
Stock-based compensation expense |
|
|
11,900 |
|
|
|
11,900 |
|
Interest income and interest expense, net |
|
|
5,600 |
|
|
|
5,600 |
|
Adjusted EBITDA |
|
$ |
(63,000 |
) |
|
$ |
(60,000 |
) |
PROCEPT BioRobotics
CorporationCONDENSED CONSOLIDATED BALANCE
SHEETS (in
thousands)(unaudited)
|
|
|
|
|
March 31, 2022 |
|
December 31, 2021 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
284,288 |
|
|
$ |
304,320 |
|
Accounts receivable, net |
|
|
6,992 |
|
|
|
4,464 |
|
Inventory |
|
|
12,629 |
|
|
|
13,147 |
|
Prepaid expenses and other current assets |
|
|
4,070 |
|
|
|
4,242 |
|
Total current assets |
|
|
307,979 |
|
|
|
326,173 |
|
Restricted cash |
|
|
3,814 |
|
|
|
777 |
|
Property and equipment,
net |
|
|
4,560 |
|
|
|
5,045 |
|
Operating lease right-of-use
assets, net |
|
|
2,877 |
|
|
|
3,279 |
|
Intangible assets, net |
|
|
1,682 |
|
|
|
1,750 |
|
Total assets |
|
$ |
320,912 |
|
|
$ |
337,024 |
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
2,628 |
|
|
$ |
2,029 |
|
Accrued compensation |
|
|
4,586 |
|
|
|
6,475 |
|
Deferred revenue |
|
|
1,368 |
|
|
|
1,025 |
|
Operating lease – current portion |
|
|
2,181 |
|
|
|
2,105 |
|
Other current liabilities |
|
|
3,994 |
|
|
|
4,608 |
|
Total current liabilities |
|
|
14,757 |
|
|
|
16,242 |
|
Note payable – non-current portion |
|
|
50,254 |
|
|
|
50,004 |
|
Operating lease – non-current portion |
|
|
1,418 |
|
|
|
1,991 |
|
Loan facility derivative liability |
|
|
1,533 |
|
|
|
1,496 |
|
Other non-current liabilities |
|
|
200 |
|
|
|
200 |
|
Total liabilities |
|
|
68,162 |
|
|
|
69,933 |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Additional paid-in capital |
|
|
531,509 |
|
|
|
528,666 |
|
Accumulated other comprehensive loss |
|
|
(53 |
) |
|
|
(54 |
) |
Accumulated deficit |
|
|
(278,706 |
) |
|
|
(261,521 |
) |
Total stockholders’
equity |
|
|
252,750 |
|
|
|
267,091 |
|
Total liabilities and
stockholders’ equity |
|
$ |
320,912 |
|
|
$ |
337,024 |
|
PROCEPT BioRobotics
CorporationREVENUE BY TYPE AND
GEOGRAPHY(in
thousands)(unaudited)
|
|
Three Months Ended March 31, |
|
|
|
2022 |
|
|
2021 |
U.S. |
|
|
|
|
System sales and
rentals |
|
$ |
7,754 |
|
$ |
4,559 |
Handpieces and other
consumables |
|
|
4,444 |
|
|
1,622 |
Service |
|
|
359 |
|
|
72 |
Total U.S.
revenue |
|
|
12,557 |
|
|
6,253 |
Outside of U.S. |
|
|
|
|
System sales and
rentals |
|
|
742 |
|
|
272 |
Handpieces and other
consumables |
|
|
745 |
|
|
603 |
Service |
|
|
153 |
|
|
64 |
Total outside of U.S.
revenue |
|
|
1,640 |
|
|
939 |
Total
revenue |
|
$ |
14,197 |
|
$ |
7,192 |
PROCEPT BioRobotics (NASDAQ:PRCT)
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PROCEPT BioRobotics (NASDAQ:PRCT)
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