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, 2022.
Recent Highlights
- Total Revenue of $20.3 million for
the third quarter of 2022, an increase of 135% compared to the
prior year period
- U.S. system and rental revenue of
$9.8 million for the third quarter of 2022, an increase of 95%
compared to the prior year period
- U.S. handpiece and consumables
revenue of $8.0 million for the third quarter of 2022, an increase
of 267% compared to the prior year period
- Increased fiscal year 2022 total
revenue guidance to approximately $72.5 million, representing
growth of 110% compared to 2021
- Entered into a new five-year $52 million loan arrangement on
October 10, 2022. Proceeds from the new term loan were used to
retire a $50 million debt facility with the Company’s existing
lender. This agreement provides additional financial flexibility to
execute the Company's long-term growth plan by delaying any
principal payments until Fiscal 2025 and reduces annual interest
expense by approximately $2.8 million
- Announced a multi-system, national
contract with Providence on September 19, 2022 to acquire AquaBeam
Robotic Systems
“We are pleased to report another strong quarter, where our
customers and patients continue to realize the significant clinical
benefits when treated with Aquablation therapy,” said Reza Zadno,
Chief Executive Officer. “Given our strong commercial momentum,
excellent real-world outcomes and robust pipeline, we continue to
make strategic investments to accelerate commercial hiring to
further penetrate the market, while also expanding manufacturing
capacity to meet future growth objectives in 2023 and beyond.”
Third Quarter 2022 Financial
Results
Revenue for the third quarter of 2022 was $20.3 million, an
increase of 135% 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 $9.8 million, an increase of 95% compared to the
prior year period. Growth was influenced largely by strong
underlying demand from high-volume BPH hospitals. As of
September 30, 2022, the install base of AquaBeam Robotic
Systems in the U.S. was 139 systems. U.S. handpiece and consumable
revenue for the quarter was $8.0 million, an increase of 267%
compared to the prior year period. International revenue was $1.7
million for the quarter.
Gross margin for the third quarter 2022 was 50% compared to 49%
in the prior year period. Gross margin improvement was driven by
higher U.S. sales, increased average selling prices of both system
sales and hand pieces and higher production volume. This was
partially offset by increased investments in operations to expand
capacity for future growth.
Operating expenses in the third quarter of 2022 were $32.3
million, compared with $17.0 million in the prior year period. The
increase was primarily driven by increased selling, general and
administrative expenses to expand the sales organization, increased
research and development expenses, and increased expenses
associated with being a public company.
Net loss was $22.6 million for the third quarter of 2022,
compared to a loss of $14.1 million in the prior year period.
Adjusted EBITDA was a loss of $18.3 million for the third quarter
of 2022, compared to a loss of $10.9 million in the prior year
period.
Full Year 2022 Financial Guidance
- The Company projects revenue for the full year 2022 to be
approximately $72.5 million, which represents 110% growth over the
Company’s prior year revenue. This compares to previous revenue
guidance of $66 million to $68 million.
- The Company projects full year 2022 Gross Margin guidance to be
in the range 50% to 51%.
- The Company projects full year 2022 total operating expense
guidance of approximately $115 million, reflecting an increase in
achievement allowances for variable incentive compensation and
investments to expand the commercial team. This compares to
previous total operating expense guidance of approximately $110
million.
- The Company projects full year 2022 Adjusted EBITDA loss to be
approximately $65 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 2022 financial results after the market close on Thursday,
November 3rd, 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 following one of the below links:
- Webcast link for interested listeners:
- https://edge.media-server.com/mmc/p/87bcav5x
- Dial-in registration for sell-side research analysts:
-
https://register.vevent.com/register/BI70e85eb9b03a42e8831726c78237aea4
Live audio of the webcast will be available on the “Investors”
section of the company’s website at:
https://ir.procept-biorobotics.com.
An archived recording will be available on the “Investors”
section of the company’s website at:
https://ir.procept-biorobotics.com. The webcasts will be 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, reimbursement coverage, 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 Form 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
visithttps://aquablation.com/safety-information/
Investor Contact:Matt Bacso, CFAVP, Investor
Relations and Business
Operationsm.bacso@procept-biorobotics.com
PROCEPT BioRobotics
CorporationCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except per share
data)(unaudited)
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Revenue |
$ |
20,349 |
|
|
$ |
8,668 |
|
|
$ |
51,237 |
|
|
$ |
24,335 |
|
Cost of sales |
|
10,118 |
|
|
|
4,428 |
|
|
|
24,828 |
|
|
|
12,986 |
|
Gross profit |
|
10,231 |
|
|
|
4,240 |
|
|
|
26,409 |
|
|
|
11,349 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
7,582 |
|
|
|
4,919 |
|
|
|
19,299 |
|
|
|
13,917 |
|
Selling, general and administrative |
|
24,754 |
|
|
|
12,118 |
|
|
|
62,794 |
|
|
|
34,765 |
|
Total operating expenses |
|
32,336 |
|
|
|
17,037 |
|
|
|
82,093 |
|
|
|
48,682 |
|
Loss from operations |
|
(22,105 |
) |
|
|
(12,797 |
) |
|
|
(55,684 |
) |
|
|
(37,333 |
) |
Interest expense |
|
(1,455 |
) |
|
|
(1,469 |
) |
|
|
(4,317 |
) |
|
|
(4,370 |
) |
Interest and other income,
net |
|
947 |
|
|
|
163 |
|
|
|
1,019 |
|
|
|
198 |
|
Net loss |
$ |
(22,613 |
) |
|
|
(14,103 |
) |
|
|
(58,982 |
) |
|
|
(41,505 |
) |
Net loss per share, basic and
diluted |
$ |
(0.51 |
) |
|
$ |
(1.22 |
) |
|
$ |
(1.33 |
) |
|
$ |
(5.64 |
) |
Weighted-average common shares
used to |
|
|
|
|
|
|
|
Compute net loss per share attributable to |
|
|
|
|
|
|
|
Common shareholders, basic and diluted |
|
44,640 |
|
|
|
11,580 |
|
|
|
44,276 |
|
|
|
7,361 |
|
PROCEPT BioRobotics
CorporationRECONCILIATION OF GAAP NET LOSS TO
ADJUSTED EBITDA(in
thousands)(unaudited)
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Net loss |
$ |
(22,613 |
) |
|
$ |
(14,103 |
) |
|
$ |
(58,982 |
) |
|
$ |
(41,505 |
) |
Depreciation and amortization
expense |
|
703 |
|
|
|
796 |
|
|
|
2,178 |
|
|
|
2,561 |
|
Stock-based compensation
expense |
|
3,225 |
|
|
|
925 |
|
|
|
7,452 |
|
|
|
2,300 |
|
Interest (income) and interest
expense, net |
|
426 |
|
|
|
1,448 |
|
|
|
3,007 |
|
|
|
4,321 |
|
Adjusted EBITDA |
$ |
(18,259 |
) |
|
$ |
(10,934 |
) |
|
$ |
(46,345 |
) |
|
$ |
(32,323 |
) |
PROCEPT BioRobotics
CorporationRECONCILIATION OF GAAP NET LOSS TO
ADJUSTED 2022 EBITDA Guidance(in
thousands)(unaudited)
|
|
|
|
|
2022 |
Net loss |
$ |
(86,100 |
) |
Depreciation and amortization
expense |
|
3,000 |
|
Stock-based compensation
expense |
|
10,900 |
|
Interest (income) expense and
other (income) expense, net |
|
7,200 |
|
Adjusted EBITDA |
$ |
(65,000 |
) |
PROCEPT BioRobotics
CorporationCONDENSED CONSOLIDATED BALANCE
SHEETS (in
thousands)(unaudited)
|
|
|
September 30, |
|
December 31, |
|
2022 |
|
2021 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
249,217 |
|
|
$ |
304,320 |
|
Accounts receivable, net |
|
12,838 |
|
|
|
4,464 |
|
Inventory |
|
22,358 |
|
|
|
13,147 |
|
Prepaid expenses and other current assets |
|
4,519 |
|
|
|
4,242 |
|
Total current assets |
|
288,932 |
|
|
|
326,173 |
|
Restricted cash |
|
3,814 |
|
|
|
777 |
|
Property and equipment,
net |
|
5,120 |
|
|
|
5,045 |
|
Operating lease right-of-use
assets, net |
|
24,424 |
|
|
|
3,279 |
|
Intangible assets, net |
|
1,545 |
|
|
|
1,750 |
|
Other assets |
|
202 |
|
|
|
— |
|
Total assets |
$ |
324,037 |
|
|
$ |
337,024 |
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
6,331 |
|
|
$ |
2,029 |
|
Accrued compensation |
|
10,284 |
|
|
|
6,475 |
|
Deferred revenue |
|
2,342 |
|
|
|
1,025 |
|
Operating lease – current portion |
|
2,473 |
|
|
|
2,105 |
|
Other current liabilities |
|
5,929 |
|
|
|
4,608 |
|
Total current liabilities |
|
27,359 |
|
|
|
16,242 |
|
Note payable – non-current portion |
|
50,692 |
|
|
|
50,004 |
|
Operating lease – non-current portion |
|
23,415 |
|
|
|
1,991 |
|
Loan facility derivative liability |
|
1,609 |
|
|
|
1,496 |
|
Other non-current liabilities |
|
200 |
|
|
|
200 |
|
Total liabilities |
|
103,275 |
|
|
|
69,933 |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Additional paid-in capital |
|
541,048 |
|
|
|
528,666 |
|
Accumulated other comprehensive loss |
|
217 |
|
|
|
(54 |
) |
Accumulated deficit |
|
(320,503 |
) |
|
|
(261,521 |
) |
Total stockholders’
equity |
|
220,762 |
|
|
|
267,091 |
|
Total liabilities and
stockholders’ equity |
$ |
324,037 |
|
|
$ |
337,024 |
|
PROCEPT BioRobotics
CorporationREVENUE BY TYPE AND
GEOGRAPHY(in
thousands)(unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
U.S. |
|
|
|
|
|
|
|
System sales and rentals |
$ |
9,811 |
|
$ |
5,038 |
|
$ |
26,081 |
|
$ |
14,368 |
Handpieces and other consumables |
|
8,015 |
|
|
2,184 |
|
|
18,182 |
|
|
5,458 |
Service |
|
812 |
|
|
169 |
|
|
1,741 |
|
|
378 |
Total U.S. revenue |
|
18,638 |
|
|
7,391 |
|
|
46,004 |
|
|
20,204 |
Outside of U.S. |
|
|
|
|
|
|
|
System sales and rentals |
|
743 |
|
|
481 |
|
|
2,353 |
|
|
1,725 |
Handpieces and other consumables |
|
791 |
|
|
666 |
|
|
2,369 |
|
|
2,159 |
Service |
|
177 |
|
|
130 |
|
|
511 |
|
|
247 |
Total outside of U.S. revenue |
|
1,711 |
|
|
1,277 |
|
|
5,233 |
|
|
4,131 |
Total revenue |
$ |
20,349 |
|
$ |
8,668 |
|
$ |
51,237 |
|
$ |
24,335 |
PROCEPT BioRobotics (NASDAQ:PRCT)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
PROCEPT BioRobotics (NASDAQ:PRCT)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024