PROCEPT® BioRobotics Corporation (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 year ended December 31, 2022.
Recent Highlights
- Total revenue of $75.0 million for
full year 2022, an increase of 118% compared to 2021
- Total revenue of $23.8 million for
the fourth quarter of 2022, an increase of 135% compared to the
prior year period
- U.S. system and rental revenue of
$10.4 million for the fourth quarter of 2022, an increase of 109%
compared to the prior year period
- U.S. handpiece and consumables
revenue of $10.4 million for the fourth quarter of 2022, an
increase of 202% compared to the prior year period
- Issued 2023 total revenue guidance
of approximately $125 million
“We are very pleased with the results we delivered in 2022 and
continue to see positive adoption heading into 2023,” said Reza
Zadno, Chief Executive Officer. “We believe there are several
positive factors we have seen that will allow us to continue to
execute against our strategic growth plan in 2023, including an
expanded field based commercial team, increased surgeon and patient
interest, and having secured contracts with many of the large IDNs.
We believe these catalysts will further the adoption of our
technology to become the standard of care for BPH.”
Fourth Quarter 2022 Financial Results
Revenue for the fourth quarter of 2022 was $23.8 million, an
increase of 135% compared to the prior year period. U.S. system
revenue was $10.4 million, an increase of 109% compared to the
prior year period. Growth was influenced largely by strong
underlying demand from high-volume BPH hospitals. As of
December 31, 2022, the install base of AquaBeam Robotic
Systems in the U.S. was 167 systems. U.S. handpiece and consumable
revenue for the quarter was $10.4 million, an increase of 202%
compared to the prior year period. International revenue was $2.0
million for the quarter, an increase of approximately 44% compared
to the prior year period.
Gross margin for the fourth quarter 2022 was 45% compared to 45%
in the prior year period. Gross margin in the fourth quarter of
2022 was negatively impacted by approximately $0.7 million of
inventory write-offs. The inventory write-offs were related to a
lower manufacturing yield on certain components in the disposable
handpiece. This issue was identified early in the fourth quarter of
2022 and resolved in the first quarter of 2023.
Operating expenses in the fourth quarter of 2022 were $35.7
million, compared with $21.3 million in the prior year period. The
increase was primarily driven by increased selling, general and
administrative expenses to expand the sales organization, increased
variable compensation expense, and increased research and
development expenses.
Total interest and other expense in the fourth quarter of 2022
was $3.1 million. The Company entered into a new five-year
$52-million loan agreement in October 2022. As part of the
refinancing, the Company recognized loan extinguishment charges of
$3.3 million in the fourth quarter of 2022.
Net loss was $28.2 million for the fourth quarter of 2022,
compared to a loss of $18.3 million in the prior year period.
Adjusted EBITDA was a loss of $21.7 million for the fourth quarter
of 2022, compared to a loss of $14.7 million in the prior year
period.
Cash and cash equivalents as of December 31, 2022 totaled $221.9
million, while long-term borrowings totaled $52.0 million.
Full Year 2022 Financial Results
Revenue for the full year 2022 was $75.0 million, compared to
$34.5 million for the full year 2021. The growth was primarily
driven by increases in U.S. revenues, attributable to system
placements and increased utilization.
Gross margin for full year 2022 was 49%, compared to 46% for the
full year 2021. Gross margin improvement was primarily attributable
to the growth in revenues.
Operating expenses were $117.8 million for the full year 2022,
compared to $70.0 million for the full year 2021, an increase of
68% driven primarily by headcount increases and public company
operating costs.
Net loss was $87.2 million for the full year 2022, compared to
$59.9 million for the full year 2021. Adjusted EBITDA was a loss of
$68.0 million for full year 2022, compared to a loss of $47.0
million for the full year 2021.
2023 Financial Guidance
- The Company projects revenue for the full year 2023 to be
approximately $125 million, which represents 67% growth over the
Company’s prior year revenue.
- The Company projects full year 2023 gross margin to be
approximately 53%.
- The Company projects full year 2023 total operating expense of
approximately $163 million.
- The Company projects full year 2023 Adjusted EBITDA loss to be
approximately $70.5 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 2022 financial results after the market close on Tuesday,
February 28, 2023, 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/pbyn22v3
- Dial-in registration for sell-side research analysts:
-
https://register.vevent.com/register/BIac8fb5d0a7e245dd9f8c5ad7c0b22c2e
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, overall business or the overall macroeconomic
environment, which may impact customer spending or the Company’s
costs. 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
February 28, 2023. 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(Unaudited, in
thousands, except per share data)
| |
|
|
|
|
|
| |
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| Revenue |
|
$ |
23,777 |
|
|
$ |
10,138 |
|
|
$ |
75,014 |
|
|
$ |
34,473 |
|
| Cost of sales |
|
|
13,101 |
|
|
|
5,622 |
|
|
|
37,929 |
|
|
|
18,608 |
|
|
Gross profit |
|
|
10,676 |
|
|
|
4,516 |
|
|
|
37,085 |
|
|
|
15,865 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
|
9,682 |
|
|
|
5,076 |
|
|
|
28,981 |
|
|
|
18,993 |
|
|
Selling, general and administrative |
|
|
26,034 |
|
|
|
16,271 |
|
|
|
88,828 |
|
|
|
51,036 |
|
|
Total operating expenses |
|
|
35,716 |
|
|
|
21,347 |
|
|
|
117,809 |
|
|
|
70,029 |
|
| Loss from operations |
|
|
(25,040 |
) |
|
|
(16,831 |
) |
|
|
(80,724 |
) |
|
|
(54,164 |
) |
| Interest expense |
|
|
(866 |
) |
|
|
(1,441 |
) |
|
|
(5,183 |
) |
|
|
(5,810 |
) |
| Interest and other income,
net |
|
|
992 |
|
|
|
(76 |
) |
|
|
2,011 |
|
|
|
121 |
|
| Loss on loan
extinguishment |
|
|
(3,258 |
) |
|
|
— |
|
|
|
(3,258 |
) |
|
|
— |
|
|
Net loss |
|
$ |
(28,172 |
) |
|
|
(18,348 |
) |
|
|
(87,154 |
) |
|
|
(59,853 |
) |
| Net loss per share, basic and
diluted |
|
$ |
(0.63 |
) |
|
$ |
(0.42 |
) |
|
$ |
(1.96 |
) |
|
$ |
(3.63 |
) |
| Weighted-average common shares
used to |
|
|
|
|
|
|
|
|
|
Compute net loss per share attributable to |
|
|
|
|
|
|
|
|
|
Common shareholders, basic and diluted |
|
|
44,770 |
|
|
|
43,540 |
|
|
|
44,400 |
|
|
|
16,480 |
|
PROCEPT BioRobotics
CorporationRECONCILIATION OF GAAP NET LOSS TO
ADJUSTED EBITDA(Unaudited, in
thousands)
| |
|
|
|
|
|
| |
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| Net loss |
|
$ |
(28,172 |
) |
|
$ |
(18,348 |
) |
|
$ |
(87,154 |
) |
|
$ |
(59,853 |
) |
| Depreciation and amortization
expense |
|
|
663 |
|
|
|
763 |
|
|
|
2,841 |
|
|
|
3,324 |
|
| Stock-based compensation
expense |
|
|
2,885 |
|
|
|
1,496 |
|
|
|
10,337 |
|
|
|
3,796 |
|
| Interest (income) and interest
expense, net |
|
|
(320 |
) |
|
|
1,414 |
|
|
|
2,687 |
|
|
|
5,735 |
|
| Loss on loan
extinguishment |
|
$ |
3,258 |
|
|
$ |
— |
|
|
$ |
3,258 |
|
|
$ |
— |
|
| Adjusted EBITDA |
|
$ |
(21,686 |
) |
|
$ |
(14,675 |
) |
|
$ |
(68,031 |
) |
|
$ |
(46,998 |
) |
PROCEPT BioRobotics
CorporationRECONCILIATION OF GAAP NET LOSS TO
ADJUSTED 2023 EBITDA Guidance(Unaudited, in
thousands)
| |
|
|
|
|
|
|
2023 |
|
| Net loss |
|
$ |
(99,925 |
) |
| Depreciation and amortization
expense |
|
|
5,025 |
|
| Stock-based compensation
expense |
|
|
21,200 |
|
| Interest (income) expense and
other (income) expense, net |
|
|
3,200 |
|
| Adjusted EBITDA |
|
$ |
(70,500 |
) |
PROCEPT BioRobotics
CorporationCONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited, in
thousands)
| |
|
|
| |
|
December 31, |
|
December 31, |
|
|
|
|
2022 |
|
|
|
2021 |
|
| Assets |
|
|
|
|
| Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
221,859 |
|
|
$ |
304,320 |
|
|
Restricted cash, current |
|
|
777 |
|
|
|
— |
|
|
Accounts receivable, net |
|
|
15,272 |
|
|
|
4,464 |
|
|
Inventory |
|
|
28,543 |
|
|
|
13,147 |
|
|
Prepaid expenses and other current assets |
|
|
6,175 |
|
|
|
4,242 |
|
|
Total current assets |
|
|
272,626 |
|
|
|
326,173 |
|
| Restricted cash,
non-current |
|
|
3,038 |
|
|
|
777 |
|
| Property and equipment,
net |
|
|
8,656 |
|
|
|
5,045 |
|
| Operating lease right-of-use
assets, net |
|
|
23,481 |
|
|
|
3,279 |
|
| Intangible assets, net |
|
|
1,477 |
|
|
|
1,750 |
|
| Other assets |
|
|
51 |
|
|
|
— |
|
|
Total assets |
|
$ |
309,329 |
|
|
$ |
337,024 |
|
| |
|
|
|
|
| Liabilities and
Stockholders' Equity |
|
|
|
|
| Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
9,391 |
|
|
$ |
2,029 |
|
|
Accrued compensation |
|
|
13,447 |
|
|
|
6,475 |
|
|
Deferred revenue |
|
|
2,855 |
|
|
|
1,025 |
|
|
Operating leases, current |
|
|
2,129 |
|
|
|
2,105 |
|
|
Other current liabilities |
|
|
7,468 |
|
|
|
4,608 |
|
|
Total current liabilities |
|
|
35,290 |
|
|
|
16,242 |
|
|
Note payable – non-current portion |
|
|
51,213 |
|
|
|
50,004 |
|
|
Operating lease , non-current |
|
|
23,975 |
|
|
|
1,991 |
|
|
Loan facility derivative liability |
|
|
1,779 |
|
|
|
1,496 |
|
|
Other non-current liabilities |
|
|
— |
|
|
|
200 |
|
|
Total liabilities |
|
|
112,257 |
|
|
|
69,933 |
|
| |
|
|
|
|
| Stockholders’ equity: |
|
|
|
|
|
Additional paid-in capital |
|
|
545,753 |
|
|
|
528,666 |
|
|
Accumulated other comprehensive loss |
|
|
(6 |
) |
|
|
(54 |
) |
|
Accumulated deficit |
|
|
(348,675 |
) |
|
|
(261,521 |
) |
| Total stockholders’
equity |
|
|
197,072 |
|
|
|
267,091 |
|
| Total liabilities and
stockholders’ equity |
|
$ |
309,329 |
|
|
$ |
337,024 |
|
PROCEPT BioRobotics
CorporationREVENUE BY TYPE AND
GEOGRAPHY(Unaudited, in thousands)
| |
|
Three Months Ended |
|
Twelve Months Ended |
| |
|
December 31, |
|
December 31, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
| U.S. |
|
|
|
|
|
|
|
|
|
System sales and rentals |
|
$ |
10,446 |
|
$ |
5,007 |
|
$ |
36,527 |
|
$ |
19,375 |
|
Handpieces and other consumables |
|
|
10,361 |
|
|
3,435 |
|
|
28,543 |
|
|
8,893 |
|
Service |
|
|
957 |
|
|
302 |
|
|
2,698 |
|
|
680 |
|
Total U.S. revenue |
|
|
21,764 |
|
|
8,744 |
|
|
67,768 |
|
|
28,948 |
| Outside of U.S. |
|
|
|
|
|
|
|
|
|
System sales and rentals |
|
|
848 |
|
|
768 |
|
|
3,201 |
|
|
2,493 |
|
Handpieces and other consumables |
|
|
904 |
|
|
475 |
|
|
3,273 |
|
|
2,634 |
|
Service |
|
|
261 |
|
|
151 |
|
|
772 |
|
|
398 |
|
Total outside of U.S. revenue |
|
|
2,013 |
|
|
1,394 |
|
|
7,246 |
|
|
5,525 |
|
Total revenue |
|
$ |
23,777 |
|
$ |
10,138 |
|
$ |
75,014 |
|
$ |
34,473 |
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
