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,
2023.
Recent Highlights
- Total revenue of
$24.4 million for the first quarter of 2023, an increase of 72%
compared to the prior year period in 2022
- U.S. handpiece
and consumables revenue of $11.8 million for the first quarter of
2023, an increase of 165% compared to the prior year period in
2022
- U.S. system and
rental revenue of $8.8 million for the first quarter of 2023, an
increase of 13% compared to the prior year period in 2022
- Increased fiscal
year 2023 total revenue guidance to $128.0 million
- Received positive
coverage policy decision from United Healthcare, effective June 1,
2023
- Signed national
sales contract with largest U.S. IDN on April 1, 2023
“We are very pleased with this strong start to
2023, particularly utilization within our growing U.S. install base
and the increase of new accounts entering our capital pipeline,”
said Reza Zadno, Chief Executive Officer. “We achieved a number of
important milestones in the first quarter of 2023 that will
continue to allow us to execute against our long-term growth plan,
including expanding payor coverage and signing a national contract
with a key strategic IDN. Our recent commercial team hires are also
progressing nicely as they build out their respective territories.
The future for PROCEPT is bright as awareness of Aquablation
therapy grows and utilization among our surgeon base continues to
expand."
First Quarter
2023 Financial Results
Total revenue for the first quarter of 2023 was
$24.4 million, an increase of 72% compared to the prior year
period. U.S. revenue was $21.8 million dollars, representing growth
of 73% compared to the prior year period. The increase was
primarily driven by system sales to new hospital customers and
increased handpiece revenue. U.S. handpiece and consumable revenue
for the first quarter of 2023 was $11.8 million, an increase of
165% compared to the prior year period. First quarter of 2023
monthly utilization per account of 6.3 increased approximately 14%
compared to the prior year period. U.S. system revenue for the
first quarter of 2023 was $8.8 million, an increase of 13% compared
to the prior year period. As of March 31, 2023, the install
base of AquaBeam Robotic Systems in the U.S. was 192 systems.
International revenue was $2.6 million for the quarter, an increase
of 60% compared to the prior year period.
Gross margin for the first quarter 2023 was 51%
compared to 54% in the prior year period and 45% in the fourth
quarter of 2022. Sequential gross margin improvement was primarily
attributable to increased operations and manufacturing efficiencies
to absorb overhead expenses.
Operating expenses in the first quarter of 2023
were $40.9 million, compared with $23.4 million in the prior year
period. The increase was driven by increased sales and marketing
expenses primarily to expand the commercial organization, increased
variable compensation expenses, and increased research and
development and general and administrative expenses.
Net loss was $28.5 million for the first quarter of
2023, compared to a loss of $17.2 million in the prior year period.
Adjusted EBITDA was a loss of $23.9 million for the first quarter
of 2023, compared to a loss of $13.5 million in the prior year
period.
Cash and short-term investments as of
March 31, 2023, totaled $181.0 million, while long-term
borrowings totaled $52.0 million.
Full Year 2023
Financial Guidance
- The Company
projects revenue for the full year 2023 to be $128 million, which
represents 71% growth over the Company’s prior year revenue. This
compares to previous revenue guidance of $125 million.
- The Company
projects full year 2023 gross margin to be approximately 54%. This
compares to previous guidance of approximately 53%.
- The Company
projects full year 2023 total operating expense of approximately
$167 million. This compares to previous guidance of approximately
$163 million.
- The Company
reiterates full year 2023 Adjusted EBITDA loss to be ($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 first quarter 2023 financial results on
Thursday, April 27, 2023, at 8:00 a.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/qk7hrxz5
- Dial-in
registration for sell-side research analysts:
-
https://register.vevent.com/register/BIadc240895f944ef3b7f80601d78f317c
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 2023, 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 and 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 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 InformationAll
surgical treatments have inherent and associated side effects. For
a list of potential side effects visit
https://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 March 31, |
|
|
2023 |
|
|
|
2022 |
|
Revenue |
$ |
24,404 |
|
|
$ |
14,197 |
|
Cost of sales |
|
11,913 |
|
|
|
6,505 |
|
Gross profit |
|
12,491 |
|
|
|
7,692 |
|
Operating expenses: |
|
|
|
Research and development |
|
10,737 |
|
|
|
5,011 |
|
Selling, general and administrative |
|
30,131 |
|
|
|
18,385 |
|
Total operating expenses |
|
40,868 |
|
|
|
23,396 |
|
Loss from operations |
|
(28,377 |
) |
|
|
(15,704 |
) |
Interest expense |
|
(886 |
) |
|
|
(1,421 |
) |
Interest and other income (expense), net |
|
779 |
|
|
|
(60 |
) |
Net loss |
$ |
(28,484 |
) |
|
$ |
(17,185 |
) |
Net loss per share, basic and diluted |
$ |
(0.63 |
) |
|
$ |
(0.39 |
) |
Weighted-average common shares used to |
|
|
|
Compute net loss per share attributable to |
|
|
|
Common shareholders, basic and diluted |
|
45,066 |
|
|
|
43,855 |
|
|
|
|
|
|
|
|
|
PROCEPT BioRobotics
CorporationRECONCILIATION OF GAAP NET LOSS TO
ADJUSTED EBITDA(Unaudited, in
thousands) |
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Net loss |
$ |
(28,484 |
) |
|
$ |
(17,185 |
) |
Depreciation and amortization expense |
|
793 |
|
|
|
758 |
|
Stock-based compensation expense |
|
3,724 |
|
|
|
1,552 |
|
Interest (income) and interest expense, net |
|
49 |
|
|
|
1,385 |
|
Adjusted EBITDA |
$ |
(23,918 |
) |
|
$ |
(13,490 |
) |
|
|
|
|
|
|
|
|
PROCEPT BioRobotics
CorporationRECONCILIATION OF GAAP NET LOSS TO
ADJUSTED 2023 EBITDA Guidance(Unaudited, in
thousands) |
|
|
|
|
2023 |
|
Net loss |
$ |
(98,325 |
) |
Depreciation and amortization expense |
|
5,050 |
|
Stock-based compensation expense |
|
22,125 |
|
Interest (income) and interest expense, net |
|
650 |
|
Adjusted EBITDA |
$ |
(70,500 |
) |
|
|
|
|
PROCEPT BioRobotics
CorporationCONDENSED
CONSOLIDATED BALANCE
SHEETS (Unaudited, in
thousands) |
|
|
|
March 31, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
180,972 |
|
|
$ |
221,859 |
|
Restricted cash, current |
|
777 |
|
|
|
777 |
|
Accounts receivable, net |
|
20,642 |
|
|
|
15,272 |
|
Inventory |
|
38,926 |
|
|
|
28,543 |
|
Prepaid expenses and other current assets |
|
4,263 |
|
|
|
6,175 |
|
Total current assets |
|
245,580 |
|
|
|
272,626 |
|
Restricted cash, non-current |
|
3,038 |
|
|
|
3,038 |
|
Property and equipment, net |
|
11,934 |
|
|
|
8,656 |
|
Operating lease right-of-use assets, net |
|
22,446 |
|
|
|
23,481 |
|
Intangible assets, net |
|
1,409 |
|
|
|
1,477 |
|
Other assets |
|
51 |
|
|
|
51 |
|
Total assets |
$ |
284,458 |
|
|
$ |
309,329 |
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
10,341 |
|
|
$ |
9,391 |
|
Accrued compensation |
|
7,408 |
|
|
|
13,447 |
|
Deferred revenue |
|
3,943 |
|
|
|
2,855 |
|
Operating leases, current |
|
2,998 |
|
|
|
2,129 |
|
Other current liabilities |
|
7,814 |
|
|
|
7,468 |
|
Total current liabilities |
|
32,504 |
|
|
|
35,290 |
|
Long-term debt |
|
51,241 |
|
|
|
51,213 |
|
Operating leases, non-current |
|
25,782 |
|
|
|
23,975 |
|
Loan facility derivative liability |
|
1,805 |
|
|
|
1,779 |
|
Total liabilities |
|
111,332 |
|
|
|
112,257 |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Additional paid-in capital |
|
550,270 |
|
|
|
545,753 |
|
Accumulated other comprehensive loss |
|
15 |
|
|
|
(6 |
) |
Accumulated deficit |
|
(377,159 |
) |
|
|
(348,675 |
) |
Total stockholders’ equity |
|
173,126 |
|
|
|
197,072 |
|
Total liabilities and stockholders’ equity |
$ |
284,458 |
|
|
$ |
309,329 |
|
|
|
|
|
|
|
|
|
PROCEPT
BioRobotics CorporationREVENUE BY TYPE AND
GEOGRAPHY(Unaudited, in thousands) |
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
2022 |
U.S. |
|
|
|
|
System sales and rentals |
|
$ |
8,770 |
|
$ |
7,754 |
Handpieces and other consumables |
|
|
11,770 |
|
|
4,444 |
Service |
|
|
1,235 |
|
|
359 |
Total U.S. revenue |
|
|
21,775 |
|
|
12,557 |
Outside of U.S. |
|
|
|
|
System sales and rentals |
|
|
1,469 |
|
|
742 |
Handpieces and other consumables |
|
|
906 |
|
|
745 |
Service |
|
|
254 |
|
|
153 |
Total outside of U.S. revenue |
|
|
2,629 |
|
|
1,640 |
Total revenue |
|
$ |
24,404 |
|
$ |
14,197 |
|
|
|
|
|
PROCEPT BioRobotics (NASDAQ:PRCT)
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PROCEPT BioRobotics (NASDAQ:PRCT)
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