PROCEPT BioRobotics (PRCT) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $53.4M, up 61% year-over-year, driven by strong U.S. system sales, increased utilization, and record international revenues.

• U.S. install base grew 72% year-over-year to 400 systems; global install base reached 516.

• Aquablation therapy is gaining market acceptance, supported by high surgeon retention rates above 90% and broad reimbursement coverage.

• Expansion into prostate cancer market underway with two clinical studies leveraging existing technology.

• Board strengthened with new Chairman and director, both with significant medtech experience.

Financial highlights

• U.S. revenue was $47.7M, up 59% year-over-year; international revenue was $5.7M, up 79%.

• Sold 47 AquaBeam systems in Q2 at an ASP of $378,000; U.S. handpiece and consumable revenue grew 101% to $27.3M.

• Gross margin reached a record 59% in Q2 2024, up from 56% in Q2 2023.

• Operating expenses were $58.3M in Q2 2024, up from $44.1M year-over-year.

• Net loss for Q2 2024 was $25.6M; Adjusted EBITDA loss improved to $18M from $19.9M year-over-year.

• Cash and equivalents at $214.1M as of June 30, 2024; Q2 cash usage improved to $11.5M from $31.6M in Q1.

Outlook and guidance

• FY 2024 revenue guidance raised to ~$217M, up 59% year-over-year.

• Gross margin guidance increased to 59% for FY24, with sequential improvement expected in H2.

• Operating expenses for 2024 expected at $231.5M; Adjusted EBITDA loss for 2024 guided to $67.5M, improved from prior guidance.

• U.S. system sales expected at ~185 units; handpiece sales at ~33,350 units with ASP of $3,200.

• International revenue guidance raised to $20.5M, up 73% year-over-year.