PROCEPT BioRobotics (PRCT) Q3 2024 earnings summary

Executive summary

• Achieved Q3 2024 revenue of $58.4 million, up 66% year-over-year, driven by strong U.S. and international sales and higher ASPs.

• U.S. install base grew 64% to 445 systems; 45 systems sold in Q3 at an average price of $432,000.

• HYDROS Robotic System launched after FDA clearance in August 2024, featuring AI-assisted imaging and digital scope, supporting commercial momentum.

• Aquablation therapy adoption continues to expand, supported by robust clinical evidence and favorable reimbursement.

• Net loss narrowed to $21.0 million in Q3 2024 from $24.6 million in Q3 2023.

Financial highlights

• Q3 2024 U.S. revenue was $52.2 million, up 62% year-over-year; international revenue reached $6.2 million, up 122%.

• Gross margin reached a record 63.2% in Q3 2024, up from 53.8% in Q3 2023, driven by higher ASPs and production volumes.

• Adjusted EBITDA loss improved to $12.4 million from $19.4 million year-over-year.

• Operating expenses increased to $59.3 million in Q3 2024, mainly due to R&D and SG&A investments.

• Cash, cash equivalents, and restricted cash totaled $199.8–$200 million as of September 30, 2024; long-term debt was $51.4–$52 million.

Outlook and guidance

• Full-year 2024 revenue guidance raised to $222.5–$223.0 million, up 63–64% year-over-year.

• Gross margin guidance for 2024 increased to 61% from prior 59% and 2023's 52%.

• Adjusted EBITDA loss for 2024 forecast at $60 million, improved from initial guidance and 2023's $86.5 million.

• Operating expenses for 2024 expected at $231.5 million, with continued investment in R&D and commercial expansion.

• Existing cash and anticipated revenue expected to fund operations for at least the next 12 months.