PROCEPT BioRobotics reports strong Q2 growth with revenue up 61%, eyes expansion

From Investing.com: 2024-08-04 14:33:57

PROCEPT BioRobotics (PRCT) reported significant revenue growth in Q2 2024, reaching $53.4 million, up 61% YoY. Strong U.S. system sales, expanded install base, and record international revenues drove growth. Larry Wood and Tom Prescott join the Board of Directors to support company’s vision in becoming a leader in BPH surgery and global urology.

Key Q2 takeaways include a 72% increase in U.S. install base to 400 systems and record gross margin of 59%. Despite a net loss of $25.6 million, full-year 2024 revenue projection sits at $217 million, a 59% increase YoY. PROCEPT aims to sell 185 systems and 33,350 handpieces in 2024.

PROCEPT expects a gross margin of 59%, operating expenses around $231.5 million, and foresees continued international growth, focusing on the UK and Japan. Plans include R&D in ease of use, workflow, and AI to maintain a clinical advantage in BPH surgery.

PROCEPT’s Q2 saw strong U.S. system sales, increased utilization, positive reimbursement updates, and net loss of $25.6 million. Notably, international revenue surged 79% to $5.7 million and surgeon retention rate for BPH procedures stands at 90%.

Despite a net loss in Q2, PROCEPT remains resilient. Surgeons express interest in Aquablation for prostate cancer treatment with study results awaited. The company sees strong UK market momentum and focuses on building a robust sales team for international growth. In Q2, 47 AquaBeam Robotic Systems were sold, with enhanced U.S. handpiece and consumable revenue.



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