PROCEPT BioRobotics (PRCT) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $53.4 million, 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 positioned as a standard of care for BPH, supported by robust clinical evidence and broad reimbursement coverage.

• Expanding into the prostate cancer market with two clinical studies underway, leveraging existing technology and sales channels.

• Cash and equivalents stood at $214.1 million as of June 30, 2024, supporting ongoing growth.

Financial highlights

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

• Sold 47 AquaBeam systems in Q2 at an average price of $378,000; U.S. system revenue grew 20%.

• U.S. handpiece and consumable revenue was $27.3 million, up 101% year-over-year; shipped ~8,000 handpieces.

• Gross margin improved to 59% in Q2 2024 from 56% in Q2 2023, exceeding guidance.

• Net loss for Q2 2024 was $25.6 million; Adjusted EBITDA loss improved to $18 million from $19.9 million.

Outlook and guidance

• Full-year 2024 revenue guidance raised to $217 million, up 59% from 2023.

• Full-year gross margin guidance increased to 59%, with sequential improvement expected.

• Operating expenses for 2024 expected at $231.5 million; adjusted EBITDA loss guidance improved to $67.5 million.

• Expect to sell ~185 U.S. systems and ~33,350 handpieces in 2024; international revenue guidance raised to $20.5 million (73% growth).

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