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PRCT Nasdaq· Procept BioRobotics Corp
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PRCT Nasdaq· Procept BioRobotics Corp
Earnings report Q3 2023

PRCT Reports Strong Revenue Growth in Latest Quarter

Segments of revenue

PRCT's revenue for the three months ended September 30, 2023, increased by $14.8 million or 72% to $35.1 million compared to the same period in 2022. This growth was driven by the following segments:

  • System sales and rentals: Revenue from system sales and rentals increased by $3.7 million or 35% to $14.3 million.
  • Handpieces and other consumables: Revenue from handpieces and other consumables saw significant growth, increasing by $9.9 million or 112% to $18.7 million.
  • Service: Revenue from service also experienced strong growth, increasing by $1.1 million or 113% to $2.1 million.

Strengths

PRCT's strong revenue growth in the latest quarter can be attributed to several factors. Firstly, the company saw higher sales volumes of system sales, handpieces, and service contracts, particularly in the United States. This resulted in an increase of $13.7 million and $38.0 million in revenues derived from the United States for the three and nine months ended September 30, 2023, respectively. Additionally, PRCT's focus on driving adoption of Aquablation therapy and increased system utilization contributed to the revenue growth.

Challenges

Despite the strong revenue growth, PRCT reported a net loss of $24.6 million for the three months ended September 30, 2023. This represents a decrease of $2.0 million or 9% compared to the same period in 2022. The loss from operations also increased by $3.5 million or 16% to $25.6 million. These financial challenges indicate that PRCT needs to address its operating expenses and improve profitability.

Noteworthy

PRCT's revenue growth was primarily driven by increased sales volumes in the United States. The company expects both its U.S. and international revenue to continue increasing in the near term as it expands the install base of AquaBeam Robotic Systems and sells more single-use disposable handpieces. However, PRCT anticipates larger revenue increases in absolute dollars in the United States.

Summary

PRCT reported strong revenue growth of 72% in the latest quarter, driven by increased sales volumes in system sales, handpieces, and service contracts. The company's focus on driving adoption of Aquablation therapy and increased system utilization contributed to this growth. However, PRCT also reported a net loss and increased operating expenses, indicating the need for improved profitability. Overall, PRCT's revenue performance in the latest quarter demonstrates positive momentum, particularly in the United States market.

Source documents

Form 10-Q  filed on Nov 02, 2023
7 pages scanned

Reference data

Company financials Q3 revenue 35.1M
Analyst estimates Q3 EPS missed by -2.24%
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