PROCEPT BioRobotics Corporation has recently released its 10-Q report, providing an insight into its financial performance and operations. The company, headquartered in San Jose, California, is a surgical robotics company focused on developing transformative solutions in urology. It develops, manufactures, and sells the AquaBeam Robotic System, an image-guided, surgical robotic system for minimally invasive urologic surgery with a focus on treating benign prostatic hyperplasia (BPH).
In the 10-Q report, the company's revenue for the six months ended June 30, 2024, was $97.9 million, compared to $57.5 million for the same period in 2023. The net loss for the six months ended June 30, 2024, was $51.6 million, slightly lower than the net loss of $53.8 million for the same period in 2023. As of June 30, 2024, the company had cash and cash equivalents of $214.1 million and an accumulated deficit of $506.2 million.
The report also highlights factors affecting the company's performance, including growing the install base of AquaBeam Robotic Systems, increasing system utilization, reimbursement and coverage decisions by third-party payors, cost of sales, and investment in research and development to drive continuous improvements and innovation.
In terms of revenue, the company generated 89% of its revenue from the United States and 11% from outside the United States for the three months ended June 30, 2024. For the six months ended June 30, 2024, the revenue generated from the United States was also 90%, with 10% from outside the United States.
The report also provides a breakdown of the company's results of operations, showing that for the three months ended June 30, 2024, the revenue was $53.4 million, a 61% increase from the same period in 2023. The gross profit for the three months ended June 30, 2024, was $31.5 million, a 71% increase from the same period in 2023. For the six months ended June 30, 2024, the revenue was $97.9 million, a 70% increase from the same period in 2023, and the gross profit was $56.5 million, an 83% increase from the same period in 2023.
The company's operating expenses for the three and six months ended June 30, 2024, increased by 32% and 31%, respectively, compared to the same periods in 2023. The net loss for the three and six months ended June 30, 2024, was $25.6 million and $51.6 million, respectively, which was relatively consistent with the net loss for the same periods in 2023.
The market has reacted to these announcements by moving the company's shares -7.5% to a price of $57.38. If you want to know more, read the company's complete 10-Q report here.
