Procept Biorobotics Corporation (NASDAQ: PRCT) has reported impressive financial results for the third quarter of 2024, showcasing significant growth and increased guidance for the full year. The company's total revenue for Q3 2024 stood at $58.4 million, marking a substantial 66% increase compared to the same period in 2023.
The U.S. handpiece and consumables revenue saw a remarkable surge, reaching $29.6 million for the third quarter of 2024, reflecting a substantial 74% increase from the previous year. Additionally, the company sold 45 robotic systems in the U.S. during the same period, at an average selling price of approximately $432,000, resulting in U.S. system and rental revenue of $19.6 million, representing a 46% increase from the prior year.
International revenue also experienced substantial growth, reaching $6.2 million for Q3 2024, a notable 122% increase from the same period in 2023.
Procept Biorobotics achieved a record gross margin of 63.2% in the third quarter of 2024, a significant improvement from 53.8% in the prior year period. This improvement was primarily attributed to enhanced overhead absorption and increased average selling prices of U.S. robotic systems.
The company's operating expenses for the third quarter of 2024 were reported at $59.3 million, compared to $44.5 million in the prior year period, driven by increased sales and marketing expenses as well as higher research and development costs.
Despite the increase in expenses, the net loss for the third quarter of 2024 was reported at $21.0 million, an improvement from the loss of $24.6 million in the prior year period. The adjusted EBITDA also showed improvement, with a loss of $12.4 million for Q3 2024, compared to a loss of $19.4 million in the prior year period.
Looking ahead, Procept Biorobotics has raised its full-year 2024 revenue guidance to a range of $222.5 million to $223.0 million, reflecting a substantial 63% to 64% growth compared to the previous year. The company also increased its gross margin guidance to approximately 61% for the full year 2024, up from the previous guidance of approximately 59%. Additionally, the adjusted EBITDA loss for the full year 2024 is now projected to be ($60.0) million, an improvement from the previous guidance of ($67.5) million.
These impressive financial results and increased guidance demonstrate Procept Biorobotics' strong performance and growth trajectory, underlining the company's position as a key player in the surgical robotics industry. Today the company's shares have moved 29.3% to a price of $88.89. For the full picture, make sure to review PROCEPT BioRobotics's 8-K report.
