PROCEPT BioRobotics Corporation has recently released its 10-Q report, revealing its financial performance and operational updates. The company, headquartered in San Jose, California, focuses on developing transformative solutions in urology, with an initial focus on treating benign prostatic hyperplasia (BPH). It develops, manufactures, and sells the AquaBeam Robotic System and HYDROS Robotic System, which are advanced, image-guided, surgical robotic systems for use in minimally invasive urologic surgery.
In the 10-Q report, PROCEPT BioRobotics Corporation reported revenue of $69.2 million for the three months ended March 31, 2025, compared to $44.5 million for the same period in 2024. The company incurred a net loss of $24.7 million for the three months ended March 31, 2025, compared to a net loss of $26.0 million for the three months ended March 31, 2024.
The revenue increase was primarily driven by higher sales volumes of system sales, handpieces, other consumables, and service contracts. The company's cost of sales increased by 28% to $25.0 million during the three months ended March 31, 2025, compared to $19.5 million during the three months ended March 31, 2024, primarily due to the growth in the number of units sold.
PROCEPT BioRobotics Corporation generated 87% of its revenue from the United States and 13% from outside the United States during the three months ended March 31, 2025. The company expects both its United States and international revenue to increase in the near term as it continues to expand the install base of its robotic systems and increase the related single-use disposable handpieces sold.
The company's gross margin was 64% for the three months ended March 31, 2025, compared to 56% for the same period in 2024. PROCEPT BioRobotics Corporation expects its gross margin to increase over the long term as its production volume increases and as it spreads the fixed portion of its manufacturing overhead costs over a larger number of units produced.
PROCEPT BioRobotics Corporation also highlighted factors affecting its performance, including growing its install base of 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.
As a result of these announcements, the company's shares have moved 5.2% on the market, and are now trading at a price of $55.62. For more information, read the company's full 10-Q submission here.
