PROCEPT BioRobotics® Announces Preliminary Fourth Quarter Revenue of $43.3 million to $43.6 million
January 08 2024 - 5:00PM
PROCEPT BioRobotics Corporation (Nasdaq: PRCT) (the “Company”), a
surgical robotics company focused on advancing patient care by
developing transformative solutions in urology, today reported
preliminary unaudited revenue for the quarter and fiscal year ended
December 31, 2023.
Preliminary, Unaudited Revenue
Highlights:
- Total revenue for
the fourth quarter of 2023 is expected to be in the range of $43.3
million to $43.6 million, compared to $23.8 million in the prior
year period.
- Total U.S. revenue
of approximately $40.0 million to $40.3 million for the fourth
quarter of 2023
- Total U.S.
Handpieces sold of approximately 6,400 resulting in monthly
utilization of approximately 7.3 for the fourth quarter of
2023
- U.S. system sales
of 44 robots at an average selling price of approximately $375
thousand per system
- Total U.S. service
revenue of approximately $2.1 million for the fourth quarter of
2023
- Total
international revenue of approximately $3.3 million for the fourth
quarter of 2023
- Fiscal year 2023
revenue is expected to be approximately $135.9 million to $136.2
million, representing growth of approximately 81% to 82% compared
to the prior year period.
“We are very pleased to close out 2023 with another
quarter of excellent results, driven by an acceleration in monthly
utilization and strong U.S. system sales,” said Reza Zadno, Chief
Executive Officer. “As we enter 2024, we are well positioned to
continue to deliver outsized revenue growth driven by outstanding
real-world clinical outcomes of Aquablation Therapy, the largest
and most tenured capital sales team in the company’s history, and
strong surgeon interest leading to rapid adoption within urology
practices.”
The Company plans to report financial results for
the fourth quarter and fiscal year 2023 after market close on
Tuesday, February 27, 2024. The Company’s management will host a
corresponding conference call beginning at 1:30 p.m. Pacific Time /
4:30 p.m. Eastern Time. The preliminary results included in this
press release are unaudited and remain subject to adjustment.
Investors interested in listening to the conference
call may do so by following one of the below links:
- Webcast link for interested listeners:
- https://edge.media-server.com/mmc/p/criqtmsz/
- Dial-in registration for sell-side research analysts:
-
https://register.vevent.com/register/BI7b221aac8d584cdf800e3bebd4643051
Live audio of the webcast will be available on the
“Investors” section of the Company’s website
at: https://ir.procept-biorobotics.com
An archived recording will be available on the
“Investors” section of the Company’s website
at: https://ir.procept-biorobotics.com. The webcasts will be
available for replay for at least 90 days after the event.
About PROCEPT BioRobotics
CorporationPROCEPT BioRobotics is a surgical robotics
company focused on advancing patient care by developing
transformative solutions in urology. PROCEPT BioRobotics develops,
manufactures and sells the AquaBeam Robotic System, an advanced,
image-guided, surgical robotic system for use in minimally invasive
urologic surgery with an initial focus on treating benign prostatic
hyperplasia, or BPH. BPH is the most common prostate disease and
impacts approximately 40 million men in the United States. PROCEPT
BioRobotics designed Aquablation therapy to deliver effective, safe
and durable outcomes for males suffering from lower urinary tract
symptoms, or LUTS, due to BPH that are independent of prostate size
and shape or surgeon experience. The Company has developed a
significant and growing body of clinical evidence, which includes
nine clinical studies and over 150 peer-reviewed publications,
supporting the benefits and clinical advantages of Aquablation
therapy.
Forward‐Looking StatementsThis
release contains forward‐looking statements within the meaning of
federal securities laws, including with respect to the Company’s
projected preliminary financial performance for full year 2023,
statements regarding the potential utilities, values, benefits and
advantages of Aquablation® therapy performed using PROCEPT
BioRobotics’ products, including AquaBeam® Robotic System, which
involve risks and uncertainties that could cause the actual results
to differ materially from the anticipated results and expectations
expressed in these forward-looking statements. You are cautioned
not to place undue reliance on these forward-looking statements.
Forward-looking statements are only predictions based on our
current expectations, estimates, and assumptions, valid only as of
the date they are made, and subject to risks and uncertainties,
some of which we are not currently aware. Forward-looking
statements may include statements regarding financial guidance,
market opportunity and penetration, the Company’s possible or
assumed future results of operations, including descriptions of the
Company’s revenues, gross margin, profitability, operating
expenses, installed base growth, commercial momentum and overall
business strategy. Forward‐looking statements should not be read as
a guarantee of future performance or results and may not
necessarily be accurate indications of the times at, or by, which
such performance or results will be achieved. These forward‐looking
statements are based on the Company’s current expectations and
inherently involve significant risks and uncertainties. Actual
results and the timing of events could differ materially from those
anticipated in such forward‐looking statements as a result of these
risks and uncertainties. These risks and uncertainties are
described more fully in the section titled “Risk Factors” in the
Company’s filings with the Securities and Exchange Commission (the
“SEC”), including the Company’s annual report on Form 10-K filed
with the SEC on February 28, 2023. PROCEPT BioRobotics does not
undertake any obligation to update forward‐looking statements and
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward‐looking statements
contained herein. These forward-looking statements should not be
relied upon as representing PROCEPT BioRobotics’ views as of any
date subsequent to the date of this press release.
Important Safety InformationAll
surgical treatments have inherent and associated side effects. For
a list of potential side effects visit
https://aquablation.com/safety-information/
Investor Contact:Matt BacsoVP,
Investor Relations and Business
Operationsm.bacso@procept-biorobotics.com
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