PROCEPT BioRobotics Corporation reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, which specializes in surgical robotics for urology, particularly for benign prostatic hyperplasia (BPH), experienced a notable increase in revenue. For the three months ended September 30, 2024, revenue reached $58.4 million, a 66% increase from $35.1 million in the same period of 2023. For the nine months ended September 30, 2024, revenue totaled $156.3 million, up 69% from $92.6 million year-over-year.
Gross profit also saw substantial growth, with a three-month gross profit of $36.9 million, reflecting a 96% increase from $18.9 million in Q3 2023. The gross margin improved to 63% for the quarter, compared to 54% in the prior year. However, total operating expenses rose significantly, totaling $59.3 million for the quarter, up from $44.5 million in Q3 2023, driven by increased research and development (R&D) and selling, general, and administrative (SG&A) expenses.
Despite the revenue growth, PROCEPT reported a net loss of $21.0 million for the three months ended September 30, 2024, an improvement from a net loss of $24.6 million in the same quarter of 2023. For the nine-month period, the net loss was $72.6 million, compared to $78.4 million in the previous year. The net loss per share for Q3 2024 was $(0.40), down from $(0.51) in Q3 2023.
The company’s cash and cash equivalents decreased to $196.8 million as of September 30, 2024, from $257.2 million at the end of 2023. This decline was attributed to net cash used in operating activities of $66.8 million for the nine months ended September 30, 2024, an improvement from $83.2 million in the same period of 2023.
Strategically, PROCEPT received FDA clearance for its HYDROS Robotic System on August 20, 2024, enhancing its product offerings. The company continues to focus on expanding its market presence, targeting high-volume hospitals in the U.S. that perform a significant number of resective procedures annually. The company is also investing in R&D to innovate and improve its robotic systems, including integrating artificial intelligence and machine learning into its products.
Overall, while PROCEPT BioRobotics has made strides in revenue and gross profit, it continues to face challenges with operating expenses and net losses as it invests in growth and innovation.
About PROCEPT BioRobotics Corp
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.