PROCEPT BioRobotics Corporation (PRCT) Bundle
An Overview of PROCEPT BioRobotics Corporation (PRCT)
General Summary of PROCEPT BioRobotics Corporation (PRCT)
PROCEPT BioRobotics Corporation, founded in 2015, is a surgical robotics company that focuses on advancing patient care through innovative solutions in urology. The company is dedicated to developing, manufacturing, and selling robotic systems designed for minimally invasive surgeries, particularly targeting benign prostatic hyperplasia (BPH). Their flagship products include the AquaBeam Robotic System and the newly introduced HYDROS Robotic System, which utilize advanced imaging and robotic technologies to deliver Aquablation therapy—a method that combines real-time imaging and automated waterjet ablation for precise prostate tissue removal.
As of 2024, PROCEPT BioRobotics has established a significant presence in the market, with a global install base of 572 robotic systems, including 445 units in the United States. The company is actively expanding its reach as it addresses the needs of a growing population suffering from BPH, which currently affects approximately 40 million men in the U.S. alone. The demand for their products is expected to rise, especially as the demographic of men over 65 years is projected to double by 2060.
Company's Financial Performance in the Latest Financial Reports
In the third quarter of 2024, PROCEPT BioRobotics reported record-breaking revenue of $58.4 million, representing a 66% increase compared to $35.1 million for the same period in 2023. For the nine months ended September 30, 2024, total revenue reached $156.3 million, a 69% increase from $92.6 million year-over-year. The growth in revenue was largely driven by a significant increase in sales volumes for system sales, handpieces, and service contracts, particularly in the U.S. market, which accounted for approximately 89% of total revenue during the third quarter of 2024.
The following table summarizes the revenue breakdown for the three and nine months ended September 30, 2024 and 2023:
| Revenue Type | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Nine Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2023 (in thousands) |
|---|---|---|---|---|
| System sales and rentals | $22,798 | $14,295 | $58,952 | $40,961 |
| Handpieces and other consumables | $32,236 | $18,698 | $88,447 | $46,244 |
| Service | $3,336 | $2,109 | $8,863 | $5,405 |
| Total Revenue | $58,370 | $35,102 | $156,262 | $92,610 |
The gross margin for the three months ended September 30, 2024, increased to 63%, up from 54% in the same quarter of the previous year. For the nine-month period, gross margin improved to 60%, compared to 54% in 2023. This improvement is attributed to increased sales volumes allowing for better absorption of fixed manufacturing costs.
Despite the growth in revenue, the company reported a net loss of $20.97 million for the three months ended September 30, 2024, compared to a net loss of $24.62 million for the same period in 2023. For the nine months, the net loss was $72.56 million, a decrease from $78.39 million in the prior year.
Introduction to Company as a Leader in the Industry
PROCEPT BioRobotics has positioned itself as a leader in the urology surgical robotics market, particularly with its innovative Aquablation therapy. The company has established strong relationships with key opinion leaders in the urology community, which has facilitated broader acceptance and adoption of its technologies. The HYDROS Robotic System, recently approved by the FDA, further solidifies PROCEPT's leadership as it integrates advanced features designed to enhance surgical outcomes.
As of September 30, 2024, the company reported cash and cash equivalents of $196.8 million, providing a solid foundation for future growth and investment. The focus on research and development is evident, with R&D expenses increasing by 44% to $16.6 million for the three months ended September 30, 2024, as the company continues to innovate and improve its product offerings.
The following table outlines key financial metrics and performance indicators for PROCEPT BioRobotics as of September 30, 2024:
| Financial Metrics | Amount (in thousands) |
|---|---|
| Cash and Cash Equivalents | $196,800 |
| Accumulated Deficit | $(527,129) |
| Total Stockholders' Equity | $241,218 |
| Net Loss (Three Months) | $(20,974) |
| Net Loss (Nine Months) | $(72,557) |
With its commitment to advancing robotic-assisted surgical solutions and a strong financial position, PROCEPT BioRobotics continues to be a prominent player in the surgical robotics industry, poised for growth and innovation in the coming years.
Mission Statement of PROCEPT BioRobotics Corporation (PRCT)
Mission Statement of PROCEPT BioRobotics Corporation (PRCT)
PROCEPT BioRobotics Corporation's mission is to advance patient care by developing transformative solutions in urology, primarily focusing on the treatment of benign prostatic hyperplasia (BPH). The company is committed to providing innovative robotic systems that enhance surgical precision and improve patient outcomes. This mission is significant as it guides the company's long-term objectives and operational strategies, ensuring alignment with its vision of transforming urological surgery.
Core Component 1: Innovation
A core component of PROCEPT's mission statement is its emphasis on innovation. The company has developed the AquaBeam Robotic System and the HYDROS Robotic System, both designed for minimally invasive procedures. These systems utilize advanced imaging and robotic technology to deliver Aquablation therapy, which combines real-time imaging with automated robotics for precise tissue removal. As of September 30, 2024, PROCEPT had an install base of 572 robotic systems globally, with 445 of these located in the United States.
Core Component 2: Patient-Centric Care
The second core component is the focus on patient-centric care. PROCEPT aims to deliver effective, safe, and durable outcomes for patients suffering from lower urinary tract symptoms due to BPH. The Aquablation therapy has been supported by approximately 150 peer-reviewed publications, demonstrating its clinical advantages over traditional surgical methods. The company’s commitment to patient care is reflected in its ongoing investments in research and development, which totaled $47.2 million for the nine months ended September 30, 2024, a 39% increase from the previous year.
Core Component 3: Quality and Safety
The final core component emphasizes quality and safety in product offerings. PROCEPT's commitment to quality is evident in its rigorous clinical trials, including the WATER study, which compared Aquablation therapy to the traditional transurethral resection of the prostate (TURP). This pivotal study demonstrated superior safety and non-inferior efficacy across various prostate sizes. Furthermore, the company's gross margin improved to 63% during the three months ended September 30, 2024, up from 54% in the same period the previous year, indicating effective cost management and quality control.
| Financial Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenue | $58.37 million | $35.10 million | 66% |
| Net Loss | $(20.97) million | $(24.62) million | 15% |
| R&D Expenses | $16.65 million | $11.60 million | 44% |
| SG&A Expenses | $42.69 million | $32.88 million | 30% |
| Gross Margin | 63% | 54% | 17% |
In summary, PROCEPT BioRobotics Corporation's mission statement is anchored in innovation, patient-centric care, and a commitment to quality and safety, enabling the company to lead in the field of robotic-assisted urological surgery.
Vision Statement of PROCEPT BioRobotics Corporation (PRCT)
Vision Statement Overview
The vision statement of PROCEPT BioRobotics Corporation (PRCT) as of 2024 emphasizes the company's commitment to transforming patient care through innovative robotic surgical solutions. The company aims to pioneer advancements in urology by delivering effective, safe, and durable surgical outcomes.
Innovative Technology
PROCEPT BioRobotics focuses on developing cutting-edge technologies that redefine surgical procedures. Their flagship products, including the AquaBeam and HYDROS Robotic Systems, utilize advanced imaging and automated robotics to enhance precision in surgeries.
| Product | Key Features | Clinical Application |
|---|---|---|
| AquaBeam Robotic System | Heat-free waterjet ablation, real-time imaging | Benign Prostatic Hyperplasia (BPH) |
| HYDROS Robotic System | FirstAssist AI, integrated ultrasound | Resection of prostate tissue |
Commitment to Patient Safety
As part of its vision, PROCEPT BioRobotics prioritizes patient safety by employing technologies that minimize complications and improve recovery times. The company’s products are designed to provide alternatives to traditional surgical methods, addressing the limitations associated with them.
Market Leadership and Growth
PROCEPT BioRobotics aims to establish itself as a leader in the urology market. As of September 30, 2024, the company had installed 572 robotic systems globally, with 445 in the United States. This growth is indicative of increasing acceptance and adoption of their innovative therapies.
Financial Performance
In 2024, PROCEPT BioRobotics reported a total revenue of $156.3 million for the nine-month period ending September 30, 2024, marking a 69% increase compared to the same period in 2023. The growth was primarily fueled by higher sales volumes of system sales and consumables.
| Financial Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Total Revenue | $156.3 million | $92.6 million |
| Net Loss | $(72.6) million | $(78.4) million |
| Gross Margin | 60% | 54% |
Research and Development Focus
Research and development (R&D) is a cornerstone of PROCEPT BioRobotics' strategy. The company invested $47.2 million in R&D during the nine months ended September 30, 2024, reflecting a commitment to continuous innovation and product improvement.
Global Expansion Plans
PROCEPT BioRobotics is actively working to expand its market presence internationally. The company recognizes the growing demand for minimally invasive surgical solutions and plans to leverage its technological advancements to capture new markets.
Core Values of PROCEPT BioRobotics Corporation (PRCT)
Integrity
The core value of Integrity at PROCEPT BioRobotics Corporation emphasizes ethical practices and transparency in all business dealings. This value is crucial as it fosters trust among stakeholders, including employees, customers, and investors.
In 2024, PROCEPT has demonstrated its commitment to integrity through various initiatives, including rigorous compliance training for employees and the establishment of a whistleblower policy that encourages reporting unethical behavior without fear of retaliation. Additionally, the company has maintained transparency in its financial reporting, with a net loss of $72.6 million for the nine months ended September 30, 2024, which reflects a reduction from a net loss of $78.4 million during the same period in 2023.
Innovation
Innovation is a cornerstone of PROCEPT’s strategy, driving the development of advanced surgical technologies that improve patient outcomes. The company invests heavily in research and development (R&D) to foster this value.
As of September 30, 2024, PROCEPT's R&D expenses increased by 39% to $47.2 million compared to $34.0 million in the previous year. This investment supports the ongoing development of the HYDROS Robotic System, which received FDA 510(k) clearance in August 2024. The system includes enhancements such as the FirstAssist AI feature, aimed at improving surgical precision.
Collaboration
The value of Collaboration underscores the importance of teamwork and partnerships in achieving company goals. PROCEPT actively engages with healthcare professionals and institutions to refine its products and expand its market reach.
In 2024, PROCEPT has strengthened its relationships with key opinion leaders (KOLs) in urology, facilitating broader acceptance of its Aquablation therapy. The company has also collaborated with urological societies globally, ensuring that its technologies are included in clinical guidelines. Such collaborations have contributed to a significant increase in system sales, with a 44% rise in system sales and rentals to $58.9 million for the nine months ended September 30, 2024.
Accountability
Accountability at PROCEPT means taking responsibility for actions and outcomes, both at the individual and organizational levels. This value is vital for maintaining operational excellence and trust with stakeholders.
PROCEPT has demonstrated accountability through its financial management, reporting a gross margin increase to 60% for the nine months ended September 30, 2024, up from 54% in 2023. The company’s commitment to responsible financial practices is further illustrated by its strategic focus on reducing net losses while continuing to invest in growth areas, evidenced by a 69% revenue increase to $156.3 million during the same period.
Excellence
The pursuit of Excellence drives PROCEPT to deliver high-quality products and services that exceed customer expectations. This value is reflected in the company’s commitment to continuous improvement and customer satisfaction.
In 2024, PROCEPT achieved significant milestones, including the installation of 572 robotic systems globally, which demonstrates its commitment to providing advanced solutions in urology. The company’s focus on excellence is also evident in its customer service initiatives, which aim to enhance user experience and satisfaction with its technologies.
| Core Value | Description | 2024 Initiatives | Financial Impact |
|---|---|---|---|
| Integrity | Ethical practices and transparency | Compliance training and whistleblower policy | Net loss reduced from $78.4M to $72.6M |
| Innovation | Driving advanced surgical technologies | Investment in R&D, development of HYDROS system | R&D expenses increased to $47.2M |
| Collaboration | Teamwork and partnerships | Engagement with KOLs and urological societies | System sales rose 44% to $58.9M |
| Accountability | Responsibility for actions and outcomes | Strategic financial management | Gross margin increased to 60% |
| Excellence | High-quality products and services | Customer service initiatives | 572 robotic systems installed globally |
PROCEPT BioRobotics Corporation (PRCT) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Article updated on 8 Nov 2024
Resources:
- PROCEPT BioRobotics Corporation (PRCT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of PROCEPT BioRobotics Corporation (PRCT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View PROCEPT BioRobotics Corporation (PRCT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.