NASDAQ$PRCT
PROCEPT BioRobotics Corporation · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
PROCEPT BioRobotics reported strong first quarter results, driven by increased U.S. revenue and handpiece sales, and raised full year 2023 revenue guidance.
PROCEPT BioRobotics reported a 72% increase in total revenue to $24.4 million for Q1 2023, with U.S. revenue up 73%. The company's U.S. handpiece and consumable revenue increased by 165%. They have increased their full year 2023 revenue guidance to $128.0 million.
- Total revenue for Q1 2023 was $24.4 million, a 72% increase year-over-year.
- U.S. handpiece and consumables revenue increased by 165% to $11.8 million.
- U.S. system and rental revenue increased by 13% to $8.8 million.
- The company increased fiscal year 2023 total revenue guidance to $128.0 million.
Headline financials
Revenue & EPS history
PROCEPT BioRobotics · Revenue · Quarterly
$24.4M
Revenue by segment
PROCEPT BioRobotics · $22.9M total across 4 segments · Q1 2023
- U.S. Consumables$11.8M+164.9%51.4%
- U.S. System Sales$8.77M+13.1%38.3%
- Intl. System Sales$1.47M+98.0%6.4%
- Intl. Consumables$906K+21.6%4.0%
Forward guidance
The Company projects revenue for the full year 2023 to be $128 million, which represents 71% growth over the Company’s prior year revenue. The Company projects full year 2023 gross margin to be approximately 54%. The Company projects full year 2023 total operating expense of approximately $167 million. The Company reiterates full year 2023 Adjusted EBITDA loss to be ($70.5) million.
Tailwinds
- Revenue for the full year 2023 to be $128 million, which represents 71% growth over the Company’s prior year revenue.
- Full year 2023 gross margin to be approximately 54%.
- Sequential gross margin improvement was primarily attributable to increased operations and manufacturing efficiencies to absorb overhead expenses.
- Received positive coverage policy decision from United Healthcare, effective June 1, 2023
- Signed national sales contract with largest U.S. IDN on April 1, 2023
Headwinds
- Full year 2023 Adjusted EBITDA loss to be ($70.5) million.
- Operating expenses in the first quarter of 2023 were $40.9 million, compared with $23.4 million in the prior year period.
- Net loss was $28.5 million for the first quarter of 2023, compared to a loss of $17.2 million in the prior year period.
- Adjusted EBITDA was a loss of $23.9 million for the first quarter of 2023, compared to a loss of $13.5 million in the prior year period.
- Gross margin for the first quarter 2023 was 51% compared to 54% in the prior year period
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+1.3%
Avg return
Earnings day
-0.2%
Avg return
5 days after
+0.6%
Avg return
30 days after
45%
10 / 22 earnings
Positive
+40.6%
Q3 2024
Best reaction
-15.2%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +10.7% | +16.0% | +21.3% | |
| Q4 2025 | -15.2% | -5.7% | -5.3% | |
| Q3 2025 | +1.6% | -7.5% | +2.7% | |
| Q1 2025 | -5.6% | +1.1% | +3.0% | |
| Q4 2024 | +8.6% | -3.4% | -4.2% | |
| Q3 2024 | +40.6% | +34.2% | +41.5% | |
| Q2 2024 | -9.4% | -4.3% | +24.8% | |
| Q1 2024 | +16.5% | +15.9% | +25.3% | |
| Q4 2023 | +1.1% | +0.5% | +1.2% | |
| Q3 2023 | +21.7% | +22.5% | +39.5% | |
| Q2 2023 | -6.7% | -10.3% | -18.4% | |
| Q1 2023 | -15.0% | -20.1% | -10.9% | |
| Q4 2022 | +1.2% | -4.3% | -28.7% | |
| Q3 2022 | -9.9% | -8.4% | +5.8% | |
| Q2 2022 | +4.3% | +4.3% | +0.2% | |
| Q1 2022 | -5.1% | -17.9% | +19.5% | |
| Q4 2021 | +1.2% | +5.9% | +38.7% | |
| Q3 2020 | -2.2% | -4.5% | -28.0% | |
| Q4 2020 | -2.2% | -4.5% | -28.0% | |
| Q2 2021 | -2.2% | -4.5% | -28.0% | |
| Q1 2021 | -2.2% | -4.5% | -28.0% | |
| Q3 2021 | -4.4% | -3.9% | -29.6% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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