NASDAQ$PRCT
PROCEPT BioRobotics Corporation · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
PROCEPT BioRobotics reported Q3 2023 financial results, demonstrating strong revenue growth and increased revenue guidance for 2023.
PROCEPT BioRobotics reported a 72% increase in total revenue to $35.1 million for Q3 2023, driven by strong U.S. performance, particularly in handpiece and system sales. The company increased its full-year revenue guidance to $133.5 million and successfully completed an equity follow-on offering.
- Total revenue for Q3 2023 reached $35.1 million, a 72% increase compared to the same period in 2022.
- U.S. handpiece and consumables revenue was $17.0 million, representing a 113% increase year-over-year.
- U.S. robotic system and rental revenue amounted to $13.5 million, a 37% increase compared to the prior year.
- The company increased its fiscal year 2023 total revenue guidance to $133.5 million.
Headline financials
Revenue & EPS history
PROCEPT BioRobotics · Revenue · Quarterly
$35.1M
Revenue by segment
PROCEPT BioRobotics · $33M total across 4 segments · Q3 2023
- U.S. Consumables$17M+112.7%51.7%
- U.S. System Sales$13.5M+37.3%40.8%
- Intl. Consumables$1.65M+108.7%5.0%
- Intl. System Sales$828K+11.4%2.5%
Forward guidance
The Company projects revenue for the full year 2023 to be approximately $133.5 million, which represents 78% growth over the Company’s prior year revenue. The Company projects full year 2023 gross margin to be in the range of 54% to 55%. The Company projects full year 2023 total operating expense of approximately $174 million. The Company projects full year 2023 Adjusted EBITDA loss to be ($76.9) million.
Tailwinds
- Revenue for the full year 2023 is projected to be approximately $133.5 million, representing 78% growth over the prior year.
- Full year 2023 gross margin is projected to be in the range of 54% to 55%.
- Total operating expense for full year 2023 is projected to be approximately $174 million.
- Company Successfully completed equity follow-on offering, raising approximately $162 million in net proceeds
- Received U.S. FDA IDE approval to Investigate Aquablation Therapy for Prostate Cancer
Headwinds
- Full year 2023 Adjusted EBITDA loss is projected to be ($76.9) million.
- Net loss was $24.6 million for the third quarter of 2023, compared to a loss of $22.6 million in the prior year period.
- Operating expenses in the third quarter of 2023 were $44.5 million, compared with $32.3 million in the prior year period.
- Adjusted EBITDA was a loss of $19.4 million for the third quarter of 2023, compared to a loss of $18.3 million in the prior year period.
- All surgical treatments have inherent and associated side effects.
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 Q3 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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