Q1 2024 Procept Biorobotics Corp Earnings Call Transcript
Key Points
- Reported a strong revenue growth of 83% in Q1 2024 compared to Q1 2023, with total revenue reaching $44.5 million.
- Increased U.S. system sales and utilization, with a 7% rise in monthly utilization and an 84% growth in the installed base.
- Expanded international presence, particularly in the United Kingdom and Japan, with international revenue growing by 65%.
- Launched a pilot program in an ambulatory surgery center (ASC) in the U.S., indicating potential market expansion and increased surgical patient volumes.
- Maintained high surgeon retention rates above 90%, reflecting positive surgeon and patient experiences with Aquablation therapy.
- Despite strong revenue growth, the company reported a net loss of $26 million in Q1 2024.
- Operating expenses increased to $52.7 million in Q1 2024, driven by expanded sales and marketing efforts and increased research and development costs.
- The company is still early in its adoption curve, indicating a long path ahead for broader market penetration and profitability.
- The transition to ASCs requires careful management to ensure it does not cannibalize hospital-based system placements.
- While international expansion is progressing, significant investments and time are required to build pipelines and generate meaningful procedure volumes and revenue in new markets.
Good morning and welcome to profit by robotics First Quarter 2024 earnings conference call. At this time, all participants are in a listen only mode. We will be facilitating a question and answer session towards the end of today's call. As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Matt Basco, President, Investor Relations, for a few introductory comments.
Good morning, and thank you for joining Pro-Stat by robotics First Quarter 2024 earnings conference call. Presenting on today's call are President and Chief Executive Officer. Sam should block Chief Commercial Officer, and Kevin Waters, Chief Financial Officer.
Before we begin, I'd like to remind listeners that statements made on this conference call that relate to future plans, events or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. While these forward-looking statements are based on management's current expectations and beliefs
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