Q2 2024 Procept Biorobotics Corp Earnings Call Transcript
Key Points
- PROCEPT BioRobotics Corp (PRCT) reported a strong quarter with total revenue of $53.4 million, representing a 61% growth compared to the same quarter in 2023.
- The company saw a significant increase in US system sales and record international revenues, with a US install base of 400 systems, up 72% from the prior year.
- US handpiece and other consumables revenue grew by 101% compared to the second quarter of 2023, indicating strong utilization and surgeon activity.
- Gross margin for the second quarter of 2024 was 59%, an all-time high and 200 basis points above the guidance provided in May.
- The company has made progress in expanding gross margins and maintaining good operating expense control, reflecting strong operational execution.
- Despite the strong revenue growth, PROCEPT BioRobotics Corp (PRCT) reported a net loss of $25.6 million for the second quarter of 2024, slightly higher than the $25.3 million loss in the same period of the prior year.
- Total operating expenses increased to $58.3 million in the second quarter of 2024, up from $44.1 million in the same period of the prior year.
- The company continues to face challenges in the hospital CapEx environment, although it believes the market is stable to improving.
- There are ongoing concerns about the impact of RAC audits by Medicare, which could affect the utilization of their systems.
- The company is still early in its adoption curve, indicating that there is a long runway ahead before achieving widespread market penetration.
Good afternoon and welcome to PROCEPT BioRobotics second quarter 2024 earnings conference call. (Operator Instructions)
As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Matt Bacso, Vice President of Investor Relations, for a few introductory comments.
Good afternoon, and thank you for joining PROCEPT BioRobotics second quarter 2024 earnings conference Call. Presenting on today's call are Reza Zadno, Chief Executive Officer; and Kevin Waters, Chief Financial Officer. Also present is Sham Shiblaq, Chief Commercial Officer, who will participate in the Q&A session.
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 Private Securities Litigation Reform Act of 1995. While these forward-looking statements are based on management's current expectations and beliefs, these
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