PROCEPT BioRobotics Corporation reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, which specializes in surgical robotics for urology, particularly for benign prostatic hyperplasia (BPH), experienced a notable increase in revenue. For the three months ended September 30, 2024, revenue reached $58.4 million, a 66% increase from $35.1 million in the same period of 2023. For the nine months ended September 30, 2024, revenue totaled $156.3 million, up 69% from $92.6 million year-over-year.
Gross profit also saw substantial growth, with a three-month gross profit of $36.9 million, reflecting a 96% increase from $18.9 million in Q3 2023. The gross margin improved to 63% for the quarter, compared to 54% in the prior year. However, total operating expenses rose significantly, totaling $59.3 million for the quarter, up from $44.5 million in Q3 2023, driven by increased research and development (R&D) and selling, general, and administrative (SG&A) expenses.
Despite the revenue growth, PROCEPT reported a net loss of $21.0 million for the three months ended September 30, 2024, an improvement from a net loss of $24.6 million in the same quarter of 2023. For the nine-month period, the net loss was $72.6 million, compared to $78.4 million in the previous year. The net loss per share for Q3 2024 was $(0.40), down from $(0.51) in Q3 2023.
The company’s cash and cash equivalents decreased to $196.8 million as of September 30, 2024, from $257.2 million at the end of 2023. This decline was attributed to net cash used in operating activities of $66.8 million for the nine months ended September 30, 2024, an improvement from $83.2 million in the same period of 2023.
Strategically, PROCEPT received FDA clearance for its HYDROS Robotic System on August 20, 2024, enhancing its product offerings. The company continues to focus on expanding its market presence, targeting high-volume hospitals in the U.S. that perform a significant number of resective procedures annually. The company is also investing in R&D to innovate and improve its robotic systems, including integrating artificial intelligence and machine learning into its products.
Overall, while PROCEPT BioRobotics has made strides in revenue and gross profit, it continues to face challenges with operating expenses and net losses as it invests in growth and innovation.