Business
PROCEPT BioRobotics Corp. Reports Third Quarter 2021 Financial Results and Provides 2021 Revenue Guidance
REDWOOD CITY, Calif., Nov. 04, 2021 (GLOBE NEWSWIRE) -- PROCEPT® BioRobotics Corporation (Nasdaq: PRCT), a surgical robotics company focused on advancing
About this update from Procept Biorobotics Corporation
[{"type":"text","content":"REDWOOD CITY, Calif., Nov. 04, 2021 (GLOBE NEWSWIRE) -- PROCEPT® BioRobotics Corporation (Nasdaq: PRCT), a surgical robotics company focused on advancing patient care by developing transformative solutions in urology, today reported financial results for the quarter ended September 30, 2021. Recent Highlights Total revenue of $8.7 million for the third quarter of 2021, compared to $2.1 million in the prior year periodU.S. system revenue of $5.0 million for the third quarter of 2021, compared to $0.6 million in the prior year periodU.S. handpiece revenue of $2.2 million for the third quarter of 2021, compared to $0.5 million in the prior year periodInternational revenue of $1.3 million for the third quarter of 2021, compared to $1.0. million in the prior year periodCompleted initial public offering, raising approximately $172.4 million in net proceedsAnnounced new positive coverage policy from Cigna, effective September 15, 2021Issued 2021 total revenue guidance range of $33.0 to $33.3 million “We are very pleased with the results we delivered in the third quarter, which was capped off by the positive coverage policy announcement by Cigna in late September to expand Aquablation covered lives by an additional 16 million persons,” said Reza Zadno, Chief Executive Officer. “We are also proud of our successful completion of our IPO and are grateful for the support of the participating investors. The proceeds from the offering will enable us to further scale our business and invest in the commercial infrastructure to accelerate the adoption of Aquablation therapy to become the standard of care for BPH.” Third Quarter 2021 Financial Results Total Revenue was $8.7 million in the third quarter 2021, an increase from $2.1 million in the third quarter of 2020. The increase was primarily driven by system sales to new and existing hospital customers. U.S. system revenue was $5.0 million, compared to $0.6 million in the prior year period. As of September 30, 2021, the install base of Aquabeam Robotic Systems in the U.S. was 75 units. U.S. handpiece and consumable revenue was $2.2 million, compared to $0.5 million in the third quarter of 2020. International revenue for the third quarter was $1.3 million, compared to $1.0 million in the third quarter of 2020. Gross margin for the third quarter 2021 was 48.9% compared to a -1% in the third quart...