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PROCEPT BioRobotics Reports Fourth Quarter and Full Year 2022 Results
REDWOOD CITY, Calif., Feb. 28, 2023 (GLOBE NEWSWIRE) -- PROCEPT® BioRobotics Corporation (Nasdaq: PRCT) (the “Company”), a surgical robotics company focused
About this update from Procept Biorobotics Corporation
[{"type":"text","content":"REDWOOD CITY, Calif., Feb. 28, 2023 (GLOBE NEWSWIRE) -- PROCEPT® BioRobotics Corporation (Nasdaq: PRCT) (the “Company”), a surgical robotics company focused on advancing patient care by developing transformative solutions in urology, today reported financial results for the year ended December 31, 2022. Recent Highlights Total revenue of $75.0 million for full year 2022, an increase of 118% compared to 2021Total revenue of $23.8 million for the fourth quarter of 2022, an increase of 135% compared to the prior year periodU.S. system and rental revenue of $10.4 million for the fourth quarter of 2022, an increase of 109% compared to the prior year periodU.S. handpiece and consumables revenue of $10.4 million for the fourth quarter of 2022, an increase of 202% compared to the prior year periodIssued 2023 total revenue guidance of approximately $125 million “We are very pleased with the results we delivered in 2022 and continue to see positive adoption heading into 2023,” said Reza Zadno, Chief Executive Officer. “We believe there are several positive factors we have seen that will allow us to continue to execute against our strategic growth plan in 2023, including an expanded field based commercial team, increased surgeon and patient interest, and having secured contracts with many of the large IDNs. We believe these catalysts will further the adoption of our technology to become the standard of care for BPH.” Fourth Quarter 2022 Financial Results Revenue for the fourth quarter of 2022 was $23.8 million, an increase of 135% compared to the prior year period. U.S. system revenue was $10.4 million, an increase of 109% compared to the prior year period. Growth was influenced largely by strong underlying demand from high-volume BPH hospitals. As of December 31, 2022, the install base of AquaBeam Robotic Systems in the U.S. was 167 systems. U.S. handpiece and consumable revenue for the quarter was $10.4 million, an increase of 202% compared to the prior year period. International revenue was $2.0 million for the quarter, an increase of approximately 44% compared to the prior year period. Gross margin for the fourth quarter 2022 was 45% compared to 45% in the prior year period. Gross margin in the fourth quarter of 2022 was negatively impacted by approximately $0.7 million of inventory write-offs. The inventory write-offs were related to ...