PROCEPT BioRobotics (PRCT, Financial) just smashed expectations with a solid third-quarter performance that sent shares soaring by nearly 30%. With revenue up 66% year-over-year to $58.4 million, the growth was fueled by a strong surge in U.S. handpiece and consumable sales, which skyrocketed 74%. Investors are paying attention as the company's latest tech, the HYDROS Robotic System, gains rapid traction following its FDA clearance in August. This is not just a one-off—PROCEPT's footprint in the surgical robotics market is expanding fast, setting up a promising run.
Looking ahead, PROCEPT upped its full-year 2024 guidance with revenue now projected at $222.5 million to $223.0 million, beating previous targets of $217.0 million. Margins are improving too, with the gross margin now expected to reach 61%, climbing from the previous 59% estimate. Adjusted EBITDA loss has been refined, projected at $60.0 million versus the prior $67.5 million, showing the company's focus on tightening operational efficiency while still hitting aggressive growth benchmarks. All this signals PROCEPT's sharpened execution as it scales, without compromising on its growth vision.
CEO Reza Zadno credits his team's precision in HYDROS' launch for this quarter's success, citing a strong Q3 that drove up U.S. system sales and an impressive 122% boost in international revenue. With an installed base of 445 robotic systems in the U.S., PROCEPT is solidifying its standing as a market innovator in urology. Investors should keep a close eye on this momentum—it's clear PROCEPT is reshaping patient care and is nowhere near slowing down.
