PROCEPT BioRobotics Corporation reported robust financial results for the third quarter ended September 30, 2024, with total revenue reaching $58.4 million, marking a 66% increase compared to the prior year period. U.S. revenue grew by 62% to $52.2 million, driven by increased system sales, higher system average selling prices, and a 74% rise in U.S. handpiece and consumable revenue to $29.6 million.
The company's gross margin significantly improved to 63.2% in Q3 2024, up from 53.8% in the prior year, primarily due to enhanced overhead absorption and increased U.S. robotic system average selling prices. The net loss narrowed to $21.0 million from $24.6 million, and the Adjusted EBITDA loss improved to $12.4 million from $19.4 million, demonstrating operating expense leverage.
Based on this performance, PROCEPT BioRobotics increased its full-year 2024 revenue guidance to $222.5 million—$223 million, up from previous guidance of $217 million. The company also improved its full-year Adjusted EBITDA loss guidance to ($60.0) million from the prior ($67.5) million, reflecting confidence in continued growth and operational efficiencies.
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