PROCEPT BioRobotics Corporation reported robust financial results for the fourth quarter of 2024, with total revenue increasing 57% year-over-year to $68.2 million. For the full year 2024, total revenue reached $224.5 million, a significant increase from $136.2 million in 2023, driven by strong U.S. system placements and increased handpiece sales.
Gross margin for Q4 2024 expanded to 64% from 49% in the prior year period, and for the full year 2024, it improved to 61% from 52% in 2023. This margin expansion was primarily attributed to improved overhead absorption, increased revenues, and higher average selling prices for U.S. robotic systems.
The company's net loss for Q4 2024 was $18.9 million, an improvement from $27.5 million in the prior year, and the full-year net loss was $91.4 million, down from $105.9 million in 2023. Adjusted EBITDA loss also improved to $10.3 million for Q4 and $61.1 million for the full year, indicating progress towards profitability despite increased operating expenses.
Key strategic highlights for 2024 included the FDA 510(k) clearance of the next-generation HYDROS Robotic System in August and the FDA-IDE approval to initiate the WATER IV PCa pivotal randomized clinical study for prostate cancer. The U.S. installed base of robotic systems reached 505 as of December 31, 2024, with international revenue growing 137% in Q4.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.