$PRCT
PROCEPT BioRobotics Corp

2024 Q2 Form 10-Q Financial Statement

#000158897824000013 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $53.35M $44.54M $24.40M
YoY Change 61.17% 82.51% 71.9%
Cost Of Revenue $21.87M $19.51M $11.91M
YoY Change 49.04% 63.73% 83.14%
Gross Profit $31.48M $25.03M $12.49M
YoY Change 70.83% 100.42% 62.39%
Gross Profit Margin 59.01% 56.21% 51.18%
Selling, General & Admin $40.81M $39.60M $30.13M
YoY Change 25.79% 31.42% 63.89%
% of Gross Profit 129.63% 158.18% 241.22%
Research & Development $17.50M $13.08M $10.74M
YoY Change 50.7% 21.86% 114.27%
% of Gross Profit 55.59% 52.26% 85.96%
Depreciation & Amortization $1.269M $1.184M $793.0K
YoY Change 97.66% 49.31% 4.62%
% of Gross Profit 4.03% 4.73% 6.35%
Operating Expenses $58.31M $52.68M $40.87M
YoY Change 32.36% 28.91% 74.68%
Operating Profit -$26.83M -$27.65M -$28.38M
YoY Change 4.69% -2.57% 80.7%
Interest Expense $1.202M $1.045M $886.0K
YoY Change 253.53% 17.95% -37.65%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$25.63M -$25.96M -$28.48M
YoY Change 1.35% -8.87% 65.75%
Income Tax
% Of Pretax Income
Net Earnings -$25.63M -$25.96M -$28.48M
YoY Change 1.35% -8.87% 65.75%
Net Earnings / Revenue -48.03% -58.28% -116.72%
Basic Earnings Per Share -$0.50 -$0.51 -$0.63
Diluted Earnings Per Share -$0.50 -$0.51 -$0.63
COMMON SHARES
Basic Shares Outstanding 51.42M shares 50.96M shares 44.87M shares
Diluted Shares Outstanding 51.62M shares 51.01M shares 45.07M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $214.1M $225.6M $181.0M
YoY Change 43.02% 24.65% -36.34%
Cash & Equivalents $214.1M $225.6M $181.0M
Short-Term Investments
Other Short-Term Assets $5.017M $5.907M $5.040M
YoY Change 11.09% 17.2% 42.74%
Inventory $43.87M $41.62M $38.93M
Prepaid Expenses
Receivables $58.92M $56.08M $20.64M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $321.9M $329.2M $245.6M
YoY Change 39.94% 34.04% -20.26%
LONG-TERM ASSETS
Property, Plant & Equipment $27.68M $28.49M $11.93M
YoY Change 69.19% 138.71% 161.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.093M $1.160M $51.00K
YoY Change 734.35% 2174.51% -98.66%
Total Long-Term Assets $52.46M $53.71M $38.88M
YoY Change 23.63% 38.16% 200.61%
TOTAL ASSETS
Total Short-Term Assets $321.9M $329.2M $245.6M
Total Long-Term Assets $52.46M $53.71M $38.88M
Total Assets $374.4M $382.9M $284.5M
YoY Change 37.4% 34.61% -11.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.950M $10.08M $10.34M
YoY Change -0.86% -2.49% 293.49%
Accrued Expenses $16.65M $13.17M $10.41M
YoY Change 35.34% 26.56% 20.79%
Deferred Revenue $6.552M $5.860M $3.943M
YoY Change 38.9% 48.62% 188.23%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change
Total Short-Term Liabilities $42.85M $38.65M $32.50M
YoY Change 19.2% 18.91% 120.26%
LONG-TERM LIABILITIES
Long-Term Debt $51.40M $51.37M $51.24M
YoY Change 0.25% 0.25% 1.96%
Other Long-Term Liabilities $479.0K $517.0K $27.59M
YoY Change -98.37% -98.13% 13693.5%
Total Long-Term Liabilities $51.88M $51.89M $51.24M
YoY Change 1.19% 1.26% 1.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.85M $38.65M $32.50M
Total Long-Term Liabilities $51.88M $51.89M $51.24M
Total Liabilities $122.6M $118.9M $111.3M
YoY Change 5.17% 6.76% 63.33%
SHAREHOLDERS EQUITY
Retained Earnings -$506.2M -$480.5M -$377.2M
YoY Change 25.77% 27.41% 35.33%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $251.8M $264.0M $173.1M
YoY Change
Total Liabilities & Shareholders Equity $374.4M $382.9M $284.5M
YoY Change 37.4% 34.61% -11.36%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$25.63M -$25.96M -$28.48M
YoY Change 1.35% -8.87% 65.75%
Depreciation, Depletion And Amortization $1.269M $1.184M $793.0K
YoY Change 97.66% 49.31% 4.62%
Cash From Operating Activities -$15.74M -$32.29M -$35.93M
YoY Change -44.47% -10.14% 97.07%
INVESTING ACTIVITIES
Capital Expenditures $1.043M $1.946M $5.339M
YoY Change -80.58% -63.55% 9607.27%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.043M -$1.946M -$5.339M
YoY Change -80.58% -63.55% 9607.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.296M $2.586M $380.0K
YoY Change 117.94% 580.53% -70.57%
NET CHANGE
Cash From Operating Activities -15.74M -$32.29M -$35.93M
Cash From Investing Activities -1.043M -$1.946M -$5.339M
Cash From Financing Activities 5.296M $2.586M $380.0K
Net Change In Cash -11.48M -$31.65M -$40.89M
YoY Change -63.29% -22.6% 140.58%
FREE CASH FLOW
Cash From Operating Activities -$15.74M -$32.29M -$35.93M
Capital Expenditures $1.043M $1.946M $5.339M
Free Cash Flow -$16.78M -$34.23M -$41.27M
YoY Change -50.23% -17.05% 125.68%

Facts In Submission

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<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates </span></div><div style="margin-bottom:9pt;text-indent:24.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the condensed consolidated financial statements. Management uses significant judgment when making estimates related to its stock-based compensation expense, right-of-use lease asset, lease liability, valuations of loan facility derivative liability, as well as certain accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the </span></div>basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates.
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LesseeOperatingLeaseRenewalTerm
P5Y
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
12200000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-25957000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-28484000 usd
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51011000 shares
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51011000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45066000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45066000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.51
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.51
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.63
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.63
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1600000 usd
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
2000000 usd
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7048000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7097000 shares
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
44539000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
24404000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3129000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0 usd
CY2024Q1 prct Operating Lease Liability And Long Term Debt Maturity Remainder Of Fiscal Year
OperatingLeaseLiabilityAndLongTermDebtMaturityRemainderOfFiscalYear
3129000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4297000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
4333000 usd
CY2024Q1 prct Operating Lease Liability And Long Term Debt Maturity Year One
OperatingLeaseLiabilityAndLongTermDebtMaturityYearOne
8630000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4426000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
26000000 usd
CY2024Q1 prct Operating Lease Liability And Long Term Debt Maturity Year Two
OperatingLeaseLiabilityAndLongTermDebtMaturityYearTwo
30426000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4808000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
21667000 usd
CY2024Q1 prct Operating Lease Liability And Long Term Debt Maturity Year Three
OperatingLeaseLiabilityAndLongTermDebtMaturityYearThree
26475000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4952000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0 usd
CY2024Q1 prct Operating Lease Liability And Long Term Debt Maturity Year Four
OperatingLeaseLiabilityAndLongTermDebtMaturityYearFour
4952000 usd
CY2024Q1 prct Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
22297000 usd
CY2024Q1 prct Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
0 usd
CY2024Q1 prct Operating Lease Liability And Long Term Debt Maturity Thereafter
OperatingLeaseLiabilityAndLongTermDebtMaturityThereafter
22297000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
43909000 usd
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
52000000 usd
CY2024Q1 prct Operating Lease Liability And Long Term Debt Maturity Gross
OperatingLeaseLiabilityAndLongTermDebtMaturityGross
95909000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
13893000 usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
629000 usd
CY2024Q1 prct Operating Lease Liability And Long Term Debt Maturity Unamortized Debt Discount
OperatingLeaseLiabilityAndLongTermDebtMaturityUnamortizedDebtDiscount
14522000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
30016000 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
51371000 usd
CY2024Q1 prct Operating Lease Liability And Long Term Debt
OperatingLeaseLiabilityAndLongTermDebt
81387000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1701000 usd
CY2024Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 usd
CY2024Q1 prct Operating Lease Liability And Long Term Debt Current
OperatingLeaseLiabilityAndLongTermDebtCurrent
1701000 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
28315000 usd
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
51371000 usd
CY2024Q1 prct Operating Lease Liability And Long Term Debt Excluding Current Maturities
OperatingLeaseLiabilityAndLongTermDebtExcludingCurrentMaturities
79686000 usd
CY2024Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
700000 usd
CY2023Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
500000 usd
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

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