$PRCT
PROCEPT BioRobotics Corp

2024 Q3 Form 10-Q Financial Statement

#000158897824000020 Filed on August 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $58.37M $53.35M
YoY Change 66.29% 61.17%
Cost Of Revenue $21.46M $21.87M
YoY Change 32.23% 49.04%
Gross Profit $36.91M $31.48M
YoY Change 95.57% 70.83%
Gross Profit Margin 63.24% 59.01%
Selling, General & Admin $42.69M $40.81M
YoY Change 29.83% 25.79%
% of Gross Profit 115.66% 129.63%
Research & Development $16.65M $17.50M
YoY Change 43.51% 50.7%
% of Gross Profit 45.1% 55.59%
Depreciation & Amortization $1.328M $1.269M
YoY Change 26.6% 97.66%
% of Gross Profit 3.6% 4.03%
Operating Expenses $59.34M $58.31M
YoY Change 33.39% 32.36%
Operating Profit -$22.43M -$26.83M
YoY Change -12.43% 4.69%
Interest Expense $1.453M $1.202M
YoY Change 42.59% 253.53%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$20.97M -$25.63M
YoY Change -14.82% 1.35%
Income Tax
% Of Pretax Income
Net Earnings -$20.97M -$25.63M
YoY Change -14.82% 1.35%
Net Earnings / Revenue -35.93% -48.03%
Basic Earnings Per Share -$0.40 -$0.50
Diluted Earnings Per Share -$0.40 -$0.50
COMMON SHARES
Basic Shares Outstanding 51.93M shares 51.42M shares
Diluted Shares Outstanding 52.01M shares 51.62M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $196.8M $214.1M
YoY Change -31.46% 43.02%
Cash & Equivalents $196.8M $214.1M
Short-Term Investments
Other Short-Term Assets $6.321M $5.017M
YoY Change 32.85% 11.09%
Inventory $50.85M $43.87M
Prepaid Expenses
Receivables $69.05M $58.92M
Other Receivables $0.00 $0.00
Total Short-Term Assets $323.0M $321.9M
YoY Change -12.39% 39.94%
LONG-TERM ASSETS
Property, Plant & Equipment $26.61M $27.68M
YoY Change -1.58% 69.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.251M $1.093M
YoY Change 201.45% 734.35%
Total Long-Term Assets $51.16M $52.46M
YoY Change -2.47% 23.63%
TOTAL ASSETS
Total Short-Term Assets $323.0M $321.9M
Total Long-Term Assets $51.16M $52.46M
Total Assets $374.1M $374.4M
YoY Change -11.16% 37.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.09M $9.950M
YoY Change 10.97% -0.86%
Accrued Expenses $20.67M $16.65M
YoY Change 38.12% 35.34%
Deferred Revenue $7.989M $6.552M
YoY Change 59.56% 38.9%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $53.65M $42.85M
YoY Change 29.72% 19.2%
LONG-TERM LIABILITIES
Long-Term Debt $51.44M $51.40M
YoY Change 0.26% 0.25%
Other Long-Term Liabilities $479.0K $479.0K
YoY Change -98.35% -98.37%
Total Long-Term Liabilities $51.92M $51.88M
YoY Change 1.19% 1.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.65M $42.85M
Total Long-Term Liabilities $51.92M $51.88M
Total Liabilities $132.9M $122.6M
YoY Change 9.16% 5.17%
SHAREHOLDERS EQUITY
Retained Earnings -$527.1M -$506.2M
YoY Change 23.43% 25.77%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $241.2M $251.8M
YoY Change
Total Liabilities & Shareholders Equity $374.1M $374.4M
YoY Change -11.16% 37.4%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$20.97M -$25.63M
YoY Change -14.82% 1.35%
Depreciation, Depletion And Amortization $1.328M $1.269M
YoY Change 26.6% 97.66%
Cash From Operating Activities -$18.80M -$15.74M
YoY Change -0.74% -44.47%
INVESTING ACTIVITIES
Capital Expenditures $246.0K $1.043M
YoY Change -95.74% -80.58%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$246.0K -$1.043M
YoY Change -95.74% -80.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.715M 5.296M
YoY Change -98.94% 117.94%
NET CHANGE
Cash From Operating Activities -18.80M -15.74M
Cash From Investing Activities -246.0K -1.043M
Cash From Financing Activities 1.715M 5.296M
Net Change In Cash -17.33M -11.48M
YoY Change -112.61% -63.29%
FREE CASH FLOW
Cash From Operating Activities -$18.80M -$15.74M
Capital Expenditures $246.0K $1.043M
Free Cash Flow -$19.05M -$16.78M
YoY Change -22.96% -50.23%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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 valuation of inventory and accounts receivable, 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 </span></div>circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates.
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us-gaap Net Income Loss
NetIncomeLoss
-51583000 usd
us-gaap Net Income Loss
NetIncomeLoss
-53771000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51622000 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51622000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45160000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45160000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51316000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51316000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45023000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45023000 shares
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.50
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.50
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.56
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.56
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.19
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.19
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6668000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7143000 shares
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
53353000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
33104000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
97892000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
57508000 usd
CY2021Q4 prct Lessee Operating Lease Number Of Renewal Options
LesseeOperatingLeaseNumberOfRenewalOptions
2 renewaloption
CY2021Q4 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2024Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
1800000 usd
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
1900000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
3400000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
4000000.0 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2086000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0 usd
CY2024Q2 prct Operating Lease Liability And Long Term Debt Maturity Remainder Of Fiscal Year
OperatingLeaseLiabilityAndLongTermDebtMaturityRemainderOfFiscalYear
2086000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4297000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
4333000 usd
CY2024Q2 prct Operating Lease Liability And Long Term Debt Maturity Year One
OperatingLeaseLiabilityAndLongTermDebtMaturityYearOne
8630000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4426000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
26000000 usd
CY2024Q2 prct Operating Lease Liability And Long Term Debt Maturity Year Two
OperatingLeaseLiabilityAndLongTermDebtMaturityYearTwo
30426000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4808000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
21667000 usd
CY2024Q2 prct Operating Lease Liability And Long Term Debt Maturity Year Three
OperatingLeaseLiabilityAndLongTermDebtMaturityYearThree
26475000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4952000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0 usd
CY2024Q2 prct Operating Lease Liability And Long Term Debt Maturity Year Four
OperatingLeaseLiabilityAndLongTermDebtMaturityYearFour
4952000 usd
CY2024Q2 prct Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
22297000 usd
CY2024Q2 prct Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
0 usd
CY2024Q2 prct Operating Lease Liability And Long Term Debt Maturity Thereafter
OperatingLeaseLiabilityAndLongTermDebtMaturityThereafter
22297000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
42866000 usd
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
52000000 usd
CY2024Q2 prct Operating Lease Liability And Long Term Debt Maturity Gross
OperatingLeaseLiabilityAndLongTermDebtMaturityGross
94866000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
13254000 usd
CY2024Q2 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
596000 usd
CY2024Q2 prct Operating Lease Liability And Long Term Debt Maturity Unamortized Debt Discount
OperatingLeaseLiabilityAndLongTermDebtMaturityUnamortizedDebtDiscount
13850000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
29612000 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
51404000 usd
CY2024Q2 prct Operating Lease Liability And Long Term Debt
OperatingLeaseLiabilityAndLongTermDebt
81016000 usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1769000 usd
CY2024Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 usd
CY2024Q2 prct Operating Lease Liability And Long Term Debt Current
OperatingLeaseLiabilityAndLongTermDebtCurrent
1769000 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
27843000 usd
CY2024Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
51404000 usd
CY2024Q2 prct Operating Lease Liability And Long Term Debt Excluding Current Maturities
OperatingLeaseLiabilityAndLongTermDebtExcludingCurrentMaturities
79247000 usd
CY2024Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
700000 usd
CY2023Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
400000 usd
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1300000 usd
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
900000 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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