PROCEPT BIOROBOTICS CORPORATION Investor Event
2024 American Urological Association Annual Meeting
May 3, 2024
© 2024 PROCEPT BioRobotics Corporation. All Rights Reserved.
Safe Harbor Statement
This presentation and accompany ing oral presentation contain "forw ard-looking statements" w ithin the meaning of the Private Securities Litigation Reform Act of 1995, including the ex pected financial results of PROCEPT BioRobotics Corporation (the "Company "). W ords such as "anticipates," "believes," "ex pects," "intends," "projects," "anticipates," and "f ut ure" or similar ex pressions are intended to identify forw ard-looking statements. Any forw ard-looking statements made by us in this presentation speaks only as of the date on w hich it w as made and are based on management's
current ex pectations of future events, assumptions, estimates, and beliefs, and are subject to a number of risks and uncertai nties that could cause actual results to differ materially and adversely from those set forth in or implied by such forw ard-looking statements. Factors that could cause actual results to differ materially from those described in the forw ard-looking statements include, among others: (i) the rate and degree of market acceptance of the AQU ABEAM Robotic Sy stem and Aquablation therapy and descriptions of the Company 's revenues, gross margin, profitability , operating ex penses, or installed base grow th, (ii) the establishment and maintenance of consistent and favorable pay ment poli cies for Aquablation therapy , (iii) the rate of grow th of the commercial sales and marketing organization and the ability to manage this anticipated grow th, (iv) the impact on volumes of elective procedures performed by health care providers and hospital medical device budgets, (v) the effects of increased competition as w ell as innovations by new and ex isting competitors in the market for treatments for benign prostatic hy perplasia, (vi) the ability to obtain the required regulatory approvals and clearances to market and sell the AQU ABEAM Robotic Sy stem in certain other co untries, (vii) the development and protection of future innovation,
- dependence on a limited number of third-party suppliers for components of the AQUABEAM Robotic Sy stem, (ix ) the maintenance of intellectual property rights and the ability to operate the business w ithout infringing the intellectual property rights and proprietary technology of third parties, (x ) the successful completion of clinical trials and (x i) the adoption of our technology for additional indications.
This presentation and the accompany ing oral presentation also contain estimates and other statistical data made by independent parties and by us relating to market size and grow th and other data about our industry . This data involves a number of assumptions and limitations, and y ou are cautioned not to give undue w eight to such estimates. In addition, projections, assumptions, and estimates of our future performance and the future performance of the markets in w hich w e compete are necessarily subject to a high degree of uncertainty and risk.
Factors that could cause actual results to differ materially from those contemplated in this presentation can be found in the Risk Factors section of the Company 's public filings w ith the Securities and Ex change Commission ("SEC"), including the Annual Report on Form 10-K filed w ith the SEC on February 28, 2024 and any current and periodic reports filed thereafter, available at
w ww.sec.gov .
Because forw ard-looking statements are inherently subject to risks and uncertainties, y ou should not rely on these forw ard -looking statements as predictions of future events. All statements other than statements of historical fact are forw ard-looking statements. Ex cept to the ex tent required by law , the Company undertakes no obligation to update or review any estimate, projection, or forw ard-looking statement . Actual results may differ from those set forth in this presentation due to the risks and uncertaintie s inherent in the Company 's business. In light of the foregoing, investors are urged not to rely on any forw ard-looking statement or third-party data in reaching any conclusion or making any investment decision about any securities of the Company .
This presentation regarding the Company shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in w hich such offer, solicitation or sale w ould be unlaw ful prior to registration or qualification under the securities law s of any such state or jurisdiction. Sales and offers to sell PROCEPT BioRobotics securities w ill only be made in accordance w ith the Securities Act of 1933, as amended, and applicable SEC regulations, including prospectus requirements.
2 | © 2024 PROCEPT BioRobotics Corporation. All Rights Reserved |
01
02
Introduction
Reza Zadno, CEO
Financial Review
Kevin Waters, CFO
AGENDA
03
04
Commercial Update
Sham Shiblaq, Chief Commercial Officer
Georgia Urology Experience
Dr. Lewis Kriteman
05
06
BPH + Prostate Cancer Clinical Update
Dr. Brian Helfand
Prostate Cancer Fireside Chat
Dr. Inderbir Gill + Barry Templin, EVP, Technology & Clinical Development
3 | © 2024 PROCEPT BioRobotics Corporation. All Rights Reserved |
New Age of Innovation & Market Expansion
Mission | Patient First |
Culture | |
Revolutionize BPH treatment to
improve patient lives
Vision
Become a Leading
Global Urology
Company
Highly Focused on BPH
Expanding into Prostate Cancer
Sustainable High Growth
4 | © 2024 PROCEPT BioRobotics Corporation. All Rights Reserved |
Expansion into Adjacent Urology Market
Current Treatment Challenges
BPH
Patients forced to make tradeoff between safety & efficacy
Surgeon skill can vary widely
Treatment options depend on prostate size
Prostate Cancer
Patients forced to make tradeoff between safety & efficacy
Treatment options have high rates of morbidity (especially
compared to BPH treatments)
Many men suffer from both BPH and Prostate Cancer
5 | © 2024 PROCEPT BioRobotics Corporation. All Rights Reserved |
Strong Foundation for Continued Success
Growing Brand
Awareness
Pathway to
Profitability
Expansion into Adjacent
Urology Market (Pca)
Best in Class Net Promoter Score
Superior Clinical Advantage (BPH)*
Strong Balance
Sheet
Large & Underpenetrated
Primary Market (BPH)
© 2024 PROCEPT BioRobotics Corporation. | *Gilling PJ et al. Five-year outcomes for Aquablation therapy compared to TURP: results | |
6 | All Rights Reserved | from a double-blind, randomized trial in men with LUTS due to BPH. Can J Urol. 2022 |
Feb;29(1):10960-10968. | ||
FINANCIAL REVIEW
KEVIN WATERS
Chief Financial Officer
© 2024 PROCEPT BioRobotics Corporation. All Rights Reserved.
1Q24 Revenue Recap
$44.5M | $4.3M | 354 | 6,800 |
(+83% y/y) | (+65% y/y) | (+84% y/y) | (+100% y/y) |
G l o b a l | I n t e r n a t i o n a l | U . S . I n s t a l l | U . S . H a n d p i e c e s |
R e v e n u e | R e v e n u e | B a s e | S o l d |
6.8 | 38 |
(+7% y/y) | (+52% y/y) |
U . S . M o n t h l y | U . S . S y st e m s |
U t i l i z a t i o n | S o l d |
6,400 | 6,800 | |||
3,900 | 4,870 | |||
3,400 | ||||
Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 |
8 | © 2024 PROCEPT BioRobotics Corporation. All Rights Reserved |
Leveraging Fixed Cost Infrastructure
New Headquarters
San Jose, CA
(160,000 Sq Ft)
1
2
Future Drivers of
Gross Margin Expansion
Leverage fixed cost infrastructure with revenue growth
Improved efficiencies leading to lower scrap and improved yield
9 | © 2024 PROCEPT BioRobotics Corporation. All Rights Reserved |
2024 Financial Guidance
Total Revenue
($ Mil) | |||
~$213.5 | |||
$136.2 | |||
$75.0 | |||
$34.5 | |||
2021 | 2022 | 2023 | 2024 |
Actual | 2024 Guidance |
Actual 2023 | Guidance FY241 | |
Revenue | $136.2 million | ~$213.5 million |
Revenue growth (y/y) | 82% | ~57% |
Gross Margin | 52% | ~58% to 59% |
Operating Expenses | $180.2 million2 | ~$231.5 million3 |
Revenue : OPEX Growth Ratio | 1.5x | ~2.0x |
Adjusted EBITDA Loss | $86.5 million4 | ~$70.0 million4 |
TOTAL CASH & CASH EQUIVALENTS BALANCE OF $226M & DEBT BALANCE OF $52M AS OF MARCH 31, 2024
(1) 2024 financial guidance issued on May 1, 2024
- 2023 operating expenses included approximately $19.1 million in stock-based compensation expense
- 2024 operating expense guidance includes approximately $31.5 million in stock-based compensation expense
- See appendix for reconciliation of non-GAAP financial measures
10 | © 2024 PROCEPT BioRobotics Corporation. All Rights Reserved. |
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Procept Biorobotics Corporation published this content on 22 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 May 2024 23:18:16 UTC.
