PRCT - Why Shares of Procept Biorobotics Were Slumping Thursday
2023-04-27 12:52:30 ET
Shares of Procept Biorobotics (NASDAQ: PRCT) were down more than 21% as of 12:48 p.m. ET Thursday after the healthcare company released first-quarter earnings before the trading day opened. The stock is now down more than 31% so far this year.
Procept makes the AquaBeam Robotic System, which is designed to be used in performing minimally invasive urology surgeries. The company's first-quarter results were positive, for the most part. Revenue rose 72% year over year to $24.4 million. The Aquabeam's handpiece and consumables revenue was $11.8 million, up 165% over the same period last year. The company also boosted its guidance to say it expected $128 million in revenue this year, up 71% from 2022.
However, its losses grew and its cash position shrank. The company reported a net loss of $28.5 million compared to its loss of $17.2 million in the first quarter of 2021. The company ended the quarter with $181 million in cash and equivalents on the books. At Procept's current burn rate, that would only fund operations into early 2024.
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Why Shares of Procept Biorobotics Were Slumping Thursday