PRCT Reports
Procept BioRobotics (PRCT) beat expetations yesterday, delivering Q2 revenue of $16.7 million (+97%) and giving full-year upped guidance of $66 - $68 million (a $7 million increases and compares to consensus of $61.6 million). This continues a steady string of “beat and raise” quarters (this was a 16% beat). The story continues to be about solid utilization (in the mid-fives), which is actually held back by new center additions (21 new in the quarter) which take a bit to get up to speed. Hiring sales reps is a top priority as handpiece revenue is up 250% (wow) and units sold is up 176%. New systems sold in the quarter totaled 23, bringing the total installed base up to 114 (+56% over a year ago). We prevoiusly sold half our postion (in May) for a 46% gain at 36.32. The stock is up modestly since then, and with the market acting better and more upside likely, I’m OK adding back some shares. Moving to buy. BUY