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PROCEPTⓇ BIOROBOTICS PROCEPT BioRobotics Corp. Reports Third Quarter 2021 Financial Results and Provides 2021 Revenue Guidance November 4 , 2021 -- REDWOOD CITY , Calif . , Nov. 04 , 2021 ( GLOBE NEWSWIRE ) . PROCEPTⓇ BioRobotics Corporation ( Nasdaq : PRCT ) , a surgical robotics company focused on advancing patient care by developing transformative solutions in urology , today reported financial results for the quarter ended September 30 , 2021 . Recent Highlights • Total revenue of $ 8.7 million for the third quarter of 2021 , compared to $ 2.1 million in the prior year period • U.S. system revenue of $ 5.0 million for the third quarter of 2021 , compared to $ 0.6 million in the prior year period • U.S. handpiece revenue of $ 2.2 million for the third quarter of 2021 , compared to $ 0.5 million in the prior year period • International revenue of $ 1.3 million for the third quarter of 2021 , compared to $ 1.0 . million in the prior year period Completed initial public offering , raising approximately $ 172.4 million in net proceeds • Announced new positive coverage policy from Cigna , effective September 15 , 2021 • Issued 2021 total revenue guidance range of $ 33.0 to $ 33.3 million " We are very pleased with the results we delivered in the third quarter , which was capped off by the positive coverage policy announcement by Cigna in late September to expand Aquablation covered lives by an additional 16 million persons , " said Reza Zadno , Chief Executive Officer . " We are also proud of our successful completion of our IPO and are grateful for the support of the participating investors . The proceeds from the offering will enable us to further scale our business and invest in the commercial infrastructure to accelerate the adoption of Aquablation therapy to become the standard of care for BPH . " Third Quarter 2021 Financial Results Total Revenue was $ 8.7 million in the third quarter 2021 , an increase from $ 2.1 million in the third quarter of 2020. The increase was primarily driven by system sales to new and existing hospital customers . U.S. system revenue was $ 5.0 million , compared to $ 0.6 million in the prior year period . As of September 30 , 2021 , the install base of Aquabeam Robotic Systems in the U.S. was 75 units . U.S. handpiece and consumable revenue was $ 2.2 million , compared to $ 0.5 million in the third quarter of 2020. International revenue for the third quarter was $ 1.3 million , compared to $ 1.0 million in the third quarter of 2020 . Gross margin for the third quarter 2021 was 48.9 % compared to a -1 % in the third quarter of 2020 and 42.2 % in the second quarter of 2021. The increase relative to the second quarter of 2021 was driven primarily by increased system average selling prices . Total operating expenses in the third quarter of 2021 were $ 17.0 million , compared with $ 10.9 million in the prior year period . The increase was primarily driven by increased sales and marketing expenses to expand the sales organization and increased G & A expenses associated with being a public company . Net loss was $ 14.1 million for the third quarter of 2021 compared to $ 12.0 million in the prior year period . Cash and short - term investments as of September 30 , 2021 , totaled $ 320.5 million , while long - term borrowings totaled $ 50.0 million . The company received approximately $ 172.4 million of net proceeds from the initial public offering , which closed on September 17 . 2021 Financial Guidance The Company expects full year 2021 revenue to be in the range of $ 33.0 to $ 33.3 million . Webcast and Conference Call Information PROCEPT BioRobotics will host a conference call to discuss the third quarter 2021 financial results after the market close on Thursday , November 4th , 2021 at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time . Investors interested in listening to the conference call may do so by dialing ( 800 ) 306-0005 for domestic callers or ( 209 ) 950-5968 for international callers , using conference ID : 7198987. Live audio of the webcast will be available on the " Investors " section of the company's website at : https://ir.procept-biorobotics.com . The webcast will be archived and available for replay for at least 90 days after the event . About PROCEPT BioRobotics Corporation PROCEPT is a surgical robotics company focused on advancing patient care by developing transformative solutions in urology . PROCEPT develops , manufactures and sells the AquaBeam Robotic System , an advanced , image - guided , surgical robotic system for use in minimally invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia , or BPH . BPH is the most common prostate disease and impacts approximately 40 million men in the United States . PROCEPT designed Aquablation therapy to deliver effective , safe and durable outcomes for males suffering from lower urinary tract symptoms , or LUTS , due to BPH that are independent of prostate size and shape or surgeon experience . PROCEPT has developed a significant and growing body of clinical evidence , which includes nine clinical studies and over 100 peer - reviewed publications , supporting the benefits and clinical advantages of Aquablation therapy .