PROCEPT BioRobotics(NASDAQ:PRCT) 
PROCEPT BioRobotics Corporation, a surgical robotics company, develops transformative solutions in urology. It develops, manufactures, and sells AquaBeam Robotic System, an image-guided, surgical robotic system for use in minimally-invasive urologic surgery with a focus on treating benign prostatic ...
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At a glance:
Bull Thesis:
Bear Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 83,132,000 | 76,383,000 | 83,327,000 | 79,182,000 | 69,162,000 | 68,236,000 | 58,370,000 | 53,353,000 | 44,539,000 | 43,581,000 | 35,102,000 | 33,104,000 | 24,404,000 | 23,777,000 | 20,349,000 | 16,691,000 | 14,197,000 | 10,138,000 | 8,668,000 |
yoy | 20.20% | 11.94% | 42.76% | 48.41% | 55.28% | 56.57% | 66.29% | 61.17% | 82.51% | 83.29% | 72.50% | 98.33% | 71.90% | 134.53% | 134.76% | ||||
qoq | 8.84% | -8.33% | 5.23% | 14.49% | 1.36% | 16.90% | 9.40% | 19.79% | 2.20% | 24.16% | 6.04% | 35.65% | 2.64% | 16.85% | 21.92% | 17.57% | 40.04% | 16.96% | |
cost of sales | 29,185,000 | 30,070,000 | 29,321,000 | 27,436,000 | 25,001,000 | 24,564,000 | 21,459,000 | 21,871,000 | 19,505,000 | 22,326,000 | 16,228,000 | 14,675,000 | 11,913,000 | 13,101,000 | 10,118,000 | 8,205,000 | 6,505,000 | 5,622,000 | 4,428,000 |
gross profit | 53,947,000 | 46,313,000 | 54,006,000 | 51,746,000 | 44,161,000 | 43,672,000 | 36,911,000 | 31,482,000 | 25,034,000 | 21,255,000 | 18,874,000 | 18,429,000 | 12,491,000 | 10,676,000 | 10,231,000 | 8,486,000 | 7,692,000 | 4,516,000 | 4,240,000 |
yoy | 22.16% | 6.05% | 46.31% | 64.37% | 76.40% | 105.47% | 95.57% | 70.83% | 100.42% | 99.09% | 84.48% | 117.17% | 62.39% | 136.40% | 141.30% | ||||
qoq | 16.48% | -14.24% | 4.37% | 17.18% | 1.12% | 18.32% | 17.24% | 25.76% | 17.78% | 12.62% | 2.41% | 47.54% | 17.00% | 4.35% | 20.56% | 10.32% | 70.33% | 6.51% | |
gross margin % | 64.89% | 60.63% | 64.81% | 65.35% | 63.85% | 64.00% | 63.24% | 59.01% | 56.21% | 48.77% | 53.77% | 55.67% | 51.18% | 44.90% | 50.28% | 50.84% | 54.18% | 44.55% | 48.92% |
operating expenses: | |||||||||||||||||||
research and development | 21,465,000 | 19,056,000 | 18,187,000 | 17,632,000 | 16,402,000 | 15,066,000 | 16,647,000 | 17,501,000 | 13,084,000 | 14,496,000 | 11,600,000 | 11,613,000 | 10,737,000 | 9,682,000 | 7,582,000 | 6,706,000 | 5,011,000 | 5,076,000 | 4,919,000 |
selling, general and administrative | 65,088,000 | 58,298,000 | 59,011,000 | 56,303,000 | 55,197,000 | 48,316,000 | 42,691,000 | 40,809,000 | 39,599,000 | 36,316,000 | 32,883,000 | 32,441,000 | 30,131,000 | 26,034,000 | 24,754,000 | 19,655,000 | 18,385,000 | 16,271,000 | 12,118,000 |
total operating expenses | 86,553,000 | 77,354,000 | 77,198,000 | 73,935,000 | 71,599,000 | 63,382,000 | 59,338,000 | 58,310,000 | 52,683,000 | 50,812,000 | 44,483,000 | 44,054,000 | 40,868,000 | 35,716,000 | 32,336,000 | 26,361,000 | 23,396,000 | 21,347,000 | 17,037,000 |
income from operations | -32,606,000 | -31,041,000 | -23,192,000 | -22,189,000 | -27,438,000 | -19,710,000 | -22,427,000 | -26,828,000 | -27,649,000 | -29,557,000 | -25,609,000 | -25,625,000 | -28,377,000 | -25,040,000 | -22,105,000 | -17,875,000 | -15,704,000 | -16,831,000 | -12,797,000 |
yoy | 18.84% | 57.49% | 3.41% | -17.29% | -0.76% | -33.32% | -12.43% | 4.69% | -2.57% | 18.04% | 15.85% | 43.36% | 80.70% | 48.77% | 72.74% | ||||
qoq | 5.04% | 33.84% | 4.52% | -19.13% | 39.21% | -12.11% | -16.40% | -2.97% | -6.46% | 15.42% | -0.06% | -9.70% | 13.33% | 13.28% | 23.66% | 13.82% | -6.70% | 31.52% | |
operating margin % | -39.22% | -40.64% | -27.83% | -28.02% | -39.67% | -28.89% | -38.42% | -50.28% | -62.08% | -67.82% | -72.96% | -77.41% | -116.28% | -105.31% | -108.63% | -107.09% | -110.61% | -166.02% | -147.63% |
interest expense | -818,000 | -894,000 | -919,000 | -895,000 | -877,000 | -969,000 | -1,140,000 | -1,030,000 | -1,045,000 | -1,125,000 | -1,019,000 | -965,000 | -886,000 | -866,000 | -1,455,000 | -1,441,000 | -1,421,000 | -1,440,000 | -1,469,000 |
interest and other income | 1,743,000 | 2,445,750 | 2,700,000 | 3,506,000 | 3,578,000 | 1,823,000 | 2,593,000 | 2,232,000 | 2,737,000 | 3,178,000 | 2,006,000 | 1,305,000 | 779,000 | 992,000 | 947,000 | 132,000 | -60,000 | -77,000 | 163,000 |
income before provision for income taxes | -31,681,000 | ||||||||||||||||||
provision for income taxes | -43,000 | ||||||||||||||||||
net income | -31,638,000 | -29,845,000 | -21,411,000 | -19,578,000 | -24,737,000 | -18,856,000 | -20,974,000 | -25,626,000 | -25,957,000 | -27,504,000 | -24,622,000 | -25,285,000 | -28,484,000 | -28,172,000 | -22,613,000 | -19,184,000 | -17,185,000 | -18,348,000 | -14,103,000 |
yoy | 27.90% | 58.28% | 2.08% | -23.60% | -4.70% | -31.44% | -14.82% | 1.35% | -8.87% | -2.37% | 8.88% | 31.80% | 65.75% | 53.54% | 60.34% | ||||
qoq | 6.01% | 39.39% | 9.36% | -20.86% | 31.19% | -10.10% | -18.15% | -1.28% | -5.62% | 11.70% | -2.62% | -11.23% | 1.11% | 24.58% | 17.87% | 11.63% | -6.34% | 30.10% | |
net income margin % | -38.06% | -39.07% | -25.70% | -24.73% | -35.77% | -27.63% | -35.93% | -48.03% | -58.28% | -63.11% | -70.14% | -76.38% | -116.72% | -118.48% | -111.13% | -114.94% | -121.05% | -180.98% | -162.70% |
net income per share | -0.56 | -0.53 | -0.38 | -0.35 | -0.45 | -0.34 | -0.4 | -0.5 | -0.51 | -0.54 | -0.51 | -0.56 | -0.63 | -0.63 | -0.51 | -0.43 | -0.39 | 2.01 | -1.22 |
weighted-average common shares used to | |||||||||||||||||||
compute net loss per share attributable to | |||||||||||||||||||
common shareholders, basic and diluted | 56,511 | 178 | 55,727 | 55,445 | 54,917 | 575 | 52,011 | 51,622 | 51,011 | 1,124 | 48,310 | 45,160 | 45,066 | 124 | 44,640 | 44,324 | 43,855 | 9,119 | 11,580 |
other comprehensive loss: | |||||||||||||||||||
foreign currency translation adjustment | -56 | -5 | 186 | -367 | 109 | ||||||||||||||
comprehensive loss | -31,694 | -29,850 | -21,225 | -19,945 | -24,628 | -18,724 | -20,991 | -25,740 | -25,928 | -27,414 | -24,622 | -25,306 | -28,463 | -28,395 | -22,428 | -19,099 | -17,184 | -18,361 | -14,105 |
unrealized gain on cash equivalents | -114 | 29 | -21 | 21 | -223 | 185 | 85 | 1 | -6.75 | -2 | |||||||||
other comprehensive gain: | |||||||||||||||||||
unrealized loss on cash equivalents | -25.5 | -17 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||
current assets: | |||||||||||||||||||
cash and cash equivalents | 245,641,000 | 286,503,000 | 294,281,000 | 302,717,000 | 316,207,000 | 333,725,000 | 196,762,000 | 214,093,000 | 225,576,000 | 257,222,000 | 287,087,000 | 149,691,000 | 180,972,000 | 221,859,000 | 249,217,000 | 269,806,000 | 284,288,000 | 304,320,000 | 320,484,000 |
accounts receivable | 96,388,000 | 84,504,000 | 80,817,000 | 79,267,000 | 69,048,000 | 58,917,000 | 56,081,000 | 48,376,000 | 34,622,000 | 33,173,000 | 20,642,000 | 15,272,000 | 12,838,000 | 10,894,000 | 6,992,000 | 4,464,000 | 6,353,000 | ||
inventory | 77,536,000 | 70,694,000 | 66,715,000 | 67,032,000 | 62,330,000 | 56,168,000 | 50,850,000 | 43,865,000 | 41,622,000 | 39,756,000 | 42,201,000 | 42,636,000 | 38,926,000 | 28,543,000 | 22,358,000 | 13,777,000 | 12,629,000 | 13,147,000 | 10,401,000 |
prepaid expenses and other current assets | 8,469,000 | 9,648,000 | 9,252,000 | 7,501,000 | 7,987,000 | 8,453,000 | 6,321,000 | 5,017,000 | 5,907,000 | 5,213,000 | 3,981,000 | 3,739,000 | 4,263,000 | 6,175,000 | 4,519,000 | 3,860,000 | 4,070,000 | 4,242,000 | 2,232,000 |
total current assets | 428,034,000 | 450,378,000 | 454,752,000 | 458,067,000 | 465,791,000 | 481,842,000 | 322,981,000 | 321,892,000 | 329,186,000 | 350,567,000 | 368,668,000 | 230,016,000 | 245,580,000 | 272,626,000 | 288,932,000 | 298,337,000 | 307,979,000 | 326,173,000 | 339,470,000 |
restricted cash, non-current | 3,038,000 | 3,038,000 | 3,038,000 | 3,038,000 | 3,038,000 | 3,038,000 | 3,038,000 | 3,038,000 | 3,038,000 | 3,038,000 | 3,038,000 | 3,038,000 | |||||||
property and equipment | 31,739,000 | 30,399,000 | 30,022,000 | 28,602,000 | 28,127,000 | 26,709,000 | 26,605,000 | 27,675,000 | 28,488,000 | 28,748,000 | 27,032,000 | 16,357,000 | 11,934,000 | 8,656,000 | 5,120,000 | 4,397,000 | 4,560,000 | 5,045,000 | 5,731,000 |
operating lease right-of-use assets | 17,162,000 | 17,538,000 | 17,904,000 | 18,260,000 | 18,605,000 | 18,941,000 | 19,267,000 | 19,584,000 | 19,892,000 | 20,241,000 | 20,699,000 | 21,563,000 | 22,446,000 | 23,481,000 | 24,424,000 | 2,463,000 | 2,877,000 | 3,279,000 | 3,667,000 |
intangible assets | 640,000 | 709,000 | 727,000 | 795,000 | 864,000 | 932,000 | 1,000,000 | 1,068,000 | 1,136,000 | 1,204,000 | 1,273,000 | 1,341,000 | 1,409,000 | 1,477,000 | 1,545,000 | 1,614,000 | 1,682,000 | 1,750,000 | 1,818,000 |
other assets | 6,449,000 | 6,019,000 | 5,098,000 | 4,292,000 | 2,950,000 | 2,555,000 | 1,251,000 | 1,093,000 | 1,160,000 | 919,000 | 415,000 | 131,000 | 51,000 | 51,000 | 202,000 | 302,000 | |||
total assets | 487,062,000 | 508,081,000 | 511,541,000 | 513,054,000 | 519,375,000 | 534,017,000 | 374,142,000 | 374,350,000 | 382,900,000 | 404,717,000 | 421,125,000 | 272,446,000 | 284,458,000 | 309,329,000 | 324,037,000 | 310,927,000 | 320,912,000 | 337,024,000 | 351,463,000 |
liabilities and stockholders' equity | |||||||||||||||||||
current liabilities: | |||||||||||||||||||
accounts payable | 18,851,000 | 17,285,000 | 11,118,000 | 11,783,000 | 14,827,000 | 10,032,000 | 15,088,000 | 9,950,000 | 10,084,000 | 13,499,000 | 13,597,000 | 10,036,000 | 10,341,000 | 9,391,000 | 6,331,000 | 3,342,000 | 2,628,000 | 2,029,000 | 3,590,000 |
accrued compensation | 18,476,000 | 23,175,000 | 21,797,000 | 16,302,000 | 14,976,000 | 21,537,000 | 18,834,000 | 14,882,000 | 11,469,000 | 16,885,000 | 13,265,000 | 9,949,000 | 7,408,000 | 13,447,000 | 10,284,000 | 6,906,000 | 4,586,000 | 6,475,000 | 4,875,000 |
deferred revenue | 13,702,000 | 13,048,000 | 10,665,000 | 9,889,000 | 9,799,000 | 9,565,000 | 7,989,000 | 6,552,000 | 5,860,000 | 5,656,000 | 3,943,000 | 2,855,000 | 2,342,000 | 1,863,000 | 1,368,000 | 1,025,000 | 848,000 | ||
operating lease, current | 2,358,000 | 2,135,000 | 2,059,000 | 1,983,000 | 1,839,000 | 1,769,000 | 1,701,000 | 1,702,000 | 2,354,000 | 2,998,000 | |||||||||
other current liabilities | 10,249,000 | 10,073,000 | 8,183,000 | 9,694,000 | 8,479,000 | 8,089,000 | 7,896,000 | 7,750,000 | 7,622,000 | 6,318,000 | 7,785,000 | 8,889,000 | 7,814,000 | 7,468,000 | 5,929,000 | 4,264,000 | 3,994,000 | 4,608,000 | 2,834,000 |
total current liabilities | 63,636,000 | 65,795,000 | 53,898,000 | 49,727,000 | 52,064,000 | 53,133,000 | 53,646,000 | 42,845,000 | 38,650,000 | 45,927,000 | 41,356,000 | 35,945,000 | 32,504,000 | 35,290,000 | 27,359,000 | 18,633,000 | 14,757,000 | 16,242,000 | 14,179,000 |
long-term debt | 51,664,000 | 51,615,000 | 51,566,000 | 51,524,000 | 51,498,000 | 51,472,000 | 51,438,000 | 51,404,000 | 51,371,000 | 51,339,000 | 51,307,000 | 51,275,000 | 51,241,000 | 51,213,000 | |||||
operating lease, non-current | 23,974,000 | 25,225,000 | 25,784,000 | 26,332,000 | 27,361,000 | 27,843,000 | 28,315,000 | 26,730,000 | 27,135,000 | 25,782,000 | |||||||||
other non-current liabilities | 121,000 | 147,000 | 324,000 | 517,000 | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | ||||||||||
total liabilities | 139,395,000 | 142,211,000 | 131,265,000 | 127,258,000 | 130,218,000 | 131,797,000 | 132,924,000 | 122,571,000 | 118,853,000 | 123,965,000 | 121,769,000 | 116,544,000 | 111,332,000 | 112,257,000 | 103,275,000 | 71,739,000 | 68,162,000 | 69,933,000 | 68,151,000 |
commitments and contingencies | |||||||||||||||||||
stockholders’ equity: | |||||||||||||||||||
preferred stock, 0.00001 par value... | |||||||||||||||||||
authorized shares: 10,000 at march 31, 2026 and december 31, 2025 | |||||||||||||||||||
issued and outstanding shares: none at march 31, 2026 and december 31, 2025 | |||||||||||||||||||
common stock, 0.00001 par value... | |||||||||||||||||||
authorized shares: 300,000 at march 31, 2026 and december 31, 2025 | |||||||||||||||||||
issued and outstanding shares: 56,897 and 56,323 at march 31, 2026 and december 31, 2025, respectively | |||||||||||||||||||
additional paid-in capital | 1,020,881,000 | 1,007,390,000 | 991,945,000 | 976,240,000 | 959,656,000 | 948,091,000 | 768,365,000 | 757,935,000 | 744,463,000 | 735,240,000 | 726,428,000 | 558,352,000 | 550,270,000 | 545,753,000 | 541,048,000 | 537,046,000 | 531,509,000 | 528,666,000 | 526,526,000 |
accumulated other comprehensive gain | -19,000 | 37,000 | 42,000 | -144,000 | 223,000 | 114,000 | -18,000 | -1,000 | 113,000 | 84,000 | |||||||||
accumulated deficit | -673,195,000 | -641,557,000 | -611,711,000 | -590,300,000 | -570,722,000 | -545,985,000 | -527,129,000 | -506,155,000 | -480,529,000 | -454,572,000 | -427,066,000 | -402,444,000 | -377,159,000 | -348,675,000 | -320,503,000 | -297,890,000 | -278,706,000 | -261,521,000 | -243,173,000 |
total stockholders’ equity | 347,667,000 | 365,870,000 | 380,276,000 | 385,796,000 | 389,157,000 | 402,220,000 | 241,218,000 | 251,779,000 | 264,047,000 | 280,752,000 | 299,356,000 | 155,902,000 | 173,126,000 | 197,072,000 | 220,762,000 | 239,188,000 | 252,750,000 | 267,091,000 | 283,312,000 |
total liabilities and stockholders’ equity | 487,062,000 | 508,081,000 | 511,541,000 | 513,054,000 | 519,375,000 | 534,017,000 | 374,142,000 | 374,350,000 | 382,900,000 | 404,717,000 | 421,125,000 | 272,446,000 | 284,458,000 | 309,329,000 | 324,037,000 | 310,927,000 | 320,912,000 | ||
accounts receivable, net, | 83,533,000 | 83,496,000 | |||||||||||||||||
operating leases, current | 2,214,000 | 1,910,000 | 1,683,000 | 2,129,000 | |||||||||||||||
loan facility derivative liability | 2,000,000 | 2,000,000 | 1,942,000 | 1,859,000 | 1,832,000 | 1,805,000 | 1,779,000 | 1,609,000 | 1,570,000 | 1,533,000 | 1,496,000 | 1,460,000 | |||||||
operating leases, non-current | 24,654,000 | 26,868,000 | 26,182,000 | 23,975,000 | |||||||||||||||
authorized shares: 10,000 at december 31, 2025 and 2024, respectively | |||||||||||||||||||
issued and outstanding shares: none at december 31, 2025 and 2024 | |||||||||||||||||||
authorized shares: 300,000 at december 31, 2025 and 2024, respectively | |||||||||||||||||||
issued and outstanding shares: 56,323 and 54,718 at december 31, 2025 and 2024 | |||||||||||||||||||
loan facility liability | 2,000,000 | ||||||||||||||||||
other liabilities | 576,000 | 223,000 | 324,000 | 479,000 | 479,000 | 517,000 | |||||||||||||
authorized shares: 10,000 at september 30, 2025 and december 31, 2024 | |||||||||||||||||||
issued and outstanding shares: none at september 30, 2025 and december 31, 2024 | |||||||||||||||||||
authorized shares: 300,000 at september 30, 2025 and december 31, 2024 | |||||||||||||||||||
issued and outstanding shares: 55,870 and 54,718 at september 30, 2025 and december 31, 2024, respectively | |||||||||||||||||||
authorized shares: 10,000 at june 30, 2025 and december 31, 2024 | |||||||||||||||||||
issued and outstanding shares: none at june 30, 2025 and december 31, 2024 | |||||||||||||||||||
authorized shares: 300,000 at june 30, 2025 and december 31, 2024 | |||||||||||||||||||
issued and outstanding shares: 55,577 and 54,718 at june 30, 2025 and december 31, 2024, respectively | |||||||||||||||||||
authorized shares: 10,000 at march 31, 2025 and december 31, 2024 | |||||||||||||||||||
issued and outstanding shares: none at march 31, 2025 and december 31, 2024 | |||||||||||||||||||
authorized shares: 300,000 at march 31, 2025 and december 31, 2024 | |||||||||||||||||||
issued and outstanding shares: 55,278 and 54,718 at march 31, 2025 and december 31, 2024, respectively | |||||||||||||||||||
authorized shares: 10,000 at december 31, 2024 and 2023, respectively | |||||||||||||||||||
issued and outstanding shares: none at december 31, 2024 and 2023 | |||||||||||||||||||
authorized shares: 300,000 at december 31, 2024 and 2023, respectively | |||||||||||||||||||
issued and outstanding shares: 54,718 and 50,771 at december 31, 2024 and 2023 | |||||||||||||||||||
authorized shares: 10,000 at september 30, 2024 and december 31, 2023 | |||||||||||||||||||
issued and outstanding shares: none at september 30, 2024 and december 31, 2023 | |||||||||||||||||||
authorized shares: 300,000 at september 30, 2024 and december 31, 2023 | |||||||||||||||||||
issued and outstanding shares: 52,146 and 50,771 at september 30, 2024 and december 31, 2023, respectively | |||||||||||||||||||
authorized shares: 10,000 at june 30, 2024 and december 31, 2023 | |||||||||||||||||||
issued and outstanding shares: none at june 30, 2024 and december 31, 2023 | |||||||||||||||||||
authorized shares: 300,000 at june 30, 2024 and december 31, 2023 | |||||||||||||||||||
issued and outstanding shares: 51,900 and 50,771 at june 30, 2024 and december 31, 2023, respectively | |||||||||||||||||||
loan facility derivative liability, current | 1,914,000 | 1,886,000 | |||||||||||||||||
authorized shares: 10,000 at march 31, 2024 and december 31, 2023 | |||||||||||||||||||
issued and outstanding shares: none at march 31, 2024 and december 31, 2023 | |||||||||||||||||||
authorized shares: 300,000 at march 31, 2024 and december 31, 2023 | |||||||||||||||||||
issued and outstanding shares: 51,393 and 50,771 at march 31, 2024 and december 31, 2023, respectively | |||||||||||||||||||
restricted cash, current | 777,000 | 777,000 | 777,000 | 777,000 | |||||||||||||||
loan facility derivative liability, non-current | |||||||||||||||||||
authorized shares: 10,000 at december 31, 2023 and 2022, respectively | |||||||||||||||||||
issued and outstanding shares: none at december 31, 2023 and 2022 | |||||||||||||||||||
authorized shares: 300,000 at december 31, 2023 and 2022, respectively | |||||||||||||||||||
issued and outstanding shares: 50,771 and 44,828 at december 31, 2023 and 2022, respectively | |||||||||||||||||||
restricted cash | 3,038,000 | 3,038,000 | 3,814,000 | 3,814,000 | 3,814,000 | 777,000 | 777,000 | ||||||||||||
deferred revenue, current | 5,007,000 | 4,717,000 | |||||||||||||||||
deferred revenue, non-current | 517,000 | 357,000 | |||||||||||||||||
authorized shares: 10,000 at september 30, 2023 and december 31, 2022 | |||||||||||||||||||
issued and outstanding shares: none at september 30, 2023 and december 31, 2022 | |||||||||||||||||||
authorized shares: 300,000 at september 30, 2023 and december 31, 2022 | |||||||||||||||||||
issued and outstanding shares: 50,473 and 44,828 at september 30, 2023 and december 31, 2022, respectively | |||||||||||||||||||
accumulated other comprehensive loss | -6,000 | -6,000 | 15,000 | -6,000 | 217,000 | 32,000 | -53,000 | -54,000 | -41,000 | ||||||||||
authorized shares: 10,000 at june 30, 2023 and december 31, 2022 | |||||||||||||||||||
issued and outstanding shares: none at june 30, 2023 and december 31, 2022 | |||||||||||||||||||
authorized shares: 300,000 at june 30, 2023 and december 31, 2022 | |||||||||||||||||||
issued and outstanding shares: 45,271 and 44,828 at june 30, 2023 and december 31, 2022, respectively | |||||||||||||||||||
authorized shares: 10,000 at march 31, 2023 and december 31, 2022 | |||||||||||||||||||
issued and outstanding shares: none at march 31, 2023 and december 31, 2022 | |||||||||||||||||||
authorized shares: 300,000 at march 31, 2023 and december 31, 2022 | |||||||||||||||||||
issued and outstanding shares: 45,009 and 44,828 at march 31, 2023 and december 31, 2022, respectively | |||||||||||||||||||
authorized shares: 10,000 at december 31, 2022 and 2021, respectively | |||||||||||||||||||
issued and outstanding shares: none at december 31, 2022 and 2021 | |||||||||||||||||||
authorized shares: 300,000 at december 31, 2022 and 2021, respectively | |||||||||||||||||||
issued and outstanding shares: 44,828 and 43,676 at december 31, 2022 and 2021, respectively | |||||||||||||||||||
operating lease – current portion | 2,473,000 | 2,258,000 | 2,181,000 | 2,105,000 | 2,032,000 | ||||||||||||||
note payable – non-current portion | 50,692,000 | 50,507,000 | 50,254,000 | 50,004,000 | 49,762,000 | ||||||||||||||
operating lease – non-current portion | 23,415,000 | 829,000 | 1,418,000 | 1,991,000 | 2,550,000 | ||||||||||||||
authorized shares: 10,000 at september 30, 2022 and december 31, 2021 | |||||||||||||||||||
issued and outstanding shares: none at september 30, 2022 and december 31, 2021 | |||||||||||||||||||
authorized shares: 300,000 at september 30, 2022 and december 31, 2021 | |||||||||||||||||||
issued and outstanding shares: 44,714 and 43,676 at september 30, 2022 and december 31, 2021, respectively | |||||||||||||||||||
authorized shares: 10,000 at june 30, 2022 and december 31, 2021 | |||||||||||||||||||
issued and outstanding shares: none at june 30, 2022 and december 31, 2021 | |||||||||||||||||||
authorized shares: 300,000 at june 30, 2022 and december 31, 2021 | |||||||||||||||||||
issued and outstanding shares: 44,538 and 43,676 at june 30, 2022 and december 31, 2021, respectively | |||||||||||||||||||
authorized shares: 10,000 at march 31, 2022 and december 31, 2021 | |||||||||||||||||||
issued and outstanding shares: none at march 31, 2022 and december 31, 2021 | |||||||||||||||||||
authorized shares: 300,000 at march 31, 2022 and december 31, 2021 | |||||||||||||||||||
issued and outstanding shares: 44,077 and 43,676 at march 31, 2022 and december 31, 2021, respectively | |||||||||||||||||||
liabilities, redeemable convertible preferred stock and stockholders' equity | |||||||||||||||||||
note payable – current portion | |||||||||||||||||||
convertible preferred stock warrant liability | |||||||||||||||||||
redeemable convertible preferred stock issuable in series, 0.00001 par value... | |||||||||||||||||||
authorized shares: none and 26,984 at and december 31, 2021 and 2020, respectively | |||||||||||||||||||
issued and outstanding shares: none and 25,402 at december 31, 2021 and 2020, respectively | |||||||||||||||||||
aggregate liquidation preference: none and 245,768 at december 31, 2021 and 2020, respectively | |||||||||||||||||||
stockholders’ equity | |||||||||||||||||||
authorized shares: 10,000 and none at december 31, 2021 and 2020, respectively | |||||||||||||||||||
issued and outstanding shares: none at december 31, 2021 and 2020 | |||||||||||||||||||
authorized shares: 300,000 and 40,000 at december 31, 2021 and 2020, respectively | |||||||||||||||||||
issued and outstanding shares: 43,676 and 4,713 at december 31, 2021 and 2020, respectively | |||||||||||||||||||
total liabilities, convertible redeemable preferred stock and stockholders’ equity | 337,024,000 | 351,463,000 | |||||||||||||||||
authorized shares: none and 26,984, at september 30, 2021 and december 31, 2020, respectively | |||||||||||||||||||
issued and outstanding shares: none and 25,402 at september 30, 2021 and december 31, 2020, respectively | |||||||||||||||||||
aggregate liquidation preference: none and 245,768 at september 30, 2021 and december 31, 2020, respectively | |||||||||||||||||||
authorized shares: 10,000 and none at september 30, 2021 and december 31, 2020, respectively | |||||||||||||||||||
issued and outstanding shares: none at september 30, 2021 and december 31, 2020 | |||||||||||||||||||
authorized shares: 300,000 and 40,000 at september 30, 2021 and december 31, 2020, respectively | |||||||||||||||||||
issued and outstanding shares: 43,472 and 4,713 at september 30, 2021 and december 31, 2020, respectively |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||||
net loss | -31,638,000 | -29,845,000 | -21,411,000 | -19,579,000 | -24,737,000 | -18,856,000 | -20,974,000 | -25,626,000 | -25,957,000 | -27,504,000 | -24,622,000 | -25,287,000 | -28,484,000 | -28,172,000 | -22,613,000 | -19,184,000 | -17,185,000 | -18,348,000 |
adjustments to reconcile net loss to cash from operating activities: | ||||||||||||||||||
depreciation and amortization | 1,735,000 | 1,709,000 | 1,618,000 | 1,588,000 | 1,475,000 | 1,453,000 | 1,328,000 | 1,269,000 | 1,184,000 | 1,318,000 | 1,054,000 | 642,000 | 793,000 | 663,000 | 703,000 | 717,000 | 758,000 | 763,000 |
stock-based compensation expense | 13,072,000 | 10,842,000 | 14,490,000 | 12,163,000 | 10,108,000 | 9,085,000 | 8,513,000 | 7,986,000 | 6,256,000 | 4,981,000 | 5,326,000 | 5,103,000 | 3,724,000 | 2,885,000 | 3,224,000 | 2,676,000 | 1,552,000 | 1,496,000 |
non-cash lease adjustment | -159,000 | -127,000 | -127,000 | -127,000 | -127,000 | -96,000 | -96,000 | -95,000 | -96,000 | -110,000 | -192,000 | -180,000 | 495,000 | 833,000 | 838,000 | -96,000 | -97,000 | |
provision for credit losses | 195,000 | -1,207,000 | 526,000 | 600,000 | 300,000 | 384,000 | ||||||||||||
inventory write-down | 274,000 | -1,000 | 76,000 | 160,000 | 330,000 | 600,000 | 376,000 | 0 | 581,000 | 186,000 | 228,000 | -25,000 | 113,000 | |||||
loss on foreign currency transactions | 297,000 | 278,000 | 227,000 | |||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||
accounts receivable | -13,317,000 | 2,230,000 | -4,351,000 | -2,706,000 | 3,929,000 | -14,832,000 | -10,587,000 | -2,835,000 | -7,706,000 | -13,754,000 | -1,448,000 | -12,531,000 | -5,370,000 | -2,434,000 | -1,945,000 | -3,901,000 | -2,529,000 | 1,890,000 |
inventory | -7,027,000 | -3,998,000 | 568,000 | -4,786,000 | -6,282,000 | -5,797,000 | -7,158,000 | -2,794,000 | -1,486,000 | 3,186,000 | 485,000 | -3,286,000 | -10,136,000 | -5,749,000 | -8,818,000 | -1,201,000 | 517,000 | -2,544,000 |
prepaid expenses and other current assets | 1,167,000 | -431,000 | -1,760,000 | 513,000 | 576,000 | -2,001,000 | -1,320,000 | 789,000 | -679,000 | -1,143,000 | -241,000 | 504,000 | 1,931,000 | -1,878,000 | -473,000 | 294,000 | 177,000 | -2,025,000 |
other assets | -431,000 | -922,000 | -808,000 | -770,000 | -395,000 | -1,303,000 | -160,000 | 67,000 | -241,000 | -503,000 | -284,000 | 151,000 | 100,000 | |||||
accounts payable | 1,536,000 | 5,933,000 | -789,000 | -2,250,000 | 3,754,000 | -5,379,000 | 5,194,000 | 344,000 | -2,311,000 | 5,876,000 | -2,321,000 | 9,000 | 2,225,000 | -284,000 | 3,296,000 | 499,000 | 448,000 | -1,550,000 |
accrued compensation | -4,688,000 | 1,383,000 | 5,455,000 | 1,313,000 | -6,561,000 | 2,703,000 | 3,952,000 | 3,414,000 | -5,417,000 | 3,620,000 | 3,315,000 | 2,542,000 | -6,039,000 | 3,162,000 | 3,379,000 | 2,320,000 | -1,889,000 | 1,599,000 |
accrued interest expense | 49,000 | 48,000 | 42,000 | 27,000 | 25,000 | 34,000 | 34,000 | 34,000 | 32,000 | 32,000 | 32,000 | 33,000 | 28,000 | 69,000 | 185,000 | 253,000 | 250,000 | 241,000 |
deferred revenue | 628,000 | 1,954,000 | 1,129,000 | -12,000 | 235,000 | 1,421,000 | 1,437,000 | 653,000 | 205,000 | 649,000 | 449,000 | 1,131,000 | 1,088,000 | 512,000 | 480,000 | 495,000 | 343,000 | 177,000 |
other liabilities | 180,000 | 1,827,000 | -1,520,000 | 1,171,000 | 390,000 | 193,000 | 147,000 | 125,000 | 1,306,000 | -1,468,000 | -1,104,000 | 1,077,000 | 346,000 | 1,338,000 | 1,667,000 | 267,000 | -613,000 | 1,772,000 |
net cash from operating activities | -38,127,000 | -10,327,000 | -6,635,000 | -15,043,000 | -16,980,000 | -32,391,000 | -18,800,000 | -15,736,000 | -32,286,000 | -24,793,000 | -18,943,000 | -28,339,000 | -35,928,000 | -25,174,000 | -19,851,000 | -17,126,000 | -18,231,000 | -16,476,000 |
capital expenditures | -2,914,000 | -1,850,000 | -2,868,000 | -2,802,000 | -1,836,000 | -1,174,000 | -246,000 | -1,043,000 | -1,946,000 | -8,715,000 | -5,780,000 | -5,372,000 | -5,339,000 | -866,000 | -1,514,000 | -218,000 | -55,000 | -332,000 |
free cash flows | -41,041,000 | -12,177,000 | -9,503,000 | -17,845,000 | -18,816,000 | -33,565,000 | -19,046,000 | -16,779,000 | -34,232,000 | -33,508,000 | -24,723,000 | -33,711,000 | -41,267,000 | -26,040,000 | -21,365,000 | -17,344,000 | -18,286,000 | -16,808,000 |
cash flows from investing activities: | ||||||||||||||||||
purchases of property and equipment | -2,914,000 | -1,850,000 | -2,868,000 | -2,802,000 | -1,836,000 | -1,174,000 | -246,000 | -1,043,000 | -1,946,000 | -8,715,000 | -5,780,000 | -5,372,000 | -5,339,000 | -866,000 | -1,514,000 | -218,000 | -55,000 | -332,000 |
net cash from investing activities | -2,914,000 | -1,850,000 | -2,868,000 | -2,802,000 | -1,836,000 | -1,174,000 | -246,000 | -1,043,000 | -1,946,000 | -8,715,000 | -5,780,000 | -5,372,000 | -5,339,000 | -866,000 | -1,514,000 | -218,000 | -55,000 | -332,000 |
cash flows from financing activities: | ||||||||||||||||||
proceeds from issuance of common stock from the exercise of stock options | 222,000 | 1,582,000 | 1,078,000 | 873,000 | 1,298,000 | 3,601,000 | 1,715,000 | 3,173,000 | 2,586,000 | 973,000 | 414,000 | 713,000 | 380,000 | 367,000 | 777,000 | 1,573,000 | 1,291,000 | 689,000 |
net cash from financing activities | 222,000 | 4,440,000 | 1,077,000 | 4,378,000 | 1,298,000 | 170,528,000 | 1,715,000 | 5,296,000 | 2,586,000 | 2,866,000 | 162,119,000 | 2,430,000 | 380,000 | -1,318,000 | 777,000 | 2,862,000 | 1,291,000 | 644,000 |
effect of exchange rates on cash, cash equivalents and restricted cash | -42,000 | -41,000 | -10,000 | |||||||||||||||
net decrease in cash, cash equivalents and restricted cash | -40,861,000 | -8,436,000 | -13,490,000 | -17,518,000 | -11,483,000 | -31,646,000 | -31,281,000 | -40,887,000 | -16,995,000 | |||||||||
cash, cash equivalents and restricted cash | ||||||||||||||||||
beginning of the period | 289,540,000 | 0 | 0 | 0 | 336,763,000 | 0 | 0 | 0 | 260,260,000 | 0 | 0 | 0 | 225,674,000 | 1,000 | -1,000 | 0 | 305,097,000 | 0 |
end of the period | 248,679,000 | -7,778,000 | -8,436,000 | -13,490,000 | 319,245,000 | 136,963,000 | -17,331,000 | -11,483,000 | 228,614,000 | -30,642,000 | 137,396,000 | -31,281,000 | 184,787,000 | -27,357,000 | -20,589,000 | -14,482,000 | 288,102,000 | -16,164,000 |
reconciliation of cash, cash equivalents and restricted cash to balance sheets: | ||||||||||||||||||
cash and cash equivalents | 245,641,000 | -7,778,000 | -8,436,000 | -13,490,000 | 316,207,000 | 136,963,000 | -17,331,000 | -11,483,000 | 225,576,000 | -29,865,000 | 137,396,000 | -31,281,000 | 180,972,000 | -27,358,000 | -20,589,000 | -14,482,000 | 284,288,000 | -16,164,000 |
restricted cash | 3,038,000 | 0 | 0 | 0 | 3,038,000 | 0 | 0 | 0 | 3,038,000 | -777,000 | 0 | 0 | 3,815,000 | 1,000 | 0 | 0 | 3,814,000 | 0 |
cash, cash equivalents and restricted cash in balance sheets | 248,679,000 | -7,778,000 | -8,436,000 | -13,490,000 | 319,245,000 | 136,963,000 | -17,331,000 | -11,483,000 | 228,614,000 | -30,642,000 | 137,396,000 | -31,281,000 | 184,787,000 | -27,357,000 | -20,589,000 | -14,482,000 | 288,102,000 | -16,164,000 |
supplemental cash flow information | ||||||||||||||||||
interest paid | 801,000 | 831,000 | 878,000 | 869,000 | 885,000 | 924,000 | 1,011,000 | 1,031,000 | 1,004,000 | 1,004,000 | 988,000 | 943,000 | 1,121,000 | 718,000 | 1,204,000 | 1,198,000 | 1,171,000 | 1,184,000 |
non-cash investing and financing activities | ||||||||||||||||||
property and equipment included in accounts payable and accrued expenses | 1,061,000 | 255,000 | 101,000 | -775,000 | 1,388,000 | 323,000 | -56,000 | -478,000 | 559,000 | 2,269,000 | 351,000 | 10,000 | ||||||
change in fair value in derivative liability | 27,000 | |||||||||||||||||
loan facility liability | 0 | 0 | ||||||||||||||||
reimbursements for leasehold improvements from operating leases | 0 | 0 | 2,596,000 | 0 | 1,772,000 | 3,217,000 | ||||||||||||
proceeds from issuance of common stock under employee stock purchase plan | 2,858,000 | -1,000 | 2,404,000 | 0 | 1,893,000 | 0 | 1,120,000 | 0 | ||||||||||
proceeds from issuance of common stock, net of issuance costs | ||||||||||||||||||
net increase in cash, cash equivalents and restricted cash | 136,963,000 | -30,642,000 | -27,358,000 | -20,588,000 | -16,164,000 | |||||||||||||
change in fair value of derivative liability | 58,000 | 28,000 | 28,000 | 26,000 | ||||||||||||||
transfer of evaluation or rental units from inventory to property and equipment | 0 | -164,000 | 177,000 | |||||||||||||||
loss on loan extinguishment | ||||||||||||||||||
operating lease liabilities | ||||||||||||||||||
proceeds from issuance of long-term debt, net of issuance costs | ||||||||||||||||||
payment of principal on long-term debt | ||||||||||||||||||
payment of final payment fee | ||||||||||||||||||
payment of prepayment fee | ||||||||||||||||||
transfer of evaluation units from inventory to property and equipment | 470,000 | 0 | -61,000 | -62,000 | -79,000 | 150,000 | 548,000 | |||||||||||
right-of-use assets obtained in exchange for operating lease liabilities | ||||||||||||||||||
proceeds from the issuance of common stock, net of issuance costs | ||||||||||||||||||
change in fair value in derivative liability and redeemable convertible preferred stock warrants | ||||||||||||||||||
proceeds from issuance of common stock from the initial public offering, net of underwriting discounts, commissions and offering expenses | -45,000 | |||||||||||||||||
proceeds from the exercise of redeemable convertible preferred stock warrants | 0 | |||||||||||||||||
proceeds from issuance of series g redeemable convertible preferred stock, net of issuance costs | 0 | |||||||||||||||||
property and equipment included in accounts payable and other current liabilities | 5,881,000 | -366,000 | ||||||||||||||||
right-of-use-assets obtained in exchange for operating lease liabilities | ||||||||||||||||||
change in fair value of redeemable convertible preferred stock warrants and derivative liability | 170,000 | 39,000 | 37,000 | 37,000 | 36,000 | |||||||||||||
proceeds from issuance of series g preferred stock, net of issuance costs | ||||||||||||||||||
deferred offering costs included in accounts payable and other current liabilities | ||||||||||||||||||
other non-cash expense | ||||||||||||||||||
proceeds from issuance of note payable, net of issuance costs | ||||||||||||||||||
proceeds from issuance of series f redeemable convertible preferred stock, net of issuance costs | ||||||||||||||||||
conversion of redeemable convertible preferred stock to common stock | ||||||||||||||||||
non-cash lease expense |