PRCT - Earnings call transcript Q1 2022 | PROCEPT BioRobotics Corporation

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Matt Bacso

Thanks, operator. Good afternoon and thank you for participating in today’s call.

Joining me from PROCEPT BioRobotics are Reza Zadno, CEO and Kevin Waters, CFO. Earlier today, PROCEPT released financial results for the quarter ended March 31, 2022. A copy of the press release is available on the company’s website.

laws, like this you statements provisions call meaning federal I’d make management within of begin, pursuant of during made Litigation statements that securities of the we Private to Safe Reform that remind will the to Securities Before the are Act Harbor XXXX. which include forward-looking statements in this forward-looking or events, future of performance contained call are expectations Any results statements. predictions that relate or to trends guidance, operating future All or COVID-XX to various the future including our and are and expense forward-looking expectations financial impact product business without related management approvals and and statements, assumptions. based performance, those growth, limitation, sales market commercial of and our for hiring upon estimates development our opportunity, on revenue expansion, current uncertainties involve statements. could events implied material results or from and materially forward-looking by these statements actual risks to cause differ those that These Accordingly, you statements. these should on not undue reliance place

turn or future financial time-sensitive to any of that, events because contains the obligation, other revise intention call This broadcast forward-looking refer BioRobotics section with call and and except information associated information, EDGAR law, risks on will required in Exchange the description uncertainties update the disclaims a or Securities most our filed Commission And as or of XX-K of expressly the with For to as on periodically or filed recent annual accurate only with with statements, our March available XXXX, May of any on list reports SEC. new and Reza. over Form and and XX, report please and live is public I PROCEPT Risk X, XXXX. on the business, our Factors conference projections to otherwise. whether the by

Reza Zadno

Thanks, afternoon us. for and thank Matt. joining Good you

call results, $XX.X first our revenue to our of Starting comments XXXX of total the opening provide XXXX was before XX% to guidance, quarterly first will additional of to regarding opening detail of Q&A. fourth by the the with will sequential update, I compared followed the a XXXX. quarter and and performance growth quarter representing compared call, million, today’s and XXXX revenue financial quarter Kevin, for XX% growth who business provide For updated

doubling our performance, AquaBeam XX the systems. we demand Regarding was our of to U.S. The communication first surgeon announced System. $X.X Robotic XXXX. growth X-year robust Growth quarter, Data as compared continued revenue AquaBeam in Growth resulting first recently underlying compared was was WATER by representing in driven also interest, entering field-based benefits U.S. the by to drive million, aided the sold XXXX. primarily Study quarter from system of peer-to-peer to Total commercial about approximate team XX% of XXXX strong BPH high-volume our of hospitals. the

half believe the hired remainder XXXX, and we of onboarding, strong of back of carry is successful especially the commercial in ended high-quality new we our Given with robust pipeline believe employees a what for momentum of March as we the will targeted number accounts. XXXX through

the to consumable handpiece of compared U.S. XXXX. revenue and representing was million, approximately quarter first XXXX growth quarter $X.X XXX% of First

As communicated in procedure did call, quarter associated on January minor we the variant. our earnings see fourth Omicron volume with headwinds

February reduced, impact quarter negligible in of dramatically this However, and resulting affected customers as progressed, the number a in was March.

will of sales. result, some strain both In unaffected first to COVID-related situation, a new we business our handpiece balance optimistic that or absence was exceed insignificant. on As the XXXX ability relatively a our disruptions guidance for revenue unforeseen of quarter be to remain the system and

working. and system published we rapid real-world patients surgeons early by that While robotic and strategy of see commercial patient we indicate supported launch, our clinical adoption, recently benefits outstanding the is X-year outcomes our still believe early in hospitals, are robust data, our data, and our our

a providing briefly environment update, the and our on business me business. supply address its current let influence chain Before

to our challenging, to in resulting highlight, increased demand. have lead product times in certain meet moderately material the chain more want I for experienced constraints not we First, That customer components. has incrementally supply said, environment ability become current

decision to increase levels, strategic expect our chain ability not our impact have do supply an to the to Given inventory we meet plans. revenue on issues

As high we our what that ensure year, will quality our be can the and way progress need to through timely. supply a is we we with focus in main customers

components chain or Lastly, we do Ukraine. Russia any currently either have not coming from supply directly

to doubled field-based program plan. execute tight experienced objectives XXXX see medical a gives an commercial device our in additional from training turning onboarding implemented growth updates. of strong to in commercial to team and market, back and put the hiring Even quarterly us our growth Now our approximately highly effective XXXX continue confidence position which professionals, business at We to end in interest labor half and sales meeting with of us we XXXX. the on

hired performance. The rapid coupled early say reps nicely have our excellent are late in the increases hit team, physician here and of stride. the their evident our impact our outcomes proud curve to am I As progressed with commercial May, were clinical starting to to that in their in productivity XXXX up first I adoption, now quarter sit and

revenue allowed a to accounts, full seeing us have Additionally, the which new strong increase which physician shortly. will XXXX we are capital degree pipeline, and we high touch guidance, on year to Kevin visibility interest of at

and the trends have Next, last I comment months. XX procedure to seen on we utilization in would like

utilization utilization utilization, procedures quarterly internal also customers. our continue simple are like we the of majority procedure to taking from our As based prostate. believe, in do stated volumes following Aquablation to resective we we on seeing quarter, are hospital We sequential On of and cases, modalities, factors. the our procedures attributable increases prostatectomy data, increase believe laser the converted other to in believe is last we from the are although

seeing more System, surgeons First, are extremely learning using low we the given account. our the predictability, at reproducibility with AquaBeam our associated system and curve Robotic

procedure beginning resective of their therapy. of As favor Aquablation a accounts protocol standardize to increasing in are result, an number

Second, choice. obvious and since poor that safety resective larger therapy prostate treatments void fills becomes outcomes, legacy the for have Aquablation immediately

prostate outcomes size clinical Aquablation and a prostate since broader of in range are surgeons are of therapy Third, using sizes. shape, independent

Specifically, when the with data the within number last generally patients range. XX XX fall largest over treated XX-milliliter to the analyzing Aquablation months, of patient

the to access Turning roughly regulatory expanding payer we for its published This announced last of effective revised coverage XX thoroughly Aquablation members Aquablation data, policies and therapy policy, published April Aquablation for as million therapy is effective surgical XX, approvals, Aetna with commercial alternative policy now week, the noting and in Aetna outcome XXXX. therapy concluded safe covered as BPH, and men issued of updated BPH. an for treatment became to the clinical U.S. recently the treatment literature, X-year including updated a is

In the addition, Blue momentum Shield Blue Cross within have continued regional markets. we

a payer As Blue and of issued we announced on Virginia, Washington, Blue the last D.C., Shield of coverage in our Maryland quarter the Cross call, first policy positive CareFirst, XXXX.

largest covered Pennsylvania, is Additionally, effective Aquablation updated also and treatment the of treatment April Aquablation therapy is for covering of licensees Cross medically list the and of remove Cross X the Association. XX, based Southeastern and in Independence Shield investigational BPH of to lives surgical Shield Blue their Blue from added the necessary Blue Blue procedures policy procedures approximately one to Independence surgical considered million BPH. experimental considered

believe be BPH. XXX approximately today, approximately Aquablation therapy men million total of we XX% to covered suffering As we estimate represents which of people, lives of from

payers Given commercial physician from real-world last and the outcomes the largest months, and of X XXX% obtained the positive patient clinical policies of coverage. our we strength data, X in Medicare support have XX coverage

BPH benefit. short-term will increased As important surgical is there proposition and it to is value and obvious take the is hospitals. utilization, targeted lowering benefit we our relates our to long-term technology a of increased The as penetrate business, the short-term equipment capital benefit the to of long-term sell time barriers The more benefit a market. which high-volume

in quarter, Turning our from the we to the first system procedures Aquablation Food April. and Korea the first completed to received our and for approvals, approval we AquaBeam regulatory And System. Ministry of first shipped first also Drug Korean Robotic Safety in the quarter in

also PROCEPT the in we countries believe meaningful which in impact plan Korea, large of our Asia-Pacific of procedure ultrasound will major on marked a support make coming Labour adoption. milestones expect to approvals system to approval In Both years, and populations. XXXX. received region. end Japanese widespread these the positioned for Shonin by In be addition the focus Welfare and from our establishing aging our includes is to with AquaBeam initial well reimbursement we robot regulatory third-party to specifically, Japan, to approval, In full for the Health, Ministry have

U.S. As centers similar to a we in to medical will system select first build strong support, clinical our initial install strategy. step, our academic

to study to Additionally, patients in Aquablation we efficacy robust the expand already data plan PMDA-mandated clinical on clinical enroll of a PROCEPT’s in therapy. post-market Japan,

very expect to are this about expect not excited important to obtain the and revenue in milestone, is near future in meaningful do to reimbursement point the While not thus that do generate years. coming it we we out

event New that X:XX I Before Conference everyone Central Association XX be it in-person remind Orleans. a.m. I hosting wanted PROCEPT American to May will the Kevin, also Urological on an hand Time to in investor at at

over management, and a from In therapy the investors. will will about With call experience that, feature speak the surgeons, presentation the three I who to by event questions short addition will Kevin. take Aquablation their turn to

Kevin Waters

Reza. Thanks,

growth U.S., new is In of system both first which hospital the our was were line to sequentially new which most revenues, XX% quarter XXXX driven to to quarter the of U.S. highlighted, above by representing our customers revenue. XXXX of was the primarily Reza compared average handpiece growth. of sold system AquaBeam As increased sales expectations. slightly and XX% and in million, for with and XX $XX.X prices selling revenue we The increase $XXX,XXX, sequential first customers. were flat systems, AquaBeam including

U.S. is demo did we QX. last XX to numerous either quarter of January intend of evaluation XX installed obtaining as the returned was three under in systems installed agreements compared sold XXXX, we coverage XX, as installed systems. direct XX systems evaluation out be still three to end sale. these under systems down base we to which or will the systems as first from by This in remaining our December be the in the agreements, call Of will systems ending the specifically XXXX. base, AquaBeam quarter Medicare a Our Prior AquaBeam U.S. base have our place

Turning by to primarily growth to $X.X driven per utilization handpiece account U.S. measured compared by was Handpiece selling XXXX. revenue the million, growth increased of monthly increases of average representing sold first in handpiece prices. quarter handpieces revenue, was revenue XXX% and

the quarter approximately X,XXX shipped were prices to handpieces compares the U.S. of quarter X.X purchased per $X,XXX per X approximately Specifically, fourth which first approximately $X,XXX up and the XXXX. XXXX approximately handpieces in $X,XXX in XXXX in selling the first of XXXX. We X.X the in average from fourth in first of first quarter. the the in handpiece, and Accounts in quarter averaged in the of month quarter, quarter quarter

volume loss first U.S. above same million million to to the higher quarter total on average quarter an quarter our of prices expenses The associated Net with increase compared compared in period expenses expenses for $XX.X the and production were driven a fourth was year costs of expand of revenue of million XXXX first of from the compared million Adjusted marketing sales in XXXX to organization the first increased in million, by XXXX. loss quarter operating quarter quarter $X.X the supporting million selling, administrative Margins spread of primarily as compared we to portion the for loss million to our Total international units prior fixed same in XX%, the of was due $XX.X $XX.X year. selling representing increased was and general approximately was public first revenue, of produced. larger first the quarter million EBITDA a growth XXXX. number quarter margin $X.X XXXX. were the the handpiece of Gross manufacturing the for of overhead over a in of a was $XX.X $XX.X of first expectations the to period and the of Lastly, company. XX% in and and XX% our first $XX.X of XXXX increase XXXX. higher prior

needed believe cash million. totaled to and balance of strong and our XX will equivalents during resources borrowings provide balance We IPO our was raised business. sheet cash liquidity and capital while the long-term grow million March as current Our and $XX the our the $XXX.X support capital

of guidance $XX momentum year to to our in range business, be are continued quarter revenue financial Moving guidance, our the million strong given first and increasing in underlying total the million. XXXX our to we full $XX

our quarter throughout the per year. installed expect sequentially base we the to of increase As number sold grows, absolute handpieces

quarterly utilization, as pleased XXXX. guidance the year, year modestly expected to although the be to our first utilization assumes progress utilization updated While full quarter sequentially trends are revenue rates through up be with down we slightly improvement XXXX from

to our decrease explained As prior base on by accounts as increase utilization are initial call, earnings rates will installed meaningfully expect year-end, added. our which new we

average be the year, in is handpiece pricing for which actual. full to prices, now expect our Regarding range $X,XXX with in selling we line first quarter the

XX% Turning to systems very revenues. continue on quarter. total we a to revenue expect system of robust to following modest sold to to expect year be first the international AquaBeam And of throughout increases sales, the revenues, sequential XX% lastly, number approximately we

to the at XX% levels. given expenses down higher of income gross approximately we $XXX to revenue previously expect end of XX% range our be to statement, operating Moving the be million, and higher issued now margins

to full adjusted to be million. like million point, continue the comments. year for turn closing to EBITDA of to range to call negative expect we back Reza At Lastly, I’d $XX this $XX in the

Reza Zadno

Thanks their to all and will Have our a of take on In for on clinical I meeting at support. we and to customers leverage strategy. upcoming event our you New long-term want and to conferences execute AUA I will this look May thank commercial investments closing, point, Operator? Kevin. forward our our great And shareholders At In to we Orleans questions. XXth. employees, investor continue day. in many XXXX,

Operator

comes from Bank Bijou from America. question [Operator Craig of the first And Instructions]

from Your line Jennings back, I is take our is next Josh open. Cowen. that question

Josh Jennings

was – Good evening and and business that X-year it’s for Congratulations I Reza questions. the Hi. mid-quarter and on have your clear the thanks and in think the in just think study guys I the start you wanted to taking year. WATER strong to Kevin, QX. published, momentum

sanity commercial mean of feeling of the centers? from having it United year? payer the big side, later of in to check was is new publication driving sales your a it that interest how hump? increased And you do the Just marketing wanted And that for on deal over is expect got paper their and hands same this Are you team? also then that for what I that

Reza Zadno

the Thanks issue that, we the Josh. at a drivers policy. Very believe carefully. Reza. the they Aetna. clinical Yes, They looked is one good information for information X-year we that positive question. was This only was to very coverage And data of needed believe

any many As away mind, sales it with X-year But there far – as the were team is question data. take were utilization commercial on with concerned, helps physicians satisfied side. on anybody’s with our if that X-year questions data, the definitely,

Josh Jennings

you. Thank

one Just follow-up.

pass-through guys the around place. for of, transitional We the some treatment. questions getting have the have hospitals kind guess an for just been economics And you I payment Aquablation in

treatment extended that my without Just for of even in understanding potential the one? question the want there to And the goes to that is make make sure be that my an second see frequent a TPT end wanted Thanks sure more for procedural a is or laser points get us if investors. hard a kind the for of question from share Aquablation all had I end resective because questions. any of say, than, that just data you taking term. for to to just is, away the place, understanding in at is – XXXX that, that, that XXXX, we and it’s profitable

Reza Zadno

Yes.

payment the during it that. even use accounts XXXX. is benefit a for will is purchase that pass-through end COVID, assuming away this procedure to But away. get that robot which extended, that away with XXXX believe TURP, go we So compared we our slim $X,XXX, assume adequate different But yes, And XXXX. But payment – for of $X,XXX. we we go course, from not the for believe to The in chance – will hospital and the the – There may because hospitals is structure. hospital different about many go is it. are at have will is example, transitional $X,XXX, could cost for of starting that about is it

Josh Jennings

Thanks Great. again.

Operator

from comes from of Bijou question your Craig And Bank next America.

open. is line Your

Craig Bijou

Good I about Thanks Great. talk and surgeons, the your but afternoon comments to adding utilization, wanted in couple quarter. another that. on specifically new for a strong questions appreciate the script, Reza, taking on congrats and about guys.

of So, a going you as bit as there to placed new color to wondering And also maybe And if of if then takes surgeon full typically little little it’s maybe was have you the once adoption. of about it said of – get is to ramped it seeing for I least expecting? and were are surgeons, a I quarters if, five a kind so at Is more you that faster a that in obviously quarter, you champion, dynamic. four quarters up maybe are adding utilization, utilization. when a system on quickly you bit know said first

Reza Zadno

Yes. Thanks Craig.

who also XX majority seeing of standardizing cases. the the are procedure that’s come sizes. resective using of in in milliliter mentioned, I the are as are why spectrum these fact, procedure XX same physicians favor Aquablation. time, in entire and at milliliter the concerned, the I the to hospitals, And in in are of product. physician onboard in or are our prostate we using the surgeon they as other far see hospitals, account As TURP of because the believe first size, our is accounts, mentioned, we of converted these physician high-volume standardizing are user high-volume the cases resective prostate our our is they utilization in cases. the in that it that highest we But so And as And an start experience independent account. is surgeons was But some procedure

bell representative milliliter, is milliliter of patients curve, prostate size the the in curve of to look what top which the If you roughly XX actual of the bell at are. XX

are using wider it they and in prostate So, are same the physicians it. more using sizes in account,

Craig Bijou

And the is that cases are that placed, just of on systems going newer newer the the utilization expected? or as

Reza Zadno

Yes.

So, it as going expected. is

remarks, But Kevin’s utilization per have is from last because since accounts a of this this utilization we very in to were again, new handpieces new on that per big modestly sensitive our we per account installed quarter. month month. base, the still But base is limited, As accounts. – that saw, happy the very limited very installed the impact are is up

the quarter, quarters takes was is Just the accounts quarter, until But in state. four quarters handpieces with to happy three early. per But account on, slightly. utilization first get that came than this a first they the expected very the It higher we to were month. steady per

Craig Bijou

Got if I that ask couple And questions recognize international so Japan approvals, there. can reimbursement, on need just will a the it. of

give For not an or that is when we can And when Japan, happen? for the But of you opportunity a be think targeting about could should could you market and Korean how little big that then you? that reimbursement are when know us I – color how on it bit or near-term. coming of

Reza Zadno

Yes.

is the ultrasound for the study out need obtain the as as that. we And piece of reimbursement to are conduct approval robot as PMDA reimbursement for Japan will concerned, XXXX. expecting approval come there. we far a our after So, you But over as and we have it know, and in

future. in more assuming But revenue and color near provide giving progress are can our from that future, – make we we protocol on the hopefully that. more Japan near timing, in in the not we next in As

Kevin Waters

people, take somewhere range XXXX. that at Kevin. modest I a when I of it’s contribution, around would the things. million to you of market, we Korea, about for those And it’s look this the year important Korea about of lines. is few million of And what’s the market Korea. $X will XX% expect XX think would Craig, in Yes. very But follow kind a along population U.S. size a BPH the

is And we robotic lots to a First, that technology going within a adopt their market also, is there few that And very concentrated, nice just willingness highly prevalent. to BPH of hospitals. procedures is history give is there opportunity. us a think

market Asia-Pacific So, get in really support to in utilization penetration, use get we that key and a can leaders very as have minimal springboard region. the opinion that in we Korean think but meaningful

Craig Bijou

for taking Thanks guys. questions Great. the

Reza Zadno

Thank you.

Operator

from And our comes Amit next question from Hazan Goldman Sachs.

is line open. Your

Amit Hazan

made, lead get from understand the to that Obviously, afternoon. Thanks. to start companies hearing you risk just of the about many chain them. talking just sure Good and you sense similar we thinking you about we Hey. like how were getting of kind But increased on supply you comments about times. kind a some talked so for challenges to you there. of Wanted through make are are the

inventory inventory us solid specifically a you visibility feel your in. terms footing? the or you you you Is shortages of what for have planning in this experiencing you which year? units to are components these how of there give build do or And that kind on of sense many own types got to Just need components pretty are deliver the like

Reza Zadno

thanks becoming environment only have but we our planning. and department they But in the of the increasing Amit, and an And Yes. inventory, companies, – last other the year also the for is manufacturing started we chain more challenging. anticipated question. this you we top that need had Yes, chain on have with area seen supply is as are not and so supply our definitely, personnel that increased inventory. the

increase inventory, near-future we the anticipate is because and smaller, in of which high and of our because of advantages we and we One demand. we organization, believe the have personnel, on the of meet increase this visibility our in will

Amit Hazan

and for just staffing we little guys you on some hospitals far pressure the earlier robotics, some QX just see you on have you to of robotics med Okay. in companies spending especially more reflect than talk have overall, maybe install anecdotally are talk rest bit staffing, kind to CapEx then room some little a in or of an to you customers Could the ability hospital operating about as of a they how get what more have that from And and think inside you of all to heard And you that seeing, seen kind hospital just customers just with on you other in tech those potentially units topics? the both of then maybe hearing kind or of past. understanding the so challenged. as relates otherwise commented through and on your CapEx you just it terms at year seeing bit on in comments are are what being ground are about companies, what of the of But then potential to made stage. the

Kevin Waters

this is the Kevin. Yes, environment I CapEx will take Amit, and your reference installation. to

aren’t that systems, And well-funded would So, price targeting patients volume, we now, seeing can average And the same in robotic BPH early given are time, see therefore, fairly out as the in regional toward at of spending And companies. curve. CapEx to ROI a our hospital. seeing adoption we constraint positive community point And quickly, within look would prevalence I constraints a are a our capital our their high at other at they unlike if is than capital Reza that to not very as we hospitals. selling hospitals you less their smaller mentioned, targeting customers. hospitals way our be right perhaps are larger other equipment significantly prevalent

drive to significantly feel robotics about environment. the good team we side our growth. added And to we the So, help us sales have lastly, on capital

just complex environment require not orders over current mentioned There would is and a complex larger and well. our There then also time are lot about all And revenue long to are hearing turn but of then in between capital from hospital staffing talk of confidence from you maybe other high And there give to staffing Reza number a will that robot, is other this installation administration well we year, that about companies. as installation that compared remind to just would those very our us the in what we is system lead a installation. even degree that companies seeing you just for to shortages So, and I hospital a as staffing. of standpoint. the simple. not factors is a I it

Reza Zadno

Yes.

as meet aware not quarter, we definitely of one, to installed And are our us of utilization. to in any because base But So, affect need. is, also, we again they And able is – did it in provide are hospitals. present shortage in last we support were staffing the our all limited. cases that we that

of affected. hit has but it our we not point to meaningful impact any it the to our were So, that aware are ability numbers. not Yes, on we

Amit Hazan

Okay.

Just big one back impact quick per and queue. in installed that thought on utilization, really Omicron follow-up especially in quarter. curve during just get a I was robot, obviously the considering utilization will number, and I good increase a the the base the pretty

so you continue. pretty well as down of kind of commentary of the and of I those the that feels your for might of did kind And think rest sequentially, conservative. headwinds, kind like, it year utilization on It feels all just given

good in give big number, increase you it a of new But that number, put I you the how much get faced your headwinds conservatism the bit. base. weigh – nonetheless, systems the little quarter pretty installed given kind or might very a actually sense seems some that new of greenfields introduction down of of us it and the a Just like in into of a

Kevin Waters

installed that Yes, again, same leading procedures initial a champion a seeing to which then more mentioned, and account range that’s our think metric. And with we accounts. sequentially adoption a sensitive increased time, as decrease therefore, kind And between as we utilization. early provide much base our same just extremely guidance you the question. highly were our able agree fact, conservative is is physician product from first uptick I get that be And It’s to are we the in much the know, above two we you. great broader utilization. out variable are at an cycle. expectations, which we something And performing a with more are Reza I with we given quarter. and conservative. treating We felt of performing would precise Utilization, definitely we very characterize physicians would in initially history is in utilization At accounts, as fourth now more metric the the a expecting there were We pleased quarter. these things And will guidance of in the the around believe prostates, is achievable.

Amit Hazan

much Alright. very folks. Thanks

Operator

Danielle SVB comes our from And next from Leerink. question Antalffy

is line Your open.

Unidentified Analyst

guys. Thanks on so Congrats for much nice question. Erin for the on quarter. is Hey taking Danielle. This our

reimbursement, going these Basically do mean on kind on what once Just these a us are just might the of you waiting can to a quick get forward? one know talk – asking, for coverage to into is to procedures of policy recent Have do positive kind about me of policies there decisions, go any expect given just just see you that if bolus plans this effect? guys patients you Aquablation?

Reza Zadno

Hi this is Reza. Danielle, the for Yes. question. Thanks

we placement yes, Aetna believe we carrier. it that, believe this helps the incrementally help definitely in where their utilization What in accounts Aetna coming will in the onboard, with So future. robot is is also commercial near

able help those will base. are more – our as beyond revenue on, I were impactful. Aetna. mean without numbers, become also think I utilization, But adding hit fact, really every help more in carrier carriers even We the XXXX to installed and will that it is but come in we will

Kevin Waters

releasing on dependent just this add would I obviously on raise additional and report was coverage. the our that, was timing us receiving near not very because to guidance Yes. QX revenue

again ability like that when to a salesperson’s one in have cap just barrier sell of as gives guidance makes Reza confidence hospital if to those it’s greater one they it achieve a a a capital. the in piece entry, it’s one range us our our less confidence sense. of it, just feather more to incremental, that to opposed us numbers. they lot in more characterize into said, being would to degree – gives It’s less just it answer And that question go I However,

Unidentified Analyst

Yes. Great. rep so And productivity. quick one Thanks then one much. just on

kind recently I know planning given hire Just the the sales to are doubled and of you hires, recent pretty force more. you

about forward? productivity of think so then see, kind ramp anticipated? how reps new trending, would how from to wanted Just we have should how And going is you the in productivity rep far

Kevin Waters

Yes.

our the compared onboard. that we XXXX. ramping of was we And expected. XXXX onboard. capital improved of the folks pleased end the We if base the our exceeded is our bit new the brought driver there is And you front coverage. XXX% guidance the reason the on end reps increase primarily installed high And with But yes, the than would those look of productivity at are of primary guidance, to coming we the the at sooner folks a very had we have over reps perhaps and new productivity QX

the have start and new every been drive I come a been those think this pleased great the And hired. just the QX people. for quality, I person both impressive It’s have into that of most that and experience organization we list has has with folks. that Reza an of

Unidentified Analyst

Okay. Great. Thanks so much.

Reza Zadno

you. Thank

Kevin Waters

Thank you.

Operator

over will we turn questions, [Operator further I Instructions] the so no for have call And remarks. back final

Reza Zadno

for our again attending Thanks listening to earnings and QX call.

see And We much. you are at you to our event the forward time Thank live soon. seeing we to look investor very we since hope in first COVID. Orleans you for – New

Operator

you. concludes conference and Thank this today’s Thank Ladies participating. for you call. gentlemen,

You may now disconnect.

PROCEPT BioRobotics (PRCT) 8 May 222022 Q1 Earnings call transcript