PROCEPT BioRobotics Corporation (NASDAQ:PRCT) Q4 2022 Results Conference Call February 28, 2023 4:30 PM ET

Company Participants

Matt Bacso - Vice President-Investor Relations

Reza Zadno - Chief Executive Officer

Kevin Waters - Senior Vice President and Chief Financial Office

Conference Call Participants

Joshua Jennings - Cowen

Craig Bijou - Bank of America

Chris Pasquale - Nephron

Richard Newitter - Truist

Neil Chatterji - B. Riley

Nathan Treybeck - Wells Fargo

Matthew Mishan - KeyBanc

Ryan Zimmerman - BTIG

Operator

Good afternoon, and welcome to the PROCEPT BioRobotics Fourth Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded for replay purposes.

I would now like to turn the call over to Matt Bacso, Vice President, Investor Relations, for a few introductory comments.

Matt Bacso

Thank you. Good afternoon and thank you for joining PROCEPT BioRobotics Fourth Quarter 2022 earnings conference call. Presenting on today's call are Reza Zadno, Chief Executive Officer; and Kevin Waters, Chief Financial Officer.

Before we begin, I'd like to remind listeners that statements made on this conference call that relate to future plans, events or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. While these forward-looking statements are based on management's current expectations and beliefs, statements are subject to several risks, uncertainties and assumptions and other factors that could cause results to differ materially from the expectations expressed on this conference call. These risks and uncertainties are disclosed in more detail in PROCEPT BioRobotics filings with the Securities and Exchange Commission, all of which are available online at www.sec.gov.

Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today's date, February 28, 2023, except as required by law, PROCEPT BioRobotics undertakes no obligation to update or revise any forward-looking statements to reflect new information, circumstances or unanticipated events that may arise.

With that, I'd like to turn the call over to Reza.

Reza Zadno

Good afternoon and thank you for joining us. For today's call, I will provide opening comments and a business update followed by Kevin, who will provide additional detail regarding our financial performance and initial 2023 guidance before opening the call to Q&A.

Starting with our quarterly revenue results, we are pleased to report another strong quarter, where our customers and patients continue to realize the significant clinical benefits of Aquablation therapy. Total revenue for the fourth quarter of 2022 was $23.8 million, representing growth of 135% compared to the fourth quarter of 2021. On a full year basis, total revenue for 2022 was $75 million, representing growth of 118% for the full year 2021.