PROCEPT BioRobotics Corp

For the period ended Dec 31, 2023. Filed Feb 28, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 28, 2024

PRCT$23.05+3.0%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows F-

(in thousands)

	Year Ended December 31,
	2023	2022	2021
Cash flows from operating activities:
Net loss	$(105,897)	$(87,154)	$(59,853)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	3,807	2,841	3,324
Stock-based compensation expense	19,134	10,337	3,796
Change in fair value in derivative liability and redeemable convertible preferred stock warrants	107	283	(199)
Non-cash lease adjustment	13	1,478	(345)
Inventory write-down	995	62	650
Loss on loan extinguishment	—	3,258	—
Changes in operating assets and liabilities:
Accounts receivable, net	(33,103)	(10,809)	(2,914)
Inventory	(9,751)	(15,251)	(6,124)
Prepaid expenses and other current assets	1,051	(1,880)	(2,631)
Other assets	(868)	(51)	—
Accounts payable	5,789	3,959	812
Accrued compensation	3,438	6,972	1,834
Accrued interest expense	125	757	1,045
Deferred revenue	3,317	1,830	792
Operating lease liabilities	4,989	327	—
Other liabilities	(1,149)	2,659	2,479
Net cash used in operating activities	(108,003)	(80,382)	(57,334)
Cash flows from investing activities:
Purchases of property and equipment	(25,206)	(2,653)	(592)
Net cash used in investing activities	(25,206)	(2,653)	(592)
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock purchase plan	3,610	2,409	—
Proceeds from issuance of common stock from the exercise of stock options	2,480	4,008	4,184
Proceeds from issuance of common stock from the initial public offering, net of underwriting discounts, commissions and offering expenses	—	—	172,364
Proceeds from issuance of common stock, net of issuance costs	161,705	—	—
Proceeds from the exercise of redeemable convertible preferred stock warrants	—	—	858
Proceeds from issuance of Series G redeemable convertible preferred stock, net of issuance costs	—	—	84,710
Proceeds from issuance of long-term debt, net of issuance costs	—	51,195	—
Payment of principal on long-term debt	—	(50,000)	—
Payment of final payment fee	—	(3,000)	—
Payment of prepayment fee	—	(1,000)	—
Net cash provided by financing activities	167,795	3,612	262,116
Net increase (decrease) in cash, cash equivalents and restricted cash	34,586	(79,423)	204,190
Cash, cash equivalents and restricted cash
Beginning of the period	225,674	305,097	100,907
End of the period	$260,260	$225,674	$305,097
Reconciliation of cash, cash equivalents and restricted cash to balance sheets:
Cash and cash equivalents	$257,222	$221,859	$304,320
Restricted cash	3,038	3,815	777
Cash, cash equivalents and restricted cash in balance sheets	$260,260	$225,674	$305,097
Supplemental cash flow information
Interest paid	$4,056	$4,291	$4,750
Non-cash investing and financing activities
Transfer of evaluation units from inventory to property and equipment, net	$347	$124	$(679)

Property and equipment included in accounts payable and accrued expenses	$1,863	$3,544	$210
Right-of-use assets obtained in exchange for operating lease liabilities	$—	$22,854	$—
Conversion of redeemable convertible preferred stock to common stock	$—	$—	$329,534

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