Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | PROCEPT BioRobotics Corporation |
Entity Central Index Key | 0001588978 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure [Table] | ||
Pay vs Performance [Table Text Block] | Value of Initial Fixed $100 Investment Based on: Year Summary Compensation Table Total for PEO Compensation Actually Paid to PEO Average Summary Compensation Table Total for Non-PEO NEOs ($)(1) Average Compensation Actually Paid to Non-PEO NEOs ($)(2) Company Total Shareholder Return Peer Group Index Total Shareholder Return ($)(3) Net Income Revenue ($)(in '000s)(4) 2022 4,131,452 19,431,486 1,109,242 3,438,128 99.05 79.87 (87,154) 75,014 2021 1,374,745 23,117,713 834,610 5,787,293 59.63 98.43 (59,853) 34,473 | |
Company Selected Measure Name | Revenue | |
Named Executive Officers, Footnote [Text Block] | Amounts reported in these columns represent the total compensation as reported in the Summary Compensation Table for Dr. Zadno, our PEO for each year and the average of the total compensation as reported in the Summary Compensation Table for our remaining named executive officers for the relevant fiscal year, which captures the individuals indicated in the table below for each fiscal year: Year PEO Non-PEO NEOs 2022 Reza Zadno, Ph.D Kevin Waters, Hisham Shiblaq, and Alaleh Nouri 2021 Reza Zadno, Ph.D Kevin Waters and Hisham Shiblaq | |
PEO Total Compensation Amount | $ 4,131,452 | $ 1,374,745 |
PEO Actually Paid Compensation Amount | $ 19,431,486 | 23,117,713 |
Adjustment To PEO Compensation, Footnote [Text Block] | Amounts reported in these columns represent compensation actually paid (calculated in accordance with SEC rules) to Dr. Zadno for each year and average of the compensation actually paid to the remaining named executive officers and reflects the following adjustments from total compensation reported in the Summary Compensation Table: 2021 2022 Adjustments PEO ($) Average Non-PEO NEOs ($) PEO ($) Average Non-PEO NEOs ($) Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY (615,245) (309,169) (2,872,492) (370,938) Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End 2,931,429 1,465,695 3,212,086 414,863 Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date 416,062 208,050 80,297 10,365 Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End (5) 16,545,025 2,665,309 10,398,989 1,425,039 Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date 2,465,697 922,798 4,481,154 849,557 TOTAL ADJUSTMENTS 21,742,968 4,952,683 15,300,034 2,328,886 The fair value valuation adjustments outlined above to calculate the compensation actually paid included assumptions that differed from those used in the Company’s grant date fair value calculations. For stock options, the fair value is measured using Black-Scholes option pricing model as of each measurement date including updated assumptions based on an analysis of the historical volatility of a peer group of publicly traded companies, the expected term for options that are expected to remain outstanding based on the simplified method, the measurement date stock price, and the risk-free interest rate based on U.S. Treasury yield for zero- coupon U.S. Treasury notes. For RSUs, the fair value is measured based on the closing fair market value of the Company’s common stock as of each measurement date. | |
Non-PEO NEO Average Total Compensation Amount | $ 1,109,242 | 834,610 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 3,438,128 | 5,787,293 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | Amounts reported in these columns represent compensation actually paid (calculated in accordance with SEC rules) to Dr. Zadno for each year and average of the compensation actually paid to the remaining named executive officers and reflects the following adjustments from total compensation reported in the Summary Compensation Table: 2021 2022 Adjustments PEO ($) Average Non-PEO NEOs ($) PEO ($) Average Non-PEO NEOs ($) Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY (615,245) (309,169) (2,872,492) (370,938) Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End 2,931,429 1,465,695 3,212,086 414,863 Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date 416,062 208,050 80,297 10,365 Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End (5) 16,545,025 2,665,309 10,398,989 1,425,039 Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date 2,465,697 922,798 4,481,154 849,557 TOTAL ADJUSTMENTS 21,742,968 4,952,683 15,300,034 2,328,886 The fair value valuation adjustments outlined above to calculate the compensation actually paid included assumptions that differed from those used in the Company’s grant date fair value calculations. For stock options, the fair value is measured using Black-Scholes option pricing model as of each measurement date including updated assumptions based on an analysis of the historical volatility of a peer group of publicly traded companies, the expected term for options that are expected to remain outstanding based on the simplified method, the measurement date stock price, and the risk-free interest rate based on U.S. Treasury yield for zero- coupon U.S. Treasury notes. For RSUs, the fair value is measured based on the closing fair market value of the Company’s common stock as of each measurement date. | |
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | ||
Compensation Actually Paid vs. Net Income [Text Block] | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | ||
Total Shareholder Return Vs Peer Group [Text Block] | Assumes $100 invested on September 15, 2021, the closing price on the first day of trading of our common stock, including reinvestment of dividends. Peer Group Index Total Shareholder Return represents the cumulative Total Shareholder Return of the S&P Health Care Equipment Index. | |
Tabular List [Table Text Block] | Pay Versus Performance Tabular List We believe the following performance measures represent the most important performance measures used by us to link compensation actually paid to our executive officers for 2022: a. Revenue b. Adjusted EBITDA c. US Procedures Completed Using the AquaBeam Robotic System | |
Total Shareholder Return Amount | $ 99.05 | 59.63 |
Peer Group Total Shareholder Return Amount | 79.87 | 98.43 |
Net Income (Loss) | $ (87,154) | $ (59,853) |
Company Selected Measure Amount | 75,014 | 34,473 |
PEO Name | Reza Zadno, Ph.D | Reza Zadno, Ph.D |
Additional 402(v) Disclosure [Text Block] | Reflects the adjustments calculated in accordance with the methodology above to the value of options granted prior to our initial public offering in September 2021. | |
Measure [Axis]: 1 | ||
Pay vs Performance Disclosure [Table] | ||
Non-GAAP Measure Description [Text Block] | The Company selected Revenue as the Company-Selected Measure due to it being an important financial measure that helps link Compensation Actually Paid to the Company's executive officers for the most recently completed fiscal year. Specifically, Revenue is the largest component of the formula to determine Annual Incentive Cash Compensation. | |
PEO [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | $ 15,300,034 | $ 21,742,968 |
PEO [Member] | Measure [Axis]: 1 | ||
Pay vs Performance Disclosure [Table] | ||
Measure Name | Revenue | |
PEO [Member] | Measure [Axis]: 2 | ||
Pay vs Performance Disclosure [Table] | ||
Measure Name | Adjusted EBITDA | |
PEO [Member] | Measure [Axis]: 3 | ||
Pay vs Performance Disclosure [Table] | ||
Measure Name | US Procedures Completed Using the AquaBeam Robotic System | |
PEO [Member] | Share-based Compensation Transactions [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount, Equity Awards | $ (2,872,492) | (615,245) |
PEO [Member] | Equity Awards Granted in During the Year, Unvested [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount, Equity Awards | 3,212,086 | 2,931,429 |
PEO [Member] | Equity Awards Granted in During the Year, Vested [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount, Equity Awards | 80,297 | 416,062 |
PEO [Member] | Equity Awards Granted in Prior Year, Unvested [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount, Equity Awards | 10,398,989 | 16,545,025 |
PEO [Member] | Equity Awards Granted in Prior Year, Vested [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount, Equity Awards | 4,481,154 | 2,465,697 |
Non-PEO NEO [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | 2,328,886 | 4,952,683 |
Non-PEO NEO [Member] | Share-based Compensation Transactions [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount, Equity Awards | (370,938) | (309,169) |
Non-PEO NEO [Member] | Equity Awards Granted in During the Year, Unvested [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount, Equity Awards | 414,863 | 1,465,695 |
Non-PEO NEO [Member] | Equity Awards Granted in During the Year, Vested [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount, Equity Awards | 10,365 | 208,050 |
Non-PEO NEO [Member] | Equity Awards Granted in Prior Year, Unvested [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount, Equity Awards | 1,425,039 | 2,665,309 |
Non-PEO NEO [Member] | Equity Awards Granted in Prior Year, Vested [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount, Equity Awards | $ 849,557 | $ 922,798 |