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  "documentTitle": "PROCEPT BioRobotics Corporation (PRCT)",
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      "text": "We Also Highlight the Introduction of New Language Related to Discounts in Its 2023 10-K",
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      "text": "Material Weakness Disclosed in IPO Prospectus",
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      "text": "Procept generally recognizes systems revenue upon delivery to either the customer or distributor, which strikes us as relatively straight forward. However, we note that Procept disclosed a material weakness in its internal controls at IPO, and the Company's auditors consider systems revenue recognition a critical audit matter.",
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      "text": "As described in Notes 2 and 10 to the consolidated financial statements, for the year ended December 31, 2023, the Company recognized system sales and rentals revenue of $58.9 million...",
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      "text": "Procept generally recognizes systems revenue upon delivery to either the customer or distributor, which strikes us as relatively straight forward. However, we note that Procept disclosed a material weakness in its internal controls at IPO, and the Company's auditors consider systems revenue recognition a critical audit matter.",
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      "text": "In connection with the preparation of our consolidated financial statements, a material weakness in our internal control over financial reporting was identified as of December 31, 2020...",
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      "text": "The Company has granted rebates on a limited basis, and those rebates have been historically immaterial.",
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      "text": "“The Company has granted rebates on a limited basis, and those rebates have been historically immaterial.” — Procept 2023 10-K",
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      "text": "Source: Procept 424b, Procept 2023 10-K",
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