PROCEPT BioRobotics Corporation
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Range $19 – $29
Price Chart
About the company
PROCEPT BioRobotics Corporation specializes in pioneering surgical robotic technologies, offering innovative solutions within the field of urology. Its flagship product is the AquaBeam Robotic System, a sophisticated, image-guided surgical robot designed for minimally invasive urological procedures. This system primarily facilitates Aquablation therapy, which the company also devised, to alleviate lower urinary tract symptoms in male patients diagnosed with benign prostatic hyperplasia (BPH).
- CEO
- Larry L. Wood
- IPO
- 2021
- Employees
- 888
- HQ
- San Jose, CA, US
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- Market Cap
- $1.18B
- P/E
- -10.69
- Fwd P/E
- 32.39
- PEG
- 0.49
- P/S
- 3.50
- P/B
- 3.44
- EV/EBITDA
- -10.40
- Div Yield
- 0.00%
- Gross Margin
- 63.74%
- Op Margin
- -33.86%
- Net Margin
- -32.54%
- ROE
- -30.62%
- ROIC
- -27.35%
Latest fiscal year · YoY change
- Revenue
- $308.05M+37.2%
- Gross Profit
- $196.23M+43.1%
- Op Income
- $-103,859,000
- Net Income
- $-95,572,000-4.5%
- EPS
- $-1.72+1.7%
- OCF Growth
- +50.6%
- FCF Growth
- +43.7%
- 52W High
- $42.43
- 52W Low
- $16.66
- 50D MA
- $20.93
- 200D MA
- $26.63
- Beta
- 0.89
- RSI (14)
- 51
- Avg Volume
- 1.63M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
PROCEPT BioRobotics said HYDROS is driving stronger system sales and better utilization than legacy AQUABEAM accounts, but softer legacy-account procedures forced a cut to full-year procedure expectations.· August 4, 2026
- Q2 revenue was $94.5 million, up 19% year over year, with U.S. revenue up 20% and gross margin at 66%.
- U.S. procedures topped 13,100, up about 21% year over year, but management said growth was softer than expected and concentrated in legacy AQUABEAM accounts.
- HYDROS remained the bright spot: 65 U.S. systems were placed at an average selling price of about $495,000, and the company said HYDROS accounts are outperforming legacy accounts on procedures per system.
- Full-year 2026 revenue guidance stayed at $390 million to $410 million, but procedure guidance was lowered to 54,000 to 56,000 U.S. procedures.
- Management still expects gross margin of about 65% for 2026 and positive adjusted EBITDA in Q4, despite higher planned operating expenses of $355 million to $360 million.
Second-quarter 2026 total revenue was $94.5 million, up 19% year over year. U.S. revenue was $83.4 million, up 20% year over year, and international revenue was $11.1 million, up 15%. U.S. procedures exceeded 13,100, up about 21% year over year. Gross margin was 66%, compared with 65% in the prior-year period, helped by a $2.9 million tariff recovery. Net loss was $26.9 million versus a net loss of $19.6 million a year ago, and adjusted EBITDA was a loss of $11.3 million versus a loss of $8 million. Cash, cash equivalents and restricted cash were $231 million at June 30, 2026. For 2026, the company guided to revenue of about $390 million to $410 million, international revenue of $50 million to $51 million, U.S. procedures of 54,000 to 56,000, gross margin of about 65%, operating expenses of $355 million to $360 million, and adjusted EBITDA loss of $35 million to $30 million, while still expecting positive adjusted EBITDA in Q4.
Larry Wood’s message was that the company is still executing on a broader commercial reset: reorganizing sales coverage, scaling a dedicated launch team, and pushing a replacement cycle to convert legacy AQUABEAM systems to HYDROS. He framed HYDROS as the stronger platform, citing better utilization, higher ASPs, and faster adoption, and said the company is focusing on durable growth rather than just near-term volume. His tone was confident but candid, acknowledging that legacy-account softness and procedure underperformance were real issues while emphasizing that the foundation for long-term growth is improving.
Kevin Waters walked through the quarter’s financials and guidance, highlighting $94.5 million of revenue, 66% gross margin, $231 million of cash and cash equivalents plus restricted cash, and an adjusted EBITDA loss of $11.3 million. He pointed to higher operating expenses of $89.8 million, driven by patient activation, innovation, and WATER IV spending, and said full-year operating expenses will be $355 million to $360 million. He also reiterated 2026 gross margin around 65%, said replacement sales should reach about 40 at the midpoint of guidance with ASPs of about $300,000 to $325,000, and maintained that positive adjusted EBITDA in Q4 remains expected.
Analysts focused on whether the lower procedure outlook implied weaker system demand and whether legacy AQUABEAM softness reflected competitive pressure, sales-force changes, RVU changes, or PAE. Management said system demand is still strong, with full-year system revenue implied at roughly $210 million to $220 million and no reliance on bulk IDN orders, while the bigger issue is weaker legacy-AQUABEAM utilization rather than HYDROS performance. They also said the launch-team model is still scaling, with about 40% of HYDROS placements launched through that team in Q2 and a goal of 100% by year-end, and that direct-to-patient pilots are showing encouraging leading indicators but will take time to convert into procedures.
The bull case from this call is that HYDROS is clearly outperforming legacy systems, and management believes the company is successfully shifting the installed base toward a stronger platform. System pricing remains strong, replacement demand is building, and management said the launch-team model and direct-to-patient programs could support utilization over time. They also reiterated full-year revenue, gross margin, and Q4 positive adjusted EBITDA targets.
The main bear case is that procedure growth came in softer than expected and management now assumes no improvement in legacy AQUABEAM sites in the low end of guidance. That makes the year dependent on a back-half pickup from launches, replacements, and patient activation that has not fully shown up yet, while operating expenses are rising. Analysts also pressed on whether weaker utilization undermines the long-term system story, even though management said capital demand remains strong.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 96.0%
- Shares Outstanding
- 56.92M
- Float Shares
- 54.61M
of shares held by institutions
267 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 5.20M | ▼ 3.14K |
| Blackrock, Inc. | 4.87M | ▲ 507.83K |
| T. Rowe Price Investment Management, Inc. | 3.27M | ▼ 8.09K |
| Bnp Paribas Asset Management Holding S.A. | 2.82M | ▼ 265.53K |
| Vanguard Capital Management LLC | 2.46M | ▲ 61.73K |
| Chicago Capital, LLC | 2.07M | ▼ 87.35K |
| State Street Corp | 1.62M | ▲ 87.84K |
| Geode Capital Management, LLC | 1.48M | ▲ 120.66K |
| Fmr LLC | 1.44M | ▼ 17.03K |
| Price T Rowe Associates Inc | 1.33M | ▲ 726.49K |
| Wellington Management Group Llp | 1.27M | ▲ 412.40K |
| Federated Hermes, Inc. | 1.25M | ▲ 1.08M |
Held by 264 ETFs
Biggest fund positions in PRCT by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 13, 26 | Nouri Alaleh | other | 22,965 |
| Aug 13, 26 | Nouri Alaleh | other | 31,773 |
| Aug 13, 26 | Templin Barry L | other | 26,246 |
| Aug 13, 26 | Templin Barry L | other | 36,312 |
| Aug 13, 26 | Waters Kevin | other | 29,527 |
| Aug 13, 26 | Waters Kevin | other | 40,851 |
| Aug 13, 26 | Sharma Pooja | other | 23,622 |
| Aug 13, 26 | Sharma Pooja | other | 32,681 |
| Aug 7, 26 | Wood Larry L | buy | 23,900 |
| Jun 9, 26 | Desai Antal Rohit | other | 3,315 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our PRCT coverage
Recent articles, reports, and earnings notes.
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Generate PRCT report →Deadline Alert: PROCEPT BioRobotics Corporation (PRCT) Shareholders Who Lost Money Urged To Contact Glancy Prongay Wolke & Rotter LLP About Securities Fraud Lawsuit
globenewswire.com · Aug 20
PRCT DEADLINE: SueWallSt Reminds PROCEPT BIOROBOTICS CORPORATION Investors of Upcoming Securities Class Action Deadline
prnewswire.com · Aug 20
PRCT INVESTOR DEADLINE: RGRD Law Files Class Action Lawsuit Against PROCEPT BioRobotics Corporation and Announces Opportunity for Investors with Substantial Losses to Lead Class Action Lawsuit Before September 22, 2026 Deadline
globenewswire.com · Aug 20
PROCEPT BioRobotics Shareholder Alert: ClaimsFiler Reminds Investors With Losses In Excess Of $100,000 Of Lead Plaintiff Deadline In Class Action Lawsuit Against PROCEPT BioRobotics Corporation - PRCT
globenewswire.com · Aug 20
INVESTOR ALERT: Pomerantz Law Firm Reminds Investors with Losses on their Investment in PROCEPT BioRobotics Corporation of Class Action Lawsuit and Upcoming Deadlines - PRCT
prnewswire.com · Aug 20
PROCEPT BioRobotics Corporation (PRCT) Investors: September 22, 2026 Lead Plaintiff Deadline in Class Action Lawsuit
prnewswire.com · Aug 20
PROCEPT BIOROBOTICS CORPORATION (PRCT) SHAREHOLDER ALERT Bernstein Liebhard LLP Reminds PROCEPT BioRobotics Corporation Investors of Upcoming Deadline
globenewswire.com · Aug 20
Kaplan Fox Reminds Investors of a Deadline for a Securities Fraud Class Action Lawsuit Against PROCEPT BioRobotics Corporation (PRCT) on September 22, 2026
newsfilecorp.com · Aug 20
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