PROCEPT BioRobotics (PRCT) Q2 2026 Earnings Report

The call presents a generally positive outlook driven by strong HYDROS adoption, record pricing, solid top-line growth (Q2 revenue +19% and procedures +21% YoY), important clinical and regulatory milestones, and a clear path to positive adjusted EBITDA in Q4 2026. Offsetting risks include a concentrated procedure shortfall in legacy AQUABEAM accounts, higher operating expenses that widened losses in the quarter, and some one-time benefits (tariff recovery) supporting margins. Management is focused on upgrades, scaling launch teams, and patient-activation initiatives to drive durable utilization improvements.

Management reiterated 2026 guidance calling for total revenue of approximately $390–410 million (≈27–33% growth vs. 2025), international revenue of $50–51 million, and U.S. procedures of about 54,000–56,000 (≈25–29% growth), with a full‑year handpiece:procedure ratio of ~1:1 (Q2 handpiece ASP ~$3,550; handpiece revenue guidance implies roughly $200–215 million) and implied system revenue of roughly $210–220 million; they expect H2 new U.S. HYDROS ASP of ~$480–490k (Q2 HYDROS ASP ~$495k), about 40 replacement sales at a ~$300–325k ASP at the midpoint, full‑year gross margin of ~65%, operating expenses of $355–360 million, an adjusted EBITDA loss of $35–30 million with positive adjusted EBITDA forecast for Q4, and cash, cash equivalents and restricted cash of $231 million as of June 30, 2026.