PROCEPT BioRobotics (PRCT) Q3 2026 Earnings Report

The call was predominantly positive. Revenue, procedures, international sales, HYDROS utilization, pricing, replacement activity, clinical progress and full-year guidance were strong, while management emphasized continued commercial execution and an expected return to positive adjusted EBITDA in Q4. The main challenges were flat U.S. system revenue, lower legacy AQUABEAM utilization, a required Q4 procedure acceleration, higher operating expenses and larger year-over-year losses.

For 2026, PROCEPT expects total revenue of $390 million to $410 million, representing growth of approximately 27% to 33%, international revenue of $50 million to $51 million, around 54,000 procedures, consistent with guidance of 54,000 to 56,000 procedures, and 50 to 60 replacement sales at an average selling price of approximately $315,000; new U.S. system average selling prices are expected to remain relatively consistent with $495,000, fourth quarter gross margins are expected to be approximately 65%, operating expenses are expected to be in the range of $359 million to $363 million, and adjusted EBITDA loss is expected to be in the range of $35 million to $30 million, implying positive adjusted EBITDA in the fourth quarter, with Q4 guidance implying positive $3 million to positive $9 million. For 2027, approximately 20% year-over-year revenue growth is a starting point for planning, with capital probably being similar to 2026, pricing relatively stable, international growth fairly comparable to 2026 and somewhere around the 25% to 30% range, again, perhaps as low as 20%, and 100 to 200 basis point expansion on a yearly basis a reasonable place to be for gross margin.