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PROCEPT BioRobotics
(NASDAQ:PRCT)
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Rating:54Neutral
Price Target:
$19.50
▲(16.84% Upside)
Action:Reiterated
Date:08/06/26
PRCT’s score is held back primarily by ongoing losses and materially negative free cash flow (worsening in TTM), despite strong revenue growth and improving gross margins. Technicals are also weak with negative momentum and the stock below key longer-term averages. Offsetting these risks, the latest earnings call reiterated strong 2026 growth guidance and outlined a near-term path to positive adjusted EBITDA in Q4 2026, but execution risks (legacy account procedure softness and elevated opex) remain.
Positive Factors
Revenue Growth & Improving Gross Margin
Sustained multi-year revenue expansion combined with mid-60s gross margins indicates product-market fit and durable unit economics. High gross margin supports scalable margin expansion as procedure volumes and consumables attach rates grow, enabling operating leverage as fixed costs are spread across a larger installed base.
Negative Factors
Negative Operating & Free Cash Flow
Meaningful and worsening cash burn raises financing and execution risk over the medium term. Continued negative FCF requires external capital or material margin/expense improvement; failure to stabilize cash generation could force dilution, limit commercial investment, or slow international expansion critical for durable growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth & Improving Gross Margin
Sustained multi-year revenue expansion combined with mid-60s gross margins indicates product-market fit and durable unit economics. High gross margin supports scalable margin expansion as procedure volumes and consumables attach rates grow, enabling operating leverage as fixed costs are spread across a larger installed base.
Read all positive factors
PROCEPT BioRobotics Key Performance Indicators (KPIs)
Any
Revenue by Segment
Separates income from capital device sales, consumable disposables, and recurring services or training, showing how much revenue is one-time versus repeatable. A higher share of consumables and service revenue points to more predictable, annuity-like cash flow from the installed base, while heavy reliance on device sales makes results more dependent on hospital budgets and adoption cycles.
Separates income from capital device sales, consumable disposables, and recurring services or training, showing how much revenue is one-time versus repeatable. A higher share of consumables and service revenue points to more predictable, annuity-like cash flow from the installed base, while heavy reliance on device sales makes results more dependent on hospital budgets and adoption cycles.
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The Fly
The FlyPROCEPT BioRobotics (PRCT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.06B
Dividend YieldN/A
Average Volume (3M)1.71M
Price to Earnings (P/E)―
Beta (1Y)0.76
Revenue Growth29.26%
EPS Growth-7.59%
CountryUS
Employees888
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.91
Shares Outstanding56,918,842
10 Day Avg. Volume1,591,226
30 Day Avg. Volume1,706,467
Financial Highlights & Ratios
PEG Ratio10.67
Price to Book (P/B)4.78
Price to Sales (P/S)5.67
P/FCF Ratio-29.95
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$23.13Price Target Upside38.56% Upside
Rating ConsensusHold
Number of Analyst Covering11
EPS Forecast (FY)-1.54
Revenue Forecast (FY)$397.42M
PROCEPT BioRobotics Business Overview & Revenue Model
Company Description
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 d...
How the Company Makes Money
PROCEPT BioRobotics primarily makes money by selling and supporting its HYDROS Robotic System ecosystem used for Aquablation therapy in hospitals and surgical centers. Key revenue streams generally include: (1) System revenue: upfront sales (or ot...
PROCEPT BioRobotics Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
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.Positive Updates
Top-line Revenue and Procedure Growth
Total revenue of $94.5M in Q2 2026, up 19% year-over-year; U.S. revenue $83.4M, up 20% YoY. U.S. procedures exceeded 13,100 in the quarter, up ~21% YoY.
Negative Updates
Procedure Shortfall Concentrated in Legacy AQUABEAM Accounts
Although overall U.S. procedures grew 21% YoY, Q2 procedure volume was softer than expected and the shortfall was concentrated primarily in legacy AQUABEAM accounts. AQUABEAM and HYDROS installed base is roughly split ~50/50, but AQUABEAM performance declined recently.
Read all updates
Q2-2026 Updates
Positive
Negative
Top-line Revenue and Procedure Growth
Total revenue of $94.5M in Q2 2026, up 19% year-over-year; U.S. revenue $83.4M, up 20% YoY. U.S. procedures exceeded 13,100 in the quarter, up ~21% YoY.
Read all positive updates
Company Guidance
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.PROCEPT BioRobotics Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
72
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 337.34M | 308.05M | 224.50M | 136.19M | 75.01M | 34.47M |
| Gross Profit | 215.03M | 196.23M | 137.10M | 71.05M | 37.09M | 15.87M |
| EBITDA | -100.94M | -85.41M | -82.00M | -98.09M | -79.13M | -50.72M |
| Net Income | -109.75M | -95.57M | -91.41M | -105.90M | -87.15M | -59.85M |
Balance Sheet | ||||||
| Total Assets | 479.35M | 508.08M | 534.02M | 404.72M | 309.33M | 337.02M |
| Cash, Cash Equivalents and Short-Term Investments | 227.91M | 286.50M | 333.73M | 257.22M | 222.64M | 304.32M |
| Total Debt | 77.50M | 78.48M | 80.25M | 79.20M | 77.32M | 54.10M |
| Total Liabilities | 139.28M | 142.21M | 131.80M | 123.97M | 112.26M | 69.93M |
| Stockholders Equity | 340.07M | 365.87M | 402.22M | 280.75M | 197.07M | 267.09M |
Cash Flow | ||||||
| Free Cash Flow | -125.97M | -58.34M | -103.62M | -133.21M | -83.03M | -57.93M |
| Operating Cash Flow | -112.47M | -48.98M | -99.21M | -108.00M | -80.38M | -57.33M |
| Investing Cash Flow | -13.50M | -9.36M | -4.41M | -25.21M | -2.65M | -592.00K |
| Financing Cash Flow | 10.46M | 11.19M | 180.13M | 167.79M | 3.61M | 262.12M |
PROCEPT BioRobotics Technical Analysis
Neutral
16.69
Price Trends
22.07
Negative
23.72
Negative
27.31
Negative
Market Momentum
-0.95
Negative
48.36
Neutral
74.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PRCT, the sentiment is Neutral. The current price of 16.69 is below the 20-day moving average (MA) of 18.73, below the 50-day MA of 22.07, and below the 200-day MA of 27.31, indicating a neutral trend. The MACD of -0.95 indicates Negative momentum. The RSI at 48.36 is Neutral, neither overbought nor oversold. The STOCH value of 74.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PRCT.
PROCEPT BioRobotics Risk Analysis
PROCEPT BioRobotics disclosed 77 risk factors in its most recent earnings report. PROCEPT BioRobotics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
PROCEPT BioRobotics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $1.45B | 11.08 | 17.62% | ― | 8.94% | 102.92% | |
69 Neutral | $4.40B | 40.68 | 15.41% | ― | 12.40% | ― | |
62 Neutral | $1.46B | -11.47 | -139.55% | ― | 22.55% | 27.87% | |
54 Neutral | $1.06B | -10.23 | -27.70% | ― | 29.26% | -7.59% | |
54 Neutral | $1.30B | 107.02 | 2.66% | ― | 17.59% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $796.52M | -74.81 | -23.00% | ― | 119.23% | 40.14% |
* Healthcare Sector Average
PRCT
PROCEPT BioRobotics
20.03
-19.56
-49.41%
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SSII
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-44.46%
PROCEPT BioRobotics Corporate Events
Executive/Board ChangesShareholder Meetings
PROCEPT BioRobotics Shareholders Back Board, Pay and Auditor
Positive
Jun 10, 2026
At PROCEPT BioRobotics Corporation’s annual meeting of stockholders held on June 9, 2026, all director nominees listed in the company’s April 22, 2026 proxy statement were elected to the board to serve until the 2029 annual meeting or ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.