PROCEPT BioRobotics Corporation (PRCT) | Investment Case

1. Company Snapshot

1.a. Company Description

PROCEPT BioRobotics Corporation, a surgical robotics company, develops transformative solutions in urology.It develops, manufactures, and sells AquaBeam Robotic System, an image-guided, surgical robotic system for use in minimally-invasive urologic surgery with a focus on treating benign prostatic hyperplasia (BPH).The company also designs Aquablation therapy for males suffering from lower urinary tract symptoms due to BPH.

As of December 31, 2021, it had an install base of 130 AquaBeam Robotic Systems worldwide comprising 78 in the United States.PROCEPT BioRobotics Corporation was incorporated in 2007 and is headquartered in Redwood City, California.

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1.b. Last Insights on PRCT

Breaking News: Pomerantz Law Firm is investigating claims on behalf of investors of PROCEPT BioRobotics Corporation. The investigation comes after recent developments at the company. As of now, there are no updates on the recent earnings release. Investors are advised to contact Danielle Peyton for more information. Analysts from various firms have not provided any recent recommendations for the stock. PROCEPT BioRobotics Corporation is currently under review. Danielle Peyton can be reached at 646-581-9980 for investor inquiries regarding the ongoing investigation.

1.c. Company Highlights

Last Price	24.17
Change Percentage	-4.32%
Open	26.87
Previous Close	25.26
Market Cap ( Millions)	1363
Volume	2514886
Year High	66.85
Year Low	19.35
M A 50	29.26
M A 200	39.78

FCF Yield	-4.28%
Dividend Yield	0.00%
ROE	-25.13%
Debt / Equity	14.11%
Net Debt / EBIDTA	293.22%
Price To Book	3.68
Price Earnings Ratio	-14.09
Price To FCF	-23.36
Price To sales	4.42
EV / EBITDA	-14.08

2. PROCEPT BioRobotics: Strong Procedure Growth, But Miss on EPS

PROCEPT BioRobotics reported Q4 2025 revenue of $76.4 million, representing 12% year-over-year growth, with U.S. revenue at $66.6 million, reflecting 10% growth. The company's gross margin was impacted by a one-time field action related to handpiece and system compatibility, resulting in a $1.5 million impact. The actual EPS came out at '-0.53' relative to estimates at '-0.32', a miss. The average selling price of handpieces was $3,340, up 5% sequentially.

Publication Date: Mar -02

                                    📋 Highlights
                                    Q4 2025 Procedure Growth::
                                                12,200 procedures completed, reflecting 69% annual growth.
2026 Revenue Guidance::
                                                $390M–$410M total revenue, representing 27%–33% annual growth.
Handpiece Model Shift::
                                                1:1 ratio with procedure volume, replacing prior 108-115% model, driven by price increases and inventory normalization.
System Sales Performance::
                                                65 systems sold in Q4 at $425,000 ASP, with 2026 system placements expected to be flat to slightly up.
2026 Procedure Outlook::
                                                60,000–64,000 U.S. procedures, representing 39%–48% growth, driven by new launches and installed base expansion.

                                

Operational Highlights

The company completed 12,200 procedures in Q4 2025, reflecting 69% annual growth. The company sold 65 systems in Q4 at a $425,000 ASP, which doesn't reflect softness in capital sales. The company has adjusted its business model for handpiece sales, now modeling it at a 1:1 ratio with procedure volume, a significant change from previous modeling at 108-115% of procedure volume.

Guidance and Outlook

For 2026, the company expects total revenue to be in the range of $390 million to $410 million, representing annual growth of 27% to 33%. The company expects 2026 total U.S. procedures to be in the range of 60,000 to 64,000, representing growth of approximately 39% to 48%. Gross margin for 2026 is expected to be approximately 65%. Analysts estimate next year's revenue growth at 24.2%, slightly below the company's guidance.

Valuation Metrics

Using the current valuation metrics, the company's P/S Ratio is 4.12, and EV/EBITDA is -12.1. ROE is -25.13%, and ROIC is -23.48%. These metrics indicate that the market is pricing in significant growth, but the company's current financial performance is not yet profitable. The negative EPS and EBITDA loss are expected to continue in the short term, as indicated by the guidance for Q1 EBITDA loss of around $20 million.

Future Plans

The company plans to drive growth through procedure volume, not customer ordering or stocking patterns. The sales force realignment is complete, with new account targets, quotas, and incentive plans in place. The company aims to target men with BPH through education programs and increase awareness and adoption of Aquablation therapy for BPH treatment. More details on these plans will be shared at the Analyst Day.

3. NewsRoom

Securities Fraud Investigation Into PROCEPT BioRobotics Corporation (PRCT) Announced – Shareholders Who Lost Money Urged To Contact Glancy Prongay Wolke & Rotter LLP, a Leading Securities Fraud Law Firm