Start here if you're new
what it is
Procept sells robotic systems that remove enlarged prostate tissue with water instead of the old manual surgical mess.
how it gets paid
Last year Procept Bio made $308M in revenue. u.s. system revenue was the main engine at $154M, or 50% of sales.
why it's growing
Revenue grew 37.2% last year. Trailing annual revenue reached $308 million, up 37.2% vs. prior year.
what just happened
The quarter showed strong sales but earnings still cracked, with EPS at -$0.53 versus a -$0.27 estimate.
At a glance
C++ balance sheet — some cracks in the foundation
3.0% return on capital — nothing to write home about
xvary composite: 25/100 — weak
-$0.55 fy2027 eps est
$650M fy2029 rev est
What they do
Procept sells robotic systems that remove enlarged prostate tissue with water instead of the old manual surgical mess.
Procept had 647 installed robotic systems by 12/31/24, including 505 in the U.S. That matters because installed base → machines already in hospitals → repeat procedure revenue can follow. If your hospital buys the robot, trains staff, and builds workflow around it, switching gets expensive in time and money.
How they make money
$308M
annual revenue · their business grew +37.2% last year
u.s. system revenue
$154M
+45%
u.s. handpieces and consumables
$92M
+50%
international revenue
$36M
+37.2%
service and other
$26M
+37.2%
The products that matter
robotic waterjet surgery system
Aquabeam Robotic System
$308M revenue · 100% of sales
it's the only commercial product on the page, responsible for all $308M in annual revenue. that focus creates operating leverage if adoption keeps climbing and concentration risk if it doesn't.
100% of revenue
procedure-driven consumables
Handpieces
usage tied to installed systems
management highlighted a 50% jump in consumable handpiece sales through the first nine months of 2025. that's the recurring-revenue piece investors care about because it tells you placed systems are actually being used.
utilization matters
next-gen system expansion
Hydros
early platform extension
it's part of the same urologic surgery push, but this snapshot does not give clean standalone revenue for it. that's the honest limitation: the story is still mostly Aquabeam.
still thin
Key numbers
$650M
2029 revenue
The base case points to revenue more than doubling from $308 million, so your bet is really on continued placement and procedure growth.
33.7%
operating margin
Operating margin → profit after running the business → how far the model is from self-funding. So what: growth is real, profits are not.
647
installed systems
Installed base → robots already placed → future procedures and consumables. So what: each machine can become a small annuity if utilization rises.
$56
18-month target
The 18-month target sits 89% above the $29.61 share price, which tells you how much execution the stock still needs to prove.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 10 / 100
- long-term debt $52M (3% of capital)
- net profit margin 2.1% — keeps 2 cents of every dollar in revenue
- return on equity 3% — $0.03 profit for every $1 investors have put in
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for PRCT right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter showed strong sales but earnings still cracked, with EPS at -$0.53 versus a -$0.27 estimate.
Trailing annual revenue reached $308 million, up 37.2% vs. prior year. Gross margin held at 64.7%, but losses stayed large enough to remind you this is still a scale chase.
$77M
revenue
$1.19
eps
64.7%
gross margin
the number that mattered
The 96.3% EPS miss mattered most because it showed revenue growth still is not flowing cleanly into earnings.
-
procept biorobotics should close out 2025 on a high note.
-
revenues for the first nine months have surged 48% vs. prior year, supported by robust u.s. system placements and a 50% jump in consumable handpiece sales.
-
thus, we expect full-year revenues to clock in around $325 million, reflecting a 45% improvement from last year, while net losses improve roughly 17%, to $1.45 per share.
-
management has issued an optimistic 2026 outlook.
-
guidance calls for revenue to range between $410 million and $430 million, suggesting 30% growth at the midpoint.the underlying strategy this year is centered around utilization, where procept’s focus shifts from capital equipment sales to increasing the number of procedures performed per installed system. although modest procedural headwinds are anticipated in the first half of this year, the stabilization of the capital environment and a favorable 2026 medicare reimbursement update provide a strong tailwind for the second half.
source: company earnings report, 2026
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What could go wrong
the #1 risk is Aquabeam adoption slowing before PRCT reaches scale.
med
single-platform concentration
All $308M of revenue comes from one commercial platform. If hospital demand, clinical adoption, or procedure volumes wobble, the entire income statement feels it at once.
This risk touches 100% of current revenue. That's not diversification. That's concentration with good branding.
med
bigger medtech competitors
PRCT is trying to establish a niche in robotic urologic surgery while larger firms have more distribution, more capital, and more room to price aggressively.
The bull case assumes clinical traction becomes installed-base durability. If competitors narrow that edge, the multiple shrinks before earnings ever arrive.
med
reimbursement and capital spending
This is a hospital budget story as much as a technology story. Management already flagged first-half procedural pressure and tied part of the second-half setup to Medicare reimbursement and a better capital environment.
Revenue guidance is $410M–$430M for 2026. If hospitals delay purchases or utilization lags, that 30% growth setup starts to look expensive fast.
The story works if Procept turns a $308 million revenue base into durable profits. If not, you just own an expensive robot demo.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
2026 revenue guide: $410M–$430M
That midpoint implies roughly 30% growth. If PRCT starts missing that pace, the premium growth story stops carrying the stock.
trend
consumable handpiece demand
Handpiece sales were up 50% through the first nine months of 2025. You want that number strong because procedure usage is harder to fake than system placements.
risk
single-platform concentration
All $308M of revenue comes from one platform. If adoption hiccups, there is no second engine to hide behind.
calendar
second-half 2026 setup
Management tied improvement to a better capital environment and favorable Medicare reimbursement. That makes the back half of the year the real stress test.
Analyst rankings
short-term outlook
bottom 5%
momentum score 5 — the lowest rating. in human-speak, analysts think this stock is more likely to lag than lead in the next stretch.
risk profile
below average
stability score 4 means more volatility than most stocks. You should expect wider swings than the index.
chart momentum
average
technical score 3 says the chart is not offering a rescue narrative here. The setup is ordinary. The business expectations are not.
source: institutional data
Institutional activity
128 buyers vs. 132 sellers in 3q2025. total institutional holdings: 58.0M shares.
source: institutional data
Price targets
3-5 year target range
$25
$87
$30
current price
$56
target midpoint · +89% from current · 3-5yr high: $90 (+205% · 32% ann'l return)
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