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RoboticsPublic

PROCEPT BioRobotics

No base rate yet — PRCT has 0 graded prints on the record, and the bar is 3.Website
Ticker
PRCT
Beat
robotics
Size
Public Company
Revenue
$94.5M
as of Jun 2026
Cash
$228M
as of Jun 2026
Burn
$22.2M/qtr
as of Jun 2026
Runway
~2.6yr at this rate
as of Jun 2026
Researched · Fresh
10 days ago

A single-asset surgical-robotics razor-and-blade compounding ~30% real procedure growth, deliberately torching its own reported revenue to purge channel-stuffed handpieces and install pricing discipline — the half-off de-rate prices in a demand-saturation fear the procedure data does not yet confirm, and a TAVR-category-builder CEO is the call option the tape is ignoring.

Orbit · who it trades with and competes with
1 on the rings · 0 trade · 1 rival
1 mentions across our dossiers
Focus · Robotics
PROCEPT BioRobotics
PRCT · public
No published house view
Competes with
Next prints in its web
Links · 1 company · 0 trade · 1 rival
“PROCEPT BioRobotics PRCT n/a n/a n/a n/a n/a urology surgical robot pure-play (census peer)”Globus Medical · RIVAL · from Globus Medical’s dossier
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Price

Weekly closes

PRCT · weekly close
19.20 USD−3.8%
Friday 30 Oct 2026 · last 52 Fridays 16.69–35.99
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 1,043 sh · 3 filings, Form 4 · 9 Sept 2026
  2. Short interest: 7,501,644 sh · 5.57 days to cover, FINRA · settled 15 Oct 2026
  3. Insiders bought, 90 days: 7,727 sh · 1 filing, Form 4 · 2 Oct 2026
  4. Next print: in 114 days, Scheduled · 25 Feb 2027, scheduled
19.20USD-3.8%robotics -1.6%PRCT · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 9 Sept 2026
3 filings · 1,043 shares
Insiders bought, last 90 daysSEC Form 4 · newest 2 Oct 2026
1 filing · 7,727 shares
Shares sold shortFINRA · settled 15 Oct 2026
7,501,644 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
5.57
see the whole series
Financials

The reported figures

Revenue · quarterly
$94.5M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$94.5M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
PROCEPT BioRobotics, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$35.1M USD-73.0% share of revenue-$24.7M USD$5.8M USD$287M USD50.5M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$43.6M USD-67.8% share of revenue-$33.5M USD$8.7M USD$257M USD—Filed · primarysec.gov
Q1 ’2431 Mar 2024$44.5M USD-62.1% share of revenue-$34.2M USD$1.9M USD$226M USD51.4M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$53.4M USD-50.3% share of revenue-$16.8M USD$1.0M USD$214M USD51.9M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$58.4M USD-38.4% share of revenue-$19.0M USD$246K USD$197M USD52.2M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$68.2M USD-28.9% share of revenue-$33.6M USD$1.2M USD$334M USD—Filed · primarysec.gov
Q1 ’2531 Mar 2025$69.2M USD-39.7% share of revenue-$18.8M USD$1.8M USD$316M USD55.3M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$79.2M USD-28.0% share of revenue-$17.8M USD$2.8M USD$303M USD55.6M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$83.3M USD-27.8% share of revenue-$9.5M USD$2.9M USD$294M USD55.9M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$76.4M USD-40.6% share of revenue-$12.2M USD$1.9M USD$287M USD—Filed · primarysec.gov
Q1 ’2631 Mar 2026$83.1M USD-39.2% share of revenue-$41.0M USD$2.9M USD$246M USD56.9M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$94.5M USD-29.0% share of revenue-$22.2M USD$3.0M USD$228M USD57.3M sharesFiled · primarysec.gov

PROCEPT BioRobotics’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$94.5M+19% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $35.1M, as of Sep 2023Revenue Q4 ’23: $43.6M, as of Dec 2023Revenue Q1 ’24: $44.5M, as of Mar 2024Revenue Q2 ’24: $53.4M, as of Jun 2024Revenue Q3 ’24: $58.4M, as of Sep 2024Revenue Q4 ’24: $68.2M, as of Dec 2024Revenue Q1 ’25: $69.2M, as of Mar 2025Revenue Q2 ’25: $79.2M, as of Jun 2025Revenue Q3 ’25: $83.3M, as of Sep 2025Revenue Q4 ’25: $76.4M, as of Dec 2025Revenue Q1 ’26: $83.1M, as of Mar 2026Revenue Q2 ’26: $94.5M, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
-29.0%-1.0 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: -73.0%, as of Sep 2023Operating margin Q4 ’23: -67.8%, as of Dec 2023Operating margin Q1 ’24: -62.1%, as of Mar 2024Operating margin Q2 ’24: -50.3%, as of Jun 2024Operating margin Q3 ’24: -38.4%, as of Sep 2024Operating margin Q4 ’24: -28.9%, as of Dec 2024Operating margin Q1 ’25: -39.7%, as of Mar 2025Operating margin Q2 ’25: -28.0%, as of Jun 2025Operating margin Q3 ’25: -27.8%, as of Sep 2025Operating margin Q4 ’25: -40.6%, as of Dec 2025Operating margin Q1 ’26: -39.2%, as of Mar 2026Operating margin Q2 ’26: -29.0%, as of Jun 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
-$22.2M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: -$24.7M, as of Sep 2023Free cash flow Q4 ’23: -$33.5M, as of Dec 2023Free cash flow Q1 ’24: -$34.2M, as of Mar 2024Free cash flow Q2 ’24: -$16.8M, as of Jun 2024Free cash flow Q3 ’24: -$19.0M, as of Sep 2024Free cash flow Q4 ’24: -$33.6M, as of Dec 2024Free cash flow Q1 ’25: -$18.8M, as of Mar 2025Free cash flow Q2 ’25: -$17.8M, as of Jun 2025Free cash flow Q3 ’25: -$9.5M, as of Sep 2025Free cash flow Q4 ’25: -$12.2M, as of Dec 2025Free cash flow Q1 ’26: -$41.0M, as of Mar 2026Free cash flow Q2 ’26: -$22.2M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$228Mdebt $51.7M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $287M, as of Sep 2023Cash Q4 ’23: $257M, as of Dec 2023Cash Q1 ’24: $226M, as of Mar 2024Cash Q2 ’24: $214M, as of Jun 2024Cash Q3 ’24: $197M, as of Sep 2024Cash Q4 ’24: $334M, as of Dec 2024Cash Q1 ’25: $316M, as of Mar 2025Cash Q2 ’25: $303M, as of Jun 2025Cash Q3 ’25: $294M, as of Sep 2025Cash Q4 ’25: $287M, as of Dec 2025Cash Q1 ’26: $246M, as of Mar 2026Cash Q2 ’26: $228M, as of Jun 2026Debt Q3 ’23: $51.3M, as of Sep 2023Debt Q4 ’23: $51.3M, as of Dec 2023Debt Q1 ’24: $51.4M, as of Mar 2024Debt Q2 ’24: $51.4M, as of Jun 2024Debt Q3 ’24: $51.4M, as of Sep 2024Debt Q4 ’24: $51.5M, as of Dec 2024Debt Q1 ’25: $51.5M, as of Mar 2025Debt Q2 ’25: $51.5M, as of Jun 2025Debt Q3 ’25: $51.6M, as of Sep 2025Debt Q4 ’25: $51.6M, as of Dec 2025Debt Q1 ’26: $51.7M, as of Mar 2026Debt Q2 ’26: $51.7M, as of Jun 2026

CashDebt

Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
57.3M+13% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 50.5M, as of Sep 2023Shares outstanding Q1 ’24: 51.4M, as of Mar 2024Shares outstanding Q2 ’24: 51.9M, as of Jun 2024Shares outstanding Q3 ’24: 52.2M, as of Sep 2024Shares outstanding Q1 ’25: 55.3M, as of Mar 2025Shares outstanding Q2 ’25: 55.6M, as of Jun 2025Shares outstanding Q3 ’25: 55.9M, as of Sep 2025Shares outstanding Q1 ’26: 56.9M, as of Mar 2026Shares outstanding Q2 ’26: 57.3M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-24editorial noteSources added: 0 → 5The dossier's cited-link count grew from 0 to 5 (deep-dive-2026-06-20.md → deep-dive-2026-10-24.md).dossier
2026-10-24editorial noteMargin figure revised: 64.9% → 66%Margin moved from 64.9% (deep-dive-2026-06-20.md) to 66% (deep-dive-2026-10-24.md).dossier
2026-10-24editorial noteRevenue figure revised: $308.1M → $94.5MRevenue moved from $308.1M (deep-dive-2026-06-20.md) to $94.5M (deep-dive-2026-10-24.md).dossier
2026-10-02filing8-K Item 5.02: Dr. Michael Mack appointed Class II directorOn 2 Oct 2026 the board increased from nine to ten members and appointed Dr. Michael Mack as a Class II director, term to the 2029 annual meeting.agent:company-events · SEC EDGAR 8-K
2026-09-24contract8-K: Third Amendment to CIBC loan; term loan maturity extended to 1 Oct 2028On 23 Sep 2026 PROCEPT BioRobotics entered a Third Amendment to its Loan and Security Agreement with CIBC, extending the Term Loan Maturity Date from 1 Oct 2027 to 1 Oct 2028.agent:company-events · SEC EDGAR 8-K
dossier age
10 days
researched 24 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 11 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-20), 425 words, 8 filing mentions
  2. The dossier: What held, 67 words, 3 filing mentions
Research

The PROCEPT BioRobotics dossier

The verdict

A single-asset surgical-robotics razor-and-blade compounding ~30% real procedure growth, deliberately torching its own reported revenue to purge channel-stuffed handpieces and install pricing discipline — the half-off de-rate prices in a demand-saturation fear the procedure data does not yet confirm, and a TAVR-category-builder CEO is the call option the tape is ignoring.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-20)

  1. Q2 results. Total revenue $94.5M, up 19% year on year; U.S. revenue $83.4M (+20%), of which handpiece and consumable revenue $48.4M (+12%) and system revenue $29.1M (+32%); international revenue $11.1M (+15%). Gross margin 66% (Q2 2025: 65%; Q1 2026: 65%), helped by a $2.9M tariff refund. Operating expenses $89.8M (Q2 2025: $73.9M). Net loss $26.9M (Q2 2025: $19.6M). Adjusted EBITDA loss $11.3M (Q2 2025: $8.0M). [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-04, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1588978/000158897826000028/prct_q22026earningsrelease.htm; quarter ended 2026-06-30]
  2. Procedures and systems. U.S. procedures were over 13,100, up about 21% year on year. The company delivered 65 U.S. HYDROS systems, including 14 replacements, at an average selling price of about $495,000 for new systems. U.S. handpieces sold were about 98% of U.S. procedures and the handpiece average selling price was about $3,550 (+11%). [sec.gov: 8-K filed 2026-08-04, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1588978/000158897826000028/prct_q22026earningsrelease.htm]
  3. Cash. Cash, cash equivalents and restricted cash of about $231M at 2026-06-30. Weighted-average common shares outstanding were 57,067 thousand in Q2. [sec.gov: 8-K filed 2026-08-04, exhibit 99.1, same URL; Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-05, https://www.sec.gov/Archives/edgar/data/1588978/000158897826000030/prct-20260630.htm]
  4. 2026 guidance. Revenue of $390M to $410M reiterated (27% to 33% growth); gross margin of about 65% reiterated; U.S. procedure volume now expected at 54,000 to 56,000 (25% to 29% growth); adjusted EBITDA loss now expected at $30M to $35M. [sec.gov: 8-K filed 2026-08-04, exhibit 99.1, same URL as item 2]
  5. Clinical and guidelines. Enrolment in the WATER IV prostate-cancer study is complete, and the updated American Urological Association guidelines strengthened the recommendation for Aquablation therapy. [sec.gov: 8-K filed 2026-08-04, exhibit 99.1, same URL as item 2]
  6. Loan amendment. On 2026-09-23 the company signed a Third Amendment to its Loan and Security Agreement with CIBC extending the term loan maturity by 12 months, from 2027-10-01 to 2028-10-01. [sec.gov: 8-K filed 2026-09-24, https://www.sec.gov/Archives/edgar/data/1588978/000158897826000034/prct-20260923.htm]
  7. Board. On 2026-10-02 the board appointed Dr. Michael Mack, a cardiac surgeon, as an independent Class II director for a term expiring at the 2029 annual meeting. [sec.gov: 8-K filed 2026-10-02, https://www.sec.gov/Archives/edgar/data/1588978/000162828026064586/prct-20261002.htm]
  8. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed catalyst asks whether "post-reset procedure growth hold[s] ≥25%": Q2 U.S. procedure growth was about 21% (item 2), and the full-year procedure guide of 25%-29% growth is unchanged in range terms (item 4). The same catalyst asks whether "reported revenue re-converge[s] with procedures": revenue grew 19% against procedures up 21%. The carried catalyst on "debt refinancing ahead of CIBC Oct-2027 maturity" meets item 6. The carried seed's price figures rest on market data this delta does not refresh.

What held

  • Gross margin stayed in the mid-60s and the revenue guidance range was kept (item 4). [sec.gov: 8-K filed 2026-08-04, exhibit 99.1]
  • The company remains loss-making (Q2 net loss $26.9M) with a cash balance of about $231M. [sec.gov: 8-K filed 2026-08-04, exhibit 99.1]
  • The handpiece attach rate is about 98% of U.S. procedures, so the razor-and-blade model is intact. [sec.gov: 8-K filed 2026-08-04, exhibit 99.1]

How our view changed

2 dossiers

Every dossier we have written on PROCEPT BioRobotics, newest first.

  1. current

    A single-asset surgical-robotics razor-and-blade compounding ~30% real procedure growth, deliberately torching its own reported revenue to purge chann…

  2. A single-asset surgical-robotics razor-and-blade compounding ~30% real procedure growth, deliberately torching its own reported revenue to purge chann…

Company details

IndustryRobotics
SizePublic Company
WebsiteVisit PROCEPT BioRobotics

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5 names

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