PROCEPT BioRobotics (PRCT) investor relations material

Executive summary

• Q2 2026 revenue reached $94.5 million, up 19% year-over-year, with over 13,100 U.S. procedures completed, a 21% increase, though below expectations due to softness in legacy AquaBeam accounts.

• HYDROS system adoption accelerated, with 65 systems placed in the U.S. (50 greenfield, 14 replacements, 1 lease), and replacement activity is expected to remain a key growth driver.

• Revenue for the six months ended June 30, 2026, was $177.6 million, up 20% year-over-year, driven by higher sales volumes of systems, consumables, and service contracts.

• Completed enrollment in the WATER IV prostate cancer study and received strengthened guideline recommendations for Aquablation therapy.

• Commercial reorganization and launch team model are largely complete, enabling improved sales focus and faster system ramp-up.

Financial highlights

• U.S. revenue was $83.4 million, up 20% year-over-year; international revenue was $11.1 million, up 15%.

• Gross margin improved to 66% from 65% last year, aided by a $2.9 million tariff recovery.

• Net loss widened to $26.9 million from $19.6 million in Q2; for the six months, net loss was $58.5 million, compared to $44.3 million in the prior year.

• Operating expenses rose to $89.8 million from $73.9 million in Q2, and to $176.3 million for the six months, mainly due to higher R&D and SG&A costs.

• Cash and equivalents totaled $231 million as of June 30, 2026.

Outlook and guidance

• 2026 revenue guidance remains $390–$410 million (27–33% growth); international revenue expected at $50–$51 million.

• U.S. procedures forecasted at 54,000–56,000 (25–29% growth); new system ASP expected at $480,000–$490,000 in H2.

• Adjusted EBITDA loss expected at $35–$30 million, with positive adjusted EBITDA in Q4.

• Full-year gross margin expected at 65%; operating expenses guided to $355–$360 million.

• Management expects continued revenue growth as the install base and utilization of robotic systems expand, particularly in the U.S.