PROCEPT BioRobotics (PRCT) Q1 2026 earnings summary

Executive summary

• Achieved Q1 2026 revenue of $83.1 million, up 20% year-over-year, with U.S. revenue at $72 million and international revenue at $11.1 million, both showing strong growth.

• Completed approximately 12,200 U.S. procedures in Q1, a 30% year-over-year increase, with handpiece sales at 95% of procedures.

• Implemented a new integrated regional commercial structure and dedicated launch teams to drive consistent system launches and procedure ramp-up, with some near-term disruption but expected long-term growth.

• FDA clearance received for second-generation FirstAssist AI software, enhancing HYDROS system capabilities.

• International expansion advanced with the first HYDROS systems sold in the U.K. and growing capital pipeline in Europe.

Financial highlights

• Q1 gross margin reached 65%, up from 61% in Q4 2025 and 64% in Q1 2025, driven by pricing discipline and favorable product mix.

• U.S. HYDROS system ASP hit an all-time high of $485,000, up 14% sequentially and above initial guidance.

• U.S. handpiece ASP was $3,500, up 5% sequentially and 10% year-over-year; handpiece revenue grew 13% to $43 million.

• Operating expenses rose to $86.6 million from $71.6 million year-over-year, reflecting investments in commercial expansion and R&D.

• Net loss was $31.6 million, compared to $24.7 million in Q1 2025; Adjusted EBITDA loss was $18.1 million.

• Cash and equivalents stood at $249 million as of March 31, 2026.

Outlook and guidance

• Full-year 2026 revenue guidance maintained at $390 million-$410 million (27%-33% growth), with international revenue expected at $50 million-$51 million.

• U.S. procedure guidance for 2026 is 60,000-64,000, representing 39%-48% growth.

• Q2 2026 revenue expected at $91 million-$95 million (15%-20% growth); system ASP for the remainder of the year guided at $450,000-$460,000.

• Full-year gross margin expected at 65%, including $5 million-$6 million in tariff expenses.

• Adjusted EBITDA loss for 2026 expected between $30 million and $17 million, with positive EBITDA anticipated in Q4.