PROCEPT BioRobotics (PRCT) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $83.1 million, up 20% year-over-year, driven by strong U.S. system sales, consumables, and service contracts, reflecting early benefits from operational and commercial realignment initiatives.

• Approximately 12,200 U.S. procedures were completed, growing 30% year-over-year, with handpiece sales at 95% of procedures.

• Net loss widened to $31.6 million from $24.7 million in Q1 2025, reflecting increased investments in R&D and commercial expansion.

• Commercial team realignment and launch team implementation were finalized in early Q1, expected to drive sustained high growth in the second half of 2026.

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

Financial highlights

• Total Q1 revenue: $83.1 million (+20% year-over-year); U.S. revenue: $72 million (+19%); International revenue: $11.1 million (+25%).

• U.S. system revenue: $23.4 million (+25% year-over-year); 49 HYDROS systems sold at an average price of $485,000.

• U.S. handpiece and consumable revenue: $43 million (+13% year-over-year); handpiece ASP: $3,500 (+10% year-over-year).

• Gross margin: 65% (up from 61% in Q4 2025 and 64% in Q1 2025), driven by pricing discipline and favorable product mix.

• Operating expenses rose to $86.6 million (from $71.6 million), reflecting investments in commercial expansion and clinical trials.

• Net loss per share: $(0.56) (Q1 2026) vs. $(0.45) (Q1 2025).

• Adjusted EBITDA loss: $18.1 million (vs. $15.8 million in Q1 2025).

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

Outlook and guidance

• Full-year 2026 revenue expected at $390–$410 million (+27–33% year-over-year); international revenue guidance: $50–$51 million.

• U.S. procedures for 2026 projected at 60,000–64,000 (+39–48% year-over-year).

• U.S. system ASP for the remainder of 2026 expected at $450,000–$460,000; full-year average likely near $460,000.

• Full-year gross margin guidance maintained at 65%, with potential upside from tariff refunds.

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

• Q2 2026 revenue guidance: $91–$95 million (+15–20% year-over-year).