PROCEPT BioRobotics (PRCT) Q2 2026 earnings summary

Executive summary

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

• HYDROS system adoption accelerated, with record placements and higher procedure volumes per account compared to legacy systems.

• Commercial reorganization and launch team model scaled, driving improved utilization and shorter time to first case.

• Direct-to-patient pilots launched in 18 U.S. markets, showing encouraging early engagement and supporting long-term growth and margin expansion.

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

Financial highlights

• U.S. revenue was $83.4 million, up 20% year-over-year; international revenue reached $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; adjusted EBITDA loss was $11.3 million versus $8 million prior year.

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

• Operating expenses rose to $89.8 million from $73.9 million, reflecting investments in commercial and R&D activities.

Outlook and guidance

• 2026 revenue guidance maintained at $390–$410 million, representing 27–33% growth.

• U.S. procedures expected at 54,000–56,000, up 25–29% year-over-year.

• International revenue expected at $50–$51 million; gross margin guidance at 65%.

• Adjusted EBITDA loss for 2026 expected between $35 million and $30 million, with positive adjusted EBITDA in Q4.

• Operating expenses forecasted at $355–$360 million.