Procept BioRobotics Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 29 April 2026: press release. Guidance figures: 6 kept. The quarter’s numbers.

Key takeaways

Revenue grew 20% year over year: Total revenue rose 20% from the prior year period, with growth from U.S. handpiece and system revenue and from international revenue. Source
Procedure volume grew about 30%: U.S. procedure volume grew about 30% year over year, while the U.S. install base grew 40%. Source
Net loss and EBITDA loss widened: Net loss was $31.6 million, against $24.7 million a year earlier. Adjusted EBITDA loss was $18.1 million, against $15.8 million. Source
Gross margin rose to 65%: Gross margin was 65% for the quarter, against 64% a year earlier and 61% in the fourth quarter of 2025. Source
Operating expenses rose year over year: Operating expenses were $86.6 million, against $71.6 million, reflecting commercial expansion, BPH platform innovation and WATER IV trial funding. Source
Revenue guidance held unchanged: Full-year 2026 revenue is still expected at $390 million to $410 million, growth of 27% to 33% over the prior year period. Source

“We delivered $83.1 million in revenue, driven by strong U.S. system sales and improved pricing.”
Larry Wood, Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Revenue Source	Full year 2026	$390 million to $410 million	Kept
U.S. procedure growth Source	Full year 2026	39% to 48%	Kept
Gross margin Source	Full year 2026	approximately 65%	Kept
Adjusted EBITDA loss Source	Full year 2026	$30 million to $17 million	Kept
Net loss Source	Full year 2026	$ (91,500) to $ (78,500), in thousands	Kept
Stock-based compensation expense Source	Full year 2026	59,000, in thousands	Kept

What changed from last quarter

Guidance kept: All four full-year 2026 guidance lines were restated without change from the February 25, 2026 release. Source
New: Second-generation FirstAssist AI software received FDA clearance, described as an advancement in image-guided planning for Aquablation therapy. Source

Results and growth drivers

Revenue grew 20% year over year: Total revenue rose 20% from the prior year period, with growth from U.S. handpiece and system revenue and from international revenue. Source
Procedure volume grew about 30%: U.S. procedure volume grew about 30% year over year, while the U.S. install base grew 40%. Source
Net loss and EBITDA loss widened: Net loss was $31.6 million, against $24.7 million a year earlier. Adjusted EBITDA loss was $18.1 million, against $15.8 million. Source
Results against earlier first-quarter ranges: The prior release gave first-quarter revenue of $79 million to $82 million and procedures of 12,000 to 12,800. Reported revenue was above the revenue range, and procedures fell within the procedure range.

Products and customers

U.S. system revenue rose 25%: U.S. system revenue rose 25% year over year, and the install table records 47 systems placed in the quarter. Source
Install base reached 765 systems: The U.S. installed base reached 765 systems at March 31, 2026, following the quarter's placements. Source
Handpiece revenue rose 13%: U.S. handpiece and consumable revenue rose 13%. Management tied handpiece sales to procedures to normalizing field inventory levels. Source
FirstAssist AI software cleared: Management described the cleared second-generation software as an advancement in personalized, image-guided planning for Aquablation therapy. Source

“Over the past six months, we have taken decisive actions to reset the organization by sharpening our focus on operational excellence, accountability, and commercial discipline, and our first quarter results reflect the early impact of that work,”
Larry Wood, Chief Executive Officer

Segments and regions

U.S. revenue grew 19%: U.S. revenue rose 19% year over year, made up of system revenue up 25% and handpiece and consumable revenue up 13%. Source
International revenue grew 25%: International revenue rose 25% year over year, with international handpiece and consumable sales also higher. Source
U.S. service and international systems: U.S. service revenue was $5.6 million, against $3.6 million. International system sales and rentals were $3.9 million in both periods. Source

Margins and pricing

Gross margin rose to 65%: Gross margin was 65% for the quarter, against 64% a year earlier and 61% in the fourth quarter of 2025. Source
Mix and pricing offset tariffs: Revenue mix and pricing drove the gross margin increase, offset by inventory cost capitalization and higher tariff expense. Source
Handpiece pricing rose 5%: Handpiece average selling price rose 5% from the fourth quarter of 2025. Source

“While our recent commercial realignment created some near-term disruption, the team is adapting quickly, and we expect the benefits to build through the year, driving sustained growth and improved profitability.”
Larry Wood, Chief Executive Officer

Operating costs

Operating expenses rose year over year: Operating expenses were $86.6 million, against $71.6 million, reflecting commercial expansion, BPH platform innovation and WATER IV trial funding. Source
R&D and SG&A both increased: Research and development expense was $21.5 million, against $16.4 million. Selling, general and administrative expense was $65.1 million, against $55.2 million. Source
Stock-based compensation rose: Stock-based compensation was $13.1 million, against $10.1 million a year earlier. Depreciation and amortization was $1.7 million, against $1.5 million. Source

Cash, balance sheet and capital

Cash balance fell to $249 million: Cash, cash equivalents and restricted cash were about $249 million at March 31, 2026, down from $289.5 million at December 31, 2025. Source
Inventory and receivables both rose: Inventory was $77.5 million and accounts receivable $96.4 million at March 31, 2026, against $70.7 million and $83.5 million at December 31, 2025. Source
Long-term debt held near $52 million: Long-term debt was $51.7 million at March 31, 2026, against $51.6 million at December 31, 2025. Source

Full-year 2026 guidance

Revenue guidance held unchanged: Full-year 2026 revenue is still expected at $390 million to $410 million, growth of 27% to 33% over the prior year period. Source
Procedure growth guidance held: U.S. procedure growth is still expected at 39% to 48% for full-year 2026 compared with the prior year. Source
Gross margin guidance held at 65%: Full-year 2026 gross margin is still expected at approximately 65%. Source
Adjusted EBITDA loss range reaffirmed: Full-year 2026 adjusted EBITDA loss is still expected to be in the range of $30 million to $17 million. Source

Strategy and investment

Organization reset over six months: Management described six months of actions to reset the organization around operational excellence, accountability and commercial discipline. Source
Continued AI and BPH innovation: Management said it remains committed to advancing the standard of care in urology through continued innovation combining AI, robotics and real-time imaging. Source
Trial funding raised spending: Management tied higher operating expenses partly to increased funding for the WATER IV Prostate Cancer trial and BPH platform work. Source

Coming up, as management said on 29 April 2026

Benefits expected to build through year: Management expects benefits from the commercial realignment to build through the year, driving sustained growth and improved profitability. Source

Figures management reported

Figure	Reported
U.S. procedures (first quarter 2026) Source	approximately 12,200
U.S. Hydros systems sold Source	49, including 2 replacement systems
U.S. install base at March 31, 2026 Source	765 systems
U.S. handpieces sold as % of U.S. procedures Source	approximately 95%
Handpiece average selling price Source	approximately $3,500
U.S. average selling price, new Hydros systems Source	approximately $485,000

Risks management discussed

Operational: Management said the recent commercial realignment created near-term disruption, and the team is adapting to it. Source
Demand: Handpiece sales relative to procedures reflect normalizing field inventory levels, according to management. Source
External: Increased tariff expense partly offset the gross margin gain compared with the prior year period. Source

Earlier plans management reported on

Not stated: Management said it continues to expect the full-year 2026 revenue range of $390 million to $410 million. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

PROCEPT BioRobotics Reports First Quarter 2026 Financial Results

SAN JOSE, Calif., April 29, 2026 -- PROCEPT BioRobotics® Corporation (Nasdaq: PRCT) (the “Company”), a surgical robotics company focused on advancing patient care by developing transformative solutions in urology, today reported unaudited financial results for the quarter ended March 31, 2026.

"Over the past six months, we have taken decisive actions to reset the organization by sharpening our focus on operational excellence, accountability, and commercial discipline, and our first quarter results reflect the early impact of that work," said Larry Wood, Chief Executive Officer. "We delivered $83.1 million in revenue, driven by strong U.S. system sales and improved pricing."

Wood continued: “Aquablation® users completed approximately 12,200 U.S. procedures in the first quarter of 2026. Handpiece sales were about 95% of procedures, reflecting normalizing field inventory levels. While our recent commercial realignment created some near-term disruption, the team is adapting quickly, and we expect the benefits to build through the year, driving sustained growth and improved profitability.”

First Quarter 2026 Financial Results

Total revenue of $83.1 million for the first quarter of 2026, an increase of 20% compared to the prior year period in 2025
U.S. procedures of approximately 12,200 for the first quarter of 2026, an increase of approximately 30% compared to the prior year period
Sold 49 U.S. Hydros® systems, which included 2 replacement systems. U.S. average selling prices were approximately $485,000 for new Hydros systems
U.S. handpieces sold as percent of U.S. procedures in the first quarter of 2026 was approximately 95%
First quarter of 2026 handpiece average selling price of approximately $3,500 increased 5% compared to the fourth quarter of 2025
March 31, 2026 ending U.S. install base of 765 systems, representing a 40% increase compared to the prior year period
International revenue of $11.1 million for the first quarter of 2026, an increase of 25% compared to the prior year period
Gross margin of approximately 65% for the first quarter of 2026, compared to 64% in the prior year period and 61% in the fourth quarter of 2025

Total revenue for the first quarter of 2026 was $83.1 million, an increase of 20% compared to the prior year period. The increase was driven by increased U.S. handpiece and system revenue and international revenue. U.S. revenue was $72.0 million, representing growth of 19% compared to the prior year period. U.S. handpiece and consumable revenue for the first quarter of 2026 was $43.0 million, an increase of 13% compared to the prior year period. U.S. system revenue for the first quarter of 2026 was $23.4 million, an increase of 25% compared to the prior year period. International revenue was $11.1 million for the quarter, an increase of 25% compared to the prior year period.

Gross margin for the first quarter of 2026 was 65% compared to 64% in the prior year period. Gross margin increase in the first quarter was primarily driven by revenue mix and pricing, offset by inventory cost capitalization and increased tariff expense compared to the prior year period.

Operating expenses in the first quarter of 2026 were $86.6 million, compared with $71.6 million in the prior year period. The increase in operating expenses reflects continued investment to support commercial expansion, innovation across our BPH platform technology and increased funding for our WATER IV Prostate Cancer trial.

Net loss was $31.6 million for the first quarter of 2026, compared to a loss of $24.7 million in the prior year period. Adjusted EBITDA* was a loss of $18.1 million for the first quarter of 2026, compared to a loss of $15.8 million in the prior year period.

Cash, cash equivalents and restricted cash balances as of March 31, 2026, totaled approximately $249 million.

The Company also recently received FDA clearance of its second-generation FirstAssist AI™ software, an advancement in personalized, image-guided planning for Aquablation therapy. This milestone further strengthens the capabilities of the HYDROS robotic system, the Company’s next-generation AI-powered platform. The enhanced software enables more precise identification of prostate anatomy and more complete treatment planning to help surgeons plan with greater confidence and consistency.

The Company remains committed to advancing the standard of care in urology through continued innovation, combining AI, robotics, and real-time imaging to enable personalized, precise, and durable treatment for the millions of men affected by benign prostatic hyperplasia (BPH).

Full Year 2026 Financial Guidance

The Company continues to expect revenue for the full year 2026 to be in the range of $390 million to $410 million, which represents growth of 27% to 33% compared to the prior year period
The Company continues to expect full year 2026 U.S. procedure growth to be in the range of 39% to 48% compared to the prior year period
The Company continues to expect full year 2026 gross margin to be approximately 65%
The Company continues to expect full year 2026 adjusted EBITDA* loss to be in the range of $30 million to $17 million

*Adjusted EBITDA is a financial measure that is not prepared in accordance with generally accepted accounting principles in the United States (GAAP). For more information about the Company’s use of non-GAAP financial measures, please see the section below titled “Use of Non-GAAP Financial Measures (Unaudited).

Webcast and Conference Call Information

PROCEPT BioRobotics will host a conference call to discuss the first quarter 2026 financial results on Wednesday, April 29, 2026, at 4:30 p.m. Eastern Time.

Investors interested in listening to the conference call may do so by following one of the links below:

Webcast link for interested listeners:
https://edge.media-server.com/mmc/p/rdtftqik/
Dial-in registration for sell-side research analysts:
https://register-conf.media-server.com/register/BIac4b002880274c7086f519f21b93cd1f

About PROCEPT BioRobotics Corporation

PROCEPT BioRobotics is a surgical robotics company focused on advancing patient care by developing transformative solutions in urology. PROCEPT BioRobotics manufactures the AQUABEAM® and HYDROS Robotic Systems. The HYDROS Robotic System is the only AI-powered, robotic technology that delivers Aquablation therapy. PROCEPT BioRobotics designed Aquablation therapy to deliver effective, safe, and durable outcomes for males suffering from lower urinary tract symptoms or LUTS, due to BPH that are independent of prostate size and shape or surgeon experience. BPH is the most common prostate disease and impacts approximately 40 million men in the United States. The Company has developed a significant and growing body of clinical evidence with approximately 250 peer-reviewed publications, supporting the benefits and clinical advantages of Aquablation therapy.

Use of Non-GAAP Financial Measures (Unaudited)

This press release references Adjusted EBITDA, a financial measure that is not prepared in accordance with generally accepted accounting principles in the United States (GAAP). The Company defines Adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization and stock-based compensation. Non-GAAP financial measures are not a substitute for or superior to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.

The Company believes that presenting Adjusted EBITDA provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.

Forward Looking Statements

Forward-looking statements notice

This release contains forward‐looking statements within the meaning of federal securities laws, including with respect to the Company’s projected financial performance for full year 2026, statements regarding the potential utilities, values, benefits and advantages of Aquablation therapy performed using PROCEPT BioRobotics’ products, including AquaBeam or Hydros Robotic Systems, which involve risks and uncertainties that could cause the actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are only predictions based on the Company’s current expectations, estimates, and assumptions, valid only as of the date they are made, and subject to risks and uncertainties, some of which the Company is not currently aware. Forward-looking statements may include statements regarding financial guidance, market opportunity and penetration, procedure growth, the Company’s possible or assumed future results of operations, including descriptions of the Company’s revenues, gross margins, profitability, operating expenses, installed base growth, commercial momentum and overall business strategy. Forward‐looking statements should not be read as a guarantee of future performance or results and may not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. These forward‐looking statements are based on the Company’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward‐looking statements as a result of these risks and uncertainties. These risks and uncertainties are described more fully in the section titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Company’s annual report on Form 10-K filed with the SEC on February 26, 2026, and subsequent quarterly reports on Form 10-Q. PROCEPT BioRobotics does not undertake any obligation to update forward‐looking statements and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward‐looking statements contained herein. These forward-looking statements should not be relied upon as representing PROCEPT BioRobotics’ views as of any date subsequent to the date of this press release.

Important Safety Information

All surgical treatments have inherent and associated side effects. For a list of potential side effects visit https://aquablation.com/safety-information/

PROCEPT BioRobotics Corporation

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)

	Three Months Ended March 31,
	2026	2025
Revenue	$83,132	$69,162
Cost of sales	29,185	25,001
Gross profit	53,947	44,161
Operating expenses:
Research and development	21,465	16,402
Selling, general and administrative	65,088	55,197
Total operating expenses	86,553	71,599
Loss from operations	(32,606)	(27,438)
Interest expense	(818)	(877)
Interest and other income, net	1,743	3,531
Loss before income taxes	(31,681)	(24,784)
Provision for income taxes	(43)	(47)
Net loss	$(31,638)	$(24,737)
Net loss per share, basic and diluted	$(0.56)	$(0.45)
Weighted-average common shares used to
Compute net loss per share attributable to
Common shareholders, basic and diluted	56,511	54,917

PROCEPT BioRobotics Corporation

RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA

(Unaudited, in thousands)

	Three Months Ended March 31,
	2026	2025
Net loss	$(31,638)	$(24,737)
Depreciation and amortization expense	1,735	1,475
Stock-based compensation expense	13,072	10,108
Interest (income) and interest expense, net	(1,291)	(2,654)
Adjusted EBITDA	$(18,122)	$(15,808)

PROCEPT BioRobotics Corporation

RECONCILIATION OF GAAP NET LOSS TO ADJUSTED 2026 EBITDA Guidance

(Unaudited, in thousands)

	For the Year Ending December 31, 2026
	LOW	HIGH
Net loss	$(91,500)	$(78,500)
Depreciation and amortization expense	7,500	7,500
Stock-based compensation expense	59,000	59,000
Interest (income) and interest expense, net	(5,000)	(5,000)
Adjusted EBITDA	$(30,000)	$(17,000)

PROCEPT BioRobotics Corporation

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands)

	March 31, 2026	December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$245,641	$286,503
Accounts receivable, net	96,388	83,533
Inventory	77,536	70,694
Prepaid expenses and other current assets	8,469	9,648
Total current assets	428,034	450,378
Restricted cash, non-current	3,038	3,038
Property and equipment, net	31,739	30,399
Operating lease right-of-use assets, net	17,162	17,538
Intangible assets, net	640	709
Other assets	6,449	6,019
Total assets	$487,062	$508,081
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$18,851	$17,285
Accrued compensation	18,476	23,175
Deferred revenue	13,702	13,048
Operating leases, current	2,358	2,214
Other current liabilities	10,249	10,073
Total current liabilities	63,636	65,795
Long-term debt	51,664	51,615
Operating leases, non-current	23,974	24,654
Other non-current liabilities	121	147
Total liabilities	139,395	142,211
Stockholders’ equity:
Additional paid-in capital	1,020,881	1,007,390
Accumulated other comprehensive gain	(19)	37
Accumulated deficit	(673,195)	(641,557)
Total stockholders’ equity	347,667	365,870
Total liabilities and stockholders’ equity	$487,062	$508,081

PROCEPT BioRobotics Corporation

REVENUE BY TYPE AND GEOGRAPHY

(Unaudited, in thousands)

	Three Months Ended March 31,
	2026	2025
U.S.
System sales and rentals	$23,386	$18,687
Handpieces and other consumables	43,018	38,011
Service	5,614	3,596
Total U.S. revenue	72,018	60,294
Outside of U.S.
System sales and rentals	3,853	3,853
Handpieces and other consumables	6,372	4,477
Service	889	538
Total outside of U.S. revenue	11,114	8,868
Total revenue	$83,132	$69,162

PROCEPT BioRobotics Corporation

QUARTERLY U.S. INSTALL BASE AND PROCEDURES

(Unaudited, in thousands)

	Q1'24	Q2'24		Q3'24		Q4'24		Q1'25		Q2'25		Q3'25		Q4'25		Q1'26		Q2'26	Q3'26	Q4'26	FY 24		FY 25
U.S. Install Base
Beginning install base	315		354		400		445		505		547		595		653		718					315		505
Systems placed	39	46		45		60		42		48		58		65		47					190		213
Ending install base	354	400		445		505		547		595		653		718		765		-	-	-	505		718
U.S Procedures (000)	6.1	7.0		7.4		7.2		9.3		10.8		11.0		12.2		12.2

Contacts
Matt Bacso
VP, Investor Relations and Business Operations m.bacso@procept-biorobotics.com