PRCTNasdaqSurgical & Medical Instruments & ApparatusUS GAAP · USD

PROCEPT BioRobotics Corp

PROCEPT BioRobotics Corp develops and commercializes robotic systems for urology procedures, centered on Aquablation therapy for benign prostatic hyperplasia (BPH). The company sells its systems, single-use handpieces, accessories, and related service offerings primarily in the United States, with additional commercial activity in international markets through direct sales and distributors.

Revenue308m USD
+37.2 %y/y
Operating profit (EBIT)-104m USD
−7.5 %y/y
EBIT margin-33.7%
+9.3 ppy/y
Net income-95.6m USD
−4.5 %y/y
Free cash flow-58.3m USD
+43.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-200-1000100200300400m USD2020: 7.7 m USD2020: EBIT -48 m USD20202021: 34 m USD2021: EBIT -54 m USD20212022: 75 m USD2022: EBIT -81 m USD20222023: 136 m USD2023: EBIT -109 m USD20232024: 224 m USD2024: EBIT -97 m USD20242025: 308 m USD2025: EBIT -104 m USD2025308-104
RevenueOperating profit (EBIT)

Business

Share of revenue
Robotic systems45 %

Capital equipment used to deliver Aquablation therapy in urology procedures.

Single-use handpieces35 %

Disposable handpieces used during each Aquablation procedure.

Accessories and probes8 %

Ancillary components shipped with or used alongside the robotic systems.

Service and repair7 %

Maintenance, repair, and support services for installed systems.

Leasing and other revenue5 %

Sales-type leasing arrangements and other related commercial revenue.

Customers

The company sells primarily to hospitals in the United States, where the end users are urologists and surgical teams performing BPH procedures. Outside the U.S., it works through direct sales teams and distribution partners, with market access shaped by reimbursement, surgeon training, and regulatory approval pathways.

Hospitals

Primary buyers of robotic systems and disposables for hospital-based BPH procedures.

Urologists and surgeons

Clinical decision-makers who evaluate outcomes, usability, and evidence before adoption.

Ambulatory surgery centers

Purchase or access systems for outpatient BPH treatment in selected settings.

Distribution partners

Support sales, training, and market development outside the United States.

Leasing customers

Access the systems through sales-type leasing rather than outright purchase.

Strategy

The company’s strategy is to expand the installed base of robotic systems, increase procedure utilization, and grow recurring handpiece sales tied to each surgery. It also invests in next-generation product development, software, and AI-enabled planning tools to improve Aquablation therapy and strengthen its competitive position.

Expand the installed base of robotic systemsShort term

More installed systems create future recurring handpiece and service revenue.

Improve manufacturing scale and efficiencyMedium term

Higher production volumes can reduce per-unit costs and support margins.

Advance next-generation product and software developmentMedium term

Product improvements help sustain differentiation versus surgical and non-surgical alternatives.

Expand reimbursement and market accessShort term

Coverage and payment determine whether hospitals and physicians adopt the therapy.

Geography

Q2/2026

The United States is the company’s core market and accounted for 88% of revenue in 2025, with 12% from outside the United States. Manufacturing is centered in San Jose, California, while logistics and shipping rely on third-party providers in the United States, United Kingdom, and the Netherlands to serve global customers.

United States88 %
Other countries (US filing)12 %

Share of the revenue the company reports by geography.

Risks

The business depends on clinical adoption, reimbursement coverage, and continued regulatory compliance for a medical device platform used in surgery. It also faces manufacturing, supplier, and product-safety risks because the systems rely on regulated components, single-source suppliers, and post-market surveillance.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Reimbursement and coverage risk1Product safety and recall risk2Supplier concentration risk3Regulatory compliance risk4Competitive pressure5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Reimbursement and coverage riskImpact: HighLikelihood: Medium

    Hospitals and physicians may not adopt Aquablation if payers do not cover the procedure adequately.

    Exposure: U.S. and international markets

  2. Product safety and recall riskImpact: HighLikelihood: Medium

    Adverse events, malfunctions, or manufacturing defects can trigger recalls, reporting obligations, or market restrictions.

    Exposure: Robotic systems and handpieces

  3. Supplier concentration riskImpact: HighLikelihood: Medium

    Many components are sourced from single-source suppliers, so disruptions can affect production and delivery.

    Exposure: Manufacturing supply chain

  4. Regulatory compliance riskImpact: HighLikelihood: Medium

    Failure to meet FDA and other device regulations can lead to delays, sanctions, or loss of approvals.

    Exposure: U.S. and international regulatory regimes

  5. Competitive pressureImpact: MediumLikelihood: Medium

    The company competes against established surgical and non-surgical BPH treatments with broader brand recognition and reimbursement coverage.

    Exposure: BPH treatment market

Accounting

Judgemental items
Revenue recognition across multiple product and service streams

Different contract types can recognize revenue at different times and affect quarterly comparability.

Impact: Systems, handpieces, leases, and service contracts

Sales-type lease accounting

Lease arrangements change the timing and classification of revenue and receivables.

Impact: Capital equipment sales channel

Warranty and post-market obligations

Estimated warranty, repair, and surveillance costs affect cost of sales and liabilities.

Impact: Robotic systems and handpieces

Geographic mix and quarterly seasonality

U.S. versus international mix can change average selling prices and gross margin from period to period.

Impact: Revenue and gross margin

Inventory and supply-chain estimates

Single-source components and manufacturing scaling can require reserves or write-downs if demand or supply shifts.

Impact: Cost of sales and inventory valuation

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026