PROCEPT BioRobotics Corporation

Latest Results (05.04.2026):

PROCEPT BioRobotics Corporation — fourth quarter of 2025: Total revenue was $76.4 million (up 12% year‑over‑year) with a record ~12,200 U.S. procedures and 65 systems sold in the quarter; Q4 net loss was $29.8 million and adjusted EBITDA loss was $19.0 million. Full‑year 2025 revenue was $308.1 million (up 37%); the company ended 2025 with a U.S. install base of 718 systems (up 42% YoY) and reported cash, cash equivalents and restricted cash of approximately $289.5 million. Management provided 2026 guidance of $390–$410 million in revenue and expects U.S. procedure growth of 39%–48% for the year.

Top-line and procedure trends

Q4 2025 revenue $76.4M (+12% YoY). U.S. procedures ≈12,200 in Q4 (≈+69% YoY) and full‑year U.S. procedures rose to ~43,300. Full‑year 2025 revenue $308.1M (+37% YoY). Ending U.S. install base was 718 systems (42% increase vs. prior year).

Systems, consumables and pricing

Q4 U.S. system revenue was $27.6M (flat YoY) and U.S. handpiece & consumables revenue was $34.0M (+16% YoY). Management noted ~9,400 U.S. handpieces sold in Q4, a sequential handpiece ASP increase of ~5% to $3,340 and plans to price handpieces at ~$3,500 in 2026.

Profitability and operating expenses

Gross margin for Q4 2025 was 61% (down from 64% in Q4 2024), impacted by lower‑than‑expected U.S. consumable revenue and a one‑time voluntary field action. Operating expenses were $77.4M in Q4 and $300.1M for FY‑2025. Q4 net loss was $29.8M; adjusted EBITDA loss was $19.0M (FY‑2025 adjusted EBITDA loss $50.2M).

Balance sheet and liquidity

Cash, cash equivalents and restricted cash totaled about $289.5M as of December 31, 2025. Inventory increased to $70.7M and total assets were $508.1M with total liabilities of $142.2M and stockholders’ equity of $365.9M.

2026 guidance (full year and Q1)

Full‑year 2026 revenue guidance: $390–$410M (+27% to +33% YoY). Expected 2026 gross margin ≈65%, operating expenses ≈$350M, and adjusted EBITDA loss of $30M to $17M. Q1‑2026 guidance: procedures 12,000–12,800 and revenue $79–$82M.

Management actions and near‑term impacts

Management cited a commercial realignment, a dedicated launch team, disciplined handpiece pricing and reduced field inventory. Those actions improved handpiece ASPs and removed end‑of‑quarter purchasing incentives (which caused a Q4 revenue shortfall) but are positioned to support more durable procedure growth going forward.