Earnings release
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PROCEPT BioRobotics Reports Third Quarter 2026 Financial Results and Reaffirms 2026 Financial Guidance November 4, 2026 SAN JOSE, Calif., Nov. 04, 2026 (GLOBE NEWSWIRE) -- 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 September 30, 2026. “As we enter the fourth quarter, we remain focused on executing against our full-year revenue guidance and profitability plan,” said Larry Wood, Chief Executive Officer. “Further, we remain excited to present data from WATER IV, our randomized trial comparing Aquablation to radical prostatectomy in prostate cancer, on track for the first half of 2027. We see significant opportunity and a clear path to achieving durable growth and profitability ahead.” Wood continued, “This quarter, we continued expanding our installed base and drove strong utilization in HYDROS® accounts. We delivered approximately 18% revenue growth and 22% U.S. procedure growth while accelerating our replacement cycle to transition AquaBeam systems to HYDROS.” Third Quarter 2026 Financial Results Total revenue of $98.3 million for the third quarter of 2026, an increase of 18% compared to the prior year period in 2025 U.S. procedures over 13,400 for the third quarter of 2026, an increase of approximately 22% compared to the prior year period Delivered 62 U.S. HYDROS systems, which included 20 replacement systems. U.S. average selling price was approximately $495,000 for new HYDROS systems U.S. handpieces sold as percent of U.S. procedures in the third quarter of 2026 was approximately 106% Third quarter of 2026 handpiece average selling price of approximately $3,570 increased 12% compared to the third quarter of 2025 International revenue of $12.5 million for the third quarter of 2026, an increase of 32% compared to the prior year period Gross margin of 66% for the third quarter of 2026, compared to 65% in the prior year period. Total revenue for the third quarter of 2026 was $98.3 million, an increase of 18% 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 $85.8 million, representing growth of 16% compared to the prior year period. U.S. handpiece and consumable revenue for the third quarter of 2026 was $53.9 million, an increase of 21% compared to the prior year period. U.S. system revenue for the third quarter of 2026 was $24.7 million, flat compared to the prior year period. International revenue was $12.5 million for the quarter, an increase of 32% compared to the prior year period. Gross margin for the third quarter of 2026 was 66% compared to 65% in the prior year period. Operating expenses in the third quarter of 2026 were $92.5 million, compared with $77.2 million in the prior year period. The increase in operating expenses reflects continued investment in our people, product development, clinical studies and sales and marketing programs. Net loss was $26.5 million for the third quarter of 2026, compared to a loss of $21.4 million in the prior year period. Adjusted EBITDA* was a loss of $9.8 million for the third quarter of 2026, compared to a loss of $7.4 million in the prior year period. Cash, cash equivalents and restricted cash balances as of September 30, 2026, totaled approximately $221.4 million. Full Year 2026 Financial Guidance The Company reiterates 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 reiterates U.S. procedure volume for the full year 2026 to be in the range of 54,000-56,000 which represents growth of 25% to 29% compared to the prior year period The Company reiterates gross margin for the full year 2026 to be approximately 65% The Company reiterates adjusted EBITDA* loss for the full year 2026 to be in the range of $35 million to $30 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).
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Webcast and Conference Call Information PROCEPT BioRobotics will host a conference call to discuss the third quarter 2026 financial results on Wednesday, November 4, 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 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/ Media Contact: Pooja Rao, media@procept-biorobotics.com Investor Contact: Marissa Bych, ir@procept-biorobotics.com PROCEPT BioRobotics Corporation CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenue $ 98,291 $ 83,327 $ 275,922 $ 231,671 Cost of sales 33,143 29,321 94,447 81,758 Gross profit 65,148 54,006 181,475 149,913
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Operating expenses: Research and development 20,011 18,187 61,578 52,221 Selling, general and administrative 72,513 59,011 207,269 170,510 Total operating expenses 92,524 77,198 268,847 222,731 Loss from operations (27,376) (23,192) (87,372) (72,818) Interest expense (856) (919) (2,516) (2,692) Interest and other income, net 1,658 2,734 4,866 9,905 Loss before income taxes (26,574) (21,377) (85,022) (65,605) Provision for (benefit from) income taxes (58) 34 (7) 122 Net loss $ (26,516) $ (21,411) $ (85,015) $ (65,727) Net loss per share, basic and diluted $ (0.46) $ (0.38) $ (1.49) $ (1.19) Weighted-average common shares used to Compute net loss per share attributable to Common shareholders, basic and diluted 57,326 55,727 56,971 55,366 PROCEPT BioRobotics Corporation RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (Unaudited, in thousands) Three Months Ended September30, Nine Months Ended September 30, 2026 2025 2026 2025 Net loss $ (26,516) $ (21,411) $ (85,015) $ (65,727) Depreciation and amortization expense 2,539 1,619 6,264 4,681 Stock-based compensation expense 15,080 14,490 42,686 36,761 Interest (income) and interest expense, net (925) (2,093) (3,209) (6,913) Adjusted EBITDA $ (9,822) $ (7,395) $ (39,274) $ (31,198) 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 $ (97,800) $ (92,800) Depreciation and amortization expense 8,800 8,800 Stock-based compensation expense 58,200 58,200 Interest (income) and interest expense, net (4,200) (4,200) Adjusted EBITDA $ (35,000) $ (30,000) PROCEPT BioRobotics Corporation CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands) September 30, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 218,369 $ 286,503 Accounts receivable, net 105,030 83,533 Inventory 81,410 70,694 Prepaid expenses and other current assets 9,381 9,648 Total current assets 414,190 450,378 Restricted cash, non-current 3,038 3,038
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Property and equipment, net 30,165 30,399 Operating lease right-of-use assets, net 16,373 17,538 Intangible assets, net 502 709 Other assets 9,491 6,019 Total assets $ 473,759 $ 508,081 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 16,721 $ 17,285 Accrued compensation 25,976 23,175 Deferred revenue 15,636 13,048 Operating leases, current 2,655 2,214 Other current liabilities 9,365 10,073 Total current liabilities 70,353 65,795 Long-term debt 51,767 51,615 Operating leases, non-current 22,570 24,654 Other non-current liabilities 161 147 Total liabilities 144,851 142,211 Stockholders’ equity: Additional paid-in capital 1,055,475 1,007,390 Accumulated other comprehensive gain 5 37 Accumulated deficit (726,572) (641,557) Total stockholders’ equity 328,908 365,870 Total liabilities and stockholders’ equity $ 473,759 $ 508,081 PROCEPT BioRobotics Corporation REVENUE BY TYPE AND GEOGRAPHY (Unaudited, in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 U.S. System sales and rentals $ 24,689 $ 24,747 $ 77,141 $ 65,400 Handpieces and other consumables 53,861 44,411 145,247 125,668 Service 7,275 4,754 18,875 12,723 Total U.S. revenue 85,825 73,912 241,263 203,791 Outside of U.S. System sales and rentals 4,503 3,391 11,756 10,179 Handpieces and other consumables 6,974 5,316 20,175 15,805 Service 989 708 2,728 1,896 Total outside of U.S. revenue 12,466 9,415 34,659 27,880 Total revenue $ 98,291 $ 83,327 $ 275,922 $ 231,671 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 FY 26 U.S. Install Base Beginning install base 315 354 400 445 505 547 595 653 718 765 816 315 505 Systems placed 39 46 45 60 42 48 58 65 47 51 42 190 213 Ending install base 354 400 445 505 547 595 653 718 765 816 858 505 718
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U.S Procedures (000) 6.1 7.0 7.4 7.2 9.3 10.8 11.0 12.2 12.2 13.1 13.4