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• Intuitive Surgical for prostate treatment
• Boston Scientific, but exclusively for robotic prostate therapies

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• AquaBeam Robotic System: A robotic system designed for precise, image-guided removal of prostate tissue using a high-velocity waterjet.
• AquaBlation therapy: A minimally invasive surgical procedure for benign prostatic hyperplasia (BPH) that uses a heat-free, robotically controlled waterjet to remove obstructive prostate tissue.

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PROCEPT BioRobotics (symbol: PRCT) sells its AquaBeam Robotic System and associated consumables primarily to other companies within the healthcare sector. Therefore, it operates primarily in a Business-to-Business (B2B) model.

The company's major customers are healthcare providers that purchase its system for the treatment of benign prostatic hyperplasia (BPH). These customers typically include:

• Hospitals: This includes both general hospitals and those with specialized urology departments that offer surgical and procedural treatments.
• Ambulatory Surgical Centers (ASCs): These are outpatient facilities where surgical procedures, including those for BPH, are performed.
• Other Healthcare Providers: This category can encompass large urology practices, clinics, and other medical facilities focused on men's health.

PROCEPT BioRobotics does not typically disclose specific major customer companies by name in its public filings (such as its 10-K reports). This is because its sales are distributed across a broad base of individual hospitals, ASCs, and clinics rather than being concentrated with a few large, named corporate entities. Consequently, no specific public company customer names or symbols can be provided as "major customers."

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Larry Wood, President & Chief Executive Officer

Mr. Wood has served as President and Chief Executive Officer of PROCEPT BioRobotics since September 2025, and a member of its board of directors since April 2024. Prior to joining PROCEPT BioRobotics, he spent over 35 years in the medical technology industry, most recently at Edwards Lifesciences, where he served as Corporate Vice President, Transcatheter Aortic Valve Replacement from February 2007 to September 2025, and as Group President for Surgical Structural Heart from 2023 to September 2025.

Kevin Waters, Executive VP, Chief Financial Officer

Mr. Waters has served as EVP, Chief Financial Officer of PROCEPT BioRobotics since January 2022, and previously as SVP, Chief Financial Officer from October 2018 until December 2021. Before joining PROCEPT BioRobotics, Mr. Waters was Chief Financial Officer at Accuray Inc. from September 2015 to October 2018. He also held financial leadership positions at three publicly traded medical device companies—Conceptus, Laserscope, and VISX—all of which were acquired by strategic acquirers, generating approximately $3 billion in shareholder value. Mr. Waters began his career at PricewaterhouseCoopers, LLP.

Alaleh Nouri, Executive VP, Chief Legal Officer & Corporate Secretary

Ms. Nouri has served as PROCEPT BioRobotics' EVP, Chief Legal Officer & Corporate Secretary since January 2022, and as Chief Compliance Officer since September 2018. She was previously the SVP, General Counsel & Corporate Secretary from July 2018 to December 2021. Before PROCEPT BioRobotics, Ms. Nouri served as Senior Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer at Accuray Inc. from February 2014 to July 2018.

Hisham Shiblaq, Executive VP, Chief Commercial Officer

Mr. Shiblaq serves as the Executive Vice President and Chief Commercial Officer at PROCEPT BioRobotics.

Bijesh Chandran, Senior Vice President of Regulatory Affairs & Quality Assurance

Mr. Chandran brings 20 years of combined experience in quality assurance, regulatory affairs, test engineering, and program management. He has held quality and regulatory leadership positions at several medical device companies, including Stryker Endoscopy, Siemens Ultrasound, and Arthrocare Corporation.

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Key Risks to PROCEPT BioRobotics (PRCT)

1. Financial Instability and Path to Profitability: PROCEPT BioRobotics has a history of significant net losses and an accumulated deficit, reaching $546.0 million as of December 31, 2024. The company relies on equity and debt financing to sustain its operations. A failure to achieve profitability could compromise its ability to invest in growth initiatives and maintain competitive momentum, potentially affecting investor confidence and stock valuation.
2. Dependence on Key Products and Market Adoption Challenges: The company's revenue is heavily concentrated on its AquaBeam Robotic System and single-use disposable handpieces for Benign Prostatic Hyperplasia (BPH) treatment. This limited product portfolio makes PROCEPT BioRobotics vulnerable to market shifts, technological obsolescence, and competitive pressures. Concerns have also been raised regarding slower-than-expected adoption of Aquablation therapy and decelerating system sales due to tighter hospital capital budgets, which could undermine growth projections.
3. Intense Competition and Market Share Limitations: PROCEPT BioRobotics operates in a highly competitive market for prostate treatment, competing with both established medical device companies and newer entrants offering various alternative therapies. There are also questions regarding the company's estimates of its addressable market and the realistic potential for its Aquablation technology to become a standard treatment, suggesting that its market penetration might be more limited than projected.

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PROCEPT BioRobotics (PRCT) primarily focuses on the AquaBeam Robotic System, which utilizes Aquablation therapy for the treatment of benign prostatic hyperplasia (BPH). The company is also exploring the use of its AquaBeam Robotic System for localized prostate cancer treatment.

• For the treatment of **Benign Prostatic Hyperplasia (BPH)**, the global market was valued at approximately $4.2 billion in 2024. In the United States, the total addressable market opportunity for Aquablation therapy is estimated to be in excess of $20 billion.
• For **Prostate Cancer** therapeutics, the global market was valued at $11.3 billion in 2023 and is projected to reach $21.7 billion by 2032.

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1. Increased Adoption and Utilization of Aquablation Systems (AquaBeam & HYDROS) for Benign Prostatic Hyperplasia (BPH) Treatment: The company anticipates continued growth through expanding its installed base of AquaBeam and the recently launched HYDROS robotic systems. This expansion directly drives recurring revenue from the increased sales and utilization of disposable handpieces, which have shown significant year-over-year growth. The HYDROS system, with its AI-powered FirstAssist technology, is expected to further accelerate adoption and improve operational efficiency for physicians, fueling this growth.
2. International Market Expansion: PROCEPT BioRobotics has demonstrated strong momentum in its international business, particularly in the United Kingdom, and is actively developing its pipeline in other global markets. Initiatives such as expanding market access through guidance from bodies like NICE are expected to strengthen the continued global growth of Aquablation therapy.
3. Expansion into the Prostate Cancer Treatment Market: A significant long-term growth driver is the potential expansion of Aquablation therapy beyond BPH to include localized prostate cancer treatment. The ongoing WATER IV trial, a prospective global multi-center randomized clinical study, aims to confirm Aquablation's efficacy in this larger market, which is estimated to be over $10 billion. Successful outcomes and commercialization in this indication would open a substantial new revenue stream.
4. Enhanced Commercial Execution and Operational Efficiencies: The company is focused on improving its commercial execution, including initiatives to speed up new account launches and expand its commercial organization. These efforts are expected to lead to higher system placements and increased procedural volumes, contributing to overall revenue growth and improved profitability.

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Share Issuance

• In September 2021, PROCEPT BioRobotics completed its initial public offering, issuing 7,539,400 shares at $25.00 per share, raising approximately $188.5 million in gross proceeds.
• The company conducted an underwritten public offering in October 2024, pricing 1,923,076 shares of common stock at $91.00 per share, which aimed to raise approximately $175 million in gross proceeds.
• The number of shares outstanding for PROCEPT BioRobotics increased from 35.13 million in 2020 to 55.445 million as of November 2025.

Inbound Investments

• On September 30, 2024, Vanguard Group Inc. acquired 131,204 shares of PROCEPT BioRobotics, increasing its total holdings to 4,843,351 shares at a price of $80.12 each. This transaction increased Vanguard's stake to 9.32%.

Capital Expenditures

• Capital expenditures were -$8.68 million in the last 12 months as of November 2025.
• The company's free cash flow, which accounts for capital expenditures, was -$103.62 million for the fiscal year ending December 31, 2024.
• Significant investment in research and development, totaling $52.2 million for the nine months ended September 30, 2025, is a key area of capital allocation, focused on advancing robotic surgical systems like the AquaBeam and HYDROS systems.