PROCEPT BioRobotics (PRCT)
Market Price (8/24/2026): $21.4 | Market Cap: $1.2 BilSector: Health Care | Industry: Life Sciences Tools & Services
PROCEPT BioRobotics (PRCT)
Market Price (8/24/2026): $21.4Market Cap: $1.2 BilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% Megatrend and thematic driversMegatrends include Automation & Robotics. Themes include Surgical Robotics, Advanced Medical Devices, and Minimally Invasive Surgery. | Weak multi-year price returns2Y Excs Rtn is -105%, 3Y Excs Rtn is -105% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -114 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -34% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -25% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% Key risksPRCT key risks include [1] a history of unprofitability, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% |
| Megatrend and thematic driversMegatrends include Automation & Robotics. Themes include Surgical Robotics, Advanced Medical Devices, and Minimally Invasive Surgery. |
| Weak multi-year price returns2Y Excs Rtn is -105%, 3Y Excs Rtn is -105% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -114 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -34% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -25% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% |
| Key risksPRCT key risks include [1] a history of unprofitability, Show more. |
Qualitative Assessment
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PROCEPT BioRobotics (PRCT) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Weaker-than-expected procedure growth and ongoing inventory concerns impacted PROCEPT BioRobotics' performance. Despite a 19.3% year-over-year increase in Q2 2026 revenue to $94.50 million, surpassing consensus estimates of $92.77 million, the company reported softer-than-expected U.S. procedure growth. This led to a revision of its full-year outlook for U.S. procedures and contributed to analyst concerns about execution risks in converting underperforming legacy AQUABEAM accounts and the path to sustainable profitability. This issue aligns with previous revelations of excess handpiece inventory that materially exceeded procedures in prior quarters.
2. PROCEPT BioRobotics missed Q2 2026 earnings per share estimates, widening its net loss. For fiscal Q2 2026, which ended June 30, 2026, the company reported an adjusted loss per share of $0.47, missing analysts' consensus estimate of $0.46. The net loss widened to $26.9 million in Q2 2026, compared to a net loss of $19.6 million in the prior-year quarter. The combination of stronger revenue but larger losses underscored concerns about the efficiency of converting Aquablation adoption into sustainable profitability.
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PROCEPT BioRobotics (PRCT) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Weaker-than-expected procedure growth and ongoing inventory concerns impacted PROCEPT BioRobotics' performance. Despite a 19.3% year-over-year increase in Q2 2026 revenue to $94.50 million, surpassing consensus estimates of $92.77 million, the company reported softer-than-expected U.S. procedure growth. This led to a revision of its full-year outlook for U.S. procedures and contributed to analyst concerns about execution risks in converting underperforming legacy AQUABEAM accounts and the path to sustainable profitability. This issue aligns with previous revelations of excess handpiece inventory that materially exceeded procedures in prior quarters.
2. PROCEPT BioRobotics missed Q2 2026 earnings per share estimates, widening its net loss. For fiscal Q2 2026, which ended June 30, 2026, the company reported an adjusted loss per share of $0.47, missing analysts' consensus estimate of $0.46. The net loss widened to $26.9 million in Q2 2026, compared to a net loss of $19.6 million in the prior-year quarter. The combination of stronger revenue but larger losses underscored concerns about the efficiency of converting Aquablation adoption into sustainable profitability.
3. Analyst downgrades and reduced price targets following Q2 2026 results exerted downward pressure on the stock. After the Q2 2026 earnings report and the outlook on procedure growth, multiple analysts revised their ratings and price targets. For instance, Jefferies lowered its price target for PRCT from $25 to $20 while maintaining a Hold rating, citing the softer U.S. procedure volumes. William Blair also downgraded the stock from Outperform to Market Perform, reducing its 2027 procedure numbers by 9%. Additionally, Leerink Partners had cut its rating from "outperform" to "market perform" and decreased its price objective from $31.00 to $29.00 in June 2026.
4. A recently announced securities fraud class action lawsuit introduced legal and reputational risks. On August 10, 2026, a securities class action lawsuit was filed against PROCEPT BioRobotics, alleging securities fraud. The lawsuit claims the company artificially inflated its financial performance through an extensive discount program that incentivized customers to place bulk orders of handpieces beyond the actual number of procedures. This legal overhang creates uncertainty and negative investor sentiment, with the largest alleged stock drop in this context being an 18% decline over two trading days in February 2026 following prior disclosures.
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Stock Movement Drivers
Fundamental Drivers
The -9.8% change in PRCT stock from 4/30/2026 to 8/23/2026 was primarily driven by a -13.1% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.04 | 21.68 | -9.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 322 | 337 | 4.8% |
| P/S Multiple | 4.2 | 3.7 | -13.1% |
| Shares Outstanding (Mil) | 57 | 57 | -1.0% |
| Cumulative Contribution | -9.8% |
Market Drivers
4/30/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| PRCT | -9.8% | |
| Market (SPY) | 6.5% | -4.1% |
| Sector (XLV) | 19.6% | 24.0% |
Fundamental Drivers
The -25.1% change in PRCT stock from 1/31/2026 to 8/23/2026 was primarily driven by a -31.8% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.96 | 21.68 | -25.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 300 | 337 | 12.5% |
| P/S Multiple | 5.4 | 3.7 | -31.8% |
| Shares Outstanding (Mil) | 56 | 57 | -2.3% |
| Cumulative Contribution | -25.1% |
Market Drivers
1/31/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| PRCT | -25.1% | |
| Market (SPY) | 11.0% | 12.9% |
| Sector (XLV) | 13.3% | 22.0% |
Fundamental Drivers
The -55.3% change in PRCT stock from 7/31/2025 to 8/23/2026 was primarily driven by a -65.7% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.51 | 21.68 | -55.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 249 | 337 | 35.4% |
| P/S Multiple | 10.7 | 3.7 | -65.7% |
| Shares Outstanding (Mil) | 55 | 57 | -3.8% |
| Cumulative Contribution | -55.3% |
Market Drivers
7/31/2025 to 8/23/2026| Return | Correlation | |
|---|---|---|
| PRCT | -55.3% | |
| Market (SPY) | 22.2% | 16.0% |
| Sector (XLV) | 35.6% | 27.2% |
Fundamental Drivers
The -37.0% change in PRCT stock from 7/31/2023 to 8/23/2026 was primarily driven by a -76.0% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.44 | 21.68 | -37.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 102 | 337 | 231.9% |
| P/S Multiple | 15.3 | 3.7 | -76.0% |
| Shares Outstanding (Mil) | 45 | 57 | -20.9% |
| Cumulative Contribution | -37.0% |
Market Drivers
7/31/2023 to 8/23/2026| Return | Correlation | |
|---|---|---|
| PRCT | -37.0% | |
| Market (SPY) | 73.2% | 27.8% |
| Sector (XLV) | 36.3% | 28.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PRCT Return | -40% | 66% | 1% | 92% | -61% | -34% | -51% |
| Peers Return | 6% | -14% | 17% | 21% | 1% | -16% | 10% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| PRCT Win Rate | 25% | 67% | 42% | 83% | 8% | 38% | |
| Peers Win Rate | 48% | 48% | 53% | 62% | 53% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PRCT Max Drawdown | - | -34% | -40% | -21% | -69% | -52% | |
| Peers Max Drawdown | -22% | -37% | -22% | -15% | -23% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ISRG, MDT, BSX, TFX, SYK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | PRCT | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -13.6% | -7.8% |
| % Gain to Breakeven | 15.8% | 8.5% |
| Time to Breakeven | 14 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.0% | -9.5% |
| % Gain to Breakeven | 44.8% | 10.5% |
| Time to Breakeven | 30 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.6% | -6.7% |
| % Gain to Breakeven | 38.1% | 7.1% |
| Time to Breakeven | 18 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.4% | -24.5% |
| % Gain to Breakeven | 50.1% | 32.4% |
| Time to Breakeven | 33 days | 427 days |
In The Past
PROCEPT BioRobotics's stock fell -13.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 15.8% gain to breakeven.
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| Event | PRCT | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.0% | -9.5% |
| % Gain to Breakeven | 44.8% | 10.5% |
| Time to Breakeven | 30 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.6% | -6.7% |
| % Gain to Breakeven | 38.1% | 7.1% |
| Time to Breakeven | 18 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.4% | -24.5% |
| % Gain to Breakeven | 50.1% | 32.4% |
| Time to Breakeven | 33 days | 427 days |
In The Past
PROCEPT BioRobotics's stock fell -13.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 15.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About PROCEPT BioRobotics (PRCT)
PROCEPT BioRobotics (PRCT) is a surgical robotics company focused on developing transformative, minimally-invasive solutions for urology. The company specializes in treating benign prostatic hyperplasia (BPH), a common condition affecting men, through advanced robotic technology.
The company's flagship product is the AquaBeam Robotic System, an image-guided surgical robot. This system is designed to perform Aquablation therapy, a precise and controlled procedure for males suffering from lower urinary tract symptoms due to BPH. The AquaBeam system enables surgeons to perform targeted tissue removal using a waterjet, offering a modern alternative for urologic surgery.
PROCEPT BioRobotics serves the global healthcare market, selling and installing its AquaBeam Robotic Systems in hospitals and surgical centers worldwide. As of December 2021, the company had an installed base of 130 systems, with a significant concentration in the United States, targeting medical institutions seeking innovative solutions for their urology departments and BPH patients.
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Analogies for PROCEPT BioRobotics (PRCT):
- The Intuitive Surgical of urology.
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- AquaBeam Robotic System: An image-guided, surgical robotic system for minimally-invasive urologic surgery, focused on treating benign prostatic hyperplasia (BPH).
- Aquablation therapy: A minimally-invasive procedure for males suffering from lower urinary tract symptoms due to BPH, performed using the AquaBeam Robotic System.
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PROCEPT BioRobotics (PRCT) primarily sells its AquaBeam Robotic System to other companies and institutions within the healthcare sector.
Its major customers are:
- Hospitals: Medical institutions that perform a wide range of surgical procedures, including urologic surgeries for conditions like benign prostatic hyperplasia (BPH).
- Surgical Centers / Urology Clinics: Specialized healthcare facilities or clinics focusing on urological treatments and procedures, which would acquire the AquaBeam Robotic System for their surgical offerings.
The provided information does not list the names of specific customer companies (hospitals or surgical centers) that have purchased the AquaBeam Robotic System, nor does it indicate if any of these are publicly traded entities with associated symbols.
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Key Risks to PROCEPT BioRobotics (PRCT)
- Market Acceptance, Adoption, and Competition: PROCEPT BioRobotics operates with a relatively small install base for its AquaBeam Robotic System and Aquablation therapy, focusing on benign prostatic hyperplasia (BPH). A key risk involves the challenge of achieving broader market acceptance and adoption of this novel technology among urologists and hospitals, competing against long-established BPH treatments and other existing or emerging surgical technologies.
- Reimbursement Challenges: For a new medical device and therapy like the AquaBeam Robotic System and Aquablation therapy, securing and maintaining adequate and favorable reimbursement policies from government and private payers is crucial. Inadequate reimbursement can significantly hinder market penetration and financial viability.
- Intellectual Property Protection: As a surgical robotics company with proprietary technology, PROCEPT BioRobotics faces the ongoing risk of protecting its intellectual property, including patents related to the AquaBeam Robotic System and Aquablation therapy. Challenges to or loss of patent protection could diminish its competitive advantage.
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The growing adoption and increasing clinical validation of less invasive, often office-based, non-robotic therapies for benign prostatic hyperplasia (BPH) could pose an emerging threat. These therapies, which require less hospital infrastructure and recovery time, may shift the standard of care for a significant portion of BPH patients away from more intensive, hospital-based robotic surgical procedures like Aquablation, thus limiting the market for PROCEPT BioRobotics' AquaBeam Robotic System.
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PROCEPT BioRobotics (symbol: PRCT) focuses on developing transformative solutions in urology, primarily through its AquaBeam Robotic System and Aquablation therapy for benign prostatic hyperplasia (BPH).
The addressable market for PROCEPT BioRobotics' main product, Aquablation therapy, is estimated as follows:
- For the **U.S. market**, PROCEPT BioRobotics estimates an addressable market of approximately $30 billion for Aquablation therapy. Another company estimate for the total addressable market (TAM) for BPH surgery in the U.S. is $20 billion, corresponding to 8.2 million patients actively seeking treatment for BPH-related diseases.
- Globally, the aquablation therapy market is projected to be approximately $2.19 billion in 2026 and is expected to grow to approximately $7.05 billion by 2036.
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PROCEPT BioRobotics (PRCT) anticipates several key drivers for future revenue growth over the next 2-3 years, stemming from its strategic focus on expanding its Aquablation therapy for benign prostatic hyperplasia (BPH) and exploring new market opportunities.
One primary driver is the acceleration of Aquablation procedure growth. The company is strategically shifting its operational focus to increasing procedure volume and gaining market share, aiming for U.S. procedure growth in the range of 39% to 48% in 2026. This is a critical component of their "next chapter" strategy to drive leadership in BPH treatment.
Another significant factor is the increase in the average selling price (ASP) of handpieces. PROCEPT BioRobotics has implemented a more disciplined pricing strategy by eliminating bulk purchase discounts, which resulted in a 5% sequential price increase in Q4 2025. Management expects the handpiece ASP to rise to approximately $3,500 in 2026, which is considered a meaningful tailwind for revenue growth.
The expansion of the installed base of AquaBeam and HYDROS Robotic Systems continues to be a crucial revenue driver. By the end of 2025, the company's U.S. installed base reached 718 systems, representing a 42% increase compared to the prior year. These system placements, particularly the HYDROS Robotic System, enable subsequent recurring revenue from handpiece sales as utilization grows.
International expansion also presents a notable growth opportunity. PROCEPT BioRobotics recently launched its HYDROS Robotic System in the United Kingdom and has plans for additional international expansion throughout 2026. This broadens the market for their Aquablation therapy beyond the U.S., where BPH impacts approximately 40 million men.
Finally, the company is exploring expansion into prostate cancer treatment as a longer-term growth avenue. Procedures in the WATER IV prostate cancer trial are anticipated to be completed by mid-2026, potentially opening up a new adjacent market for their robotic solutions.
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Share Repurchases
PROCEPT BioRobotics has not reported any significant share repurchase programs or authorizations over the last 3-5 years.
Share Issuance
- PROCEPT BioRobotics completed its Initial Public Offering (IPO) on September 15, 2021, selling 6,556,000 shares of common stock at $25.00 per share, which generated total gross proceeds of $163.9 million.
- In October 2024, the company announced the pricing of an underwritten public offering of 1,923,076 shares of its common stock at $91.00 per share, expected to raise approximately $175 million in gross proceeds.
Inbound Investments
As a public company since September 2021, the primary significant inbound investment has been through its Initial Public Offering, which raised $163.9 million in gross proceeds.
Outbound Investments
There is no publicly available information indicating PROCEPT BioRobotics made any significant outbound investments, such as acquisitions or strategic investments in other companies, over the last 3-5 years.
Capital Expenditures
- PROCEPT BioRobotics's capital expenditures were $9.36 million for the fiscal year 2025.
- In the last 12 months (as of early 2026), capital expenditures amounted to $9.36 million.
- For the third quarter of 2025, the company invested $2.9 million in capital expenditures, primarily focused on long-term assets and infrastructure.
Peer Outperformance in Life Sciences Tools & Services
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 9.5% | 82.4% | 124.2% | CAH 394% · MCK 340% · COR 184% |
| Health Care Services | 20 | 20.6% | 46.6% | 7.5% | HIMS 337% · RDNT 157% · DGX 80% |
| Managed Health Care | 8 | 29.7% | -3.0% | 0.6% | OSCR 158% · HQY 63% · ELV 14% |
| Health Care Facilities | 24 | 7.9% | -0.8% | -16.4% | THC 286% · NHC 265% · ENSG 123% |
| Health Care Equipment | 51 | -4.5% | -4.5% | -17.6% | POCI 11300% · UFPT 373% · GKOS 260% |
| Health Care Supplies | 12 | 33.9% | -12.1% | -26.0% | LNTH 297% · HAE 78% · MMSI 29% |
| Pharmaceuticals | 63 | 4.5% | 4.1% | -38.2% | LQDA 2499% · INDV 1253% · ETON 1190% |
| Health Care Technology | 21 | -19.9% | -53.0% | -72.5% | SPOK 115% · HSTM -1% · VEEV -23% |
| Life Sciences Tools & Services ← | 108 | -2.5% | -28.0% | -72.6% | SNWV 1782% · MEDP 245% · ELMD 225% |
| Biotechnology | 365 | 7.8% | -24.2% | -78.3% | BRTX 107550% · CELZ 1771% · DNTH 1543% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 116.09 |
| Mkt Cap | 96.8 |
| Rev LTM | 16,015 |
| Op Inc LTM | 3,930 |
| FCF LTM | 2,514 |
| FCF 3Y Avg | 2,051 |
| CFO LTM | 4,118 |
| CFO 3Y Avg | 3,274 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.1% |
| Rev Chg 3Y Avg | 13.1% |
| Rev Chg Q | 14.2% |
| QoQ Delta Rev Chg LTM | 3.4% |
| Op Inc Chg LTM | 12.4% |
| Op Inc Chg 3Y Avg | 11.1% |
| Op Mgn LTM | 19.9% |
| Op Mgn 3Y Avg | 18.7% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 21.5% |
| CFO/Rev 3Y Avg | 20.7% |
| FCF/Rev LTM | 16.6% |
| FCF/Rev 3Y Avg | 15.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 96.8 |
| P/S | 3.7 |
| P/Op Inc | 20.0 |
| P/EBIT | 17.5 |
| P/E | 22.5 |
| P/CFO | 16.3 |
| Total Yield | 3.2% |
| Dividend Yield | 0.5% |
| FCF Yield 3Y Avg | 2.5% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Price Behavior
| Market Price | $21.68 | |
| Market Cap ($ Bil) | 1.2 | |
| First Trading Date | 09/15/2021 | |
| Distance from 52W High | -47.4% | |
| 50 Days | 200 Days | |
| DMA Price | $21.24 | $26.72 |
| DMA Trend | down | down |
| Distance from DMA | 2.1% | -18.9% |
| 3M | 1YR | |
| Volatility | 65.6% | 63.2% |
| Downside Capture | 83.44 | 161.81 |
| Upside Capture | -61.11 | 53.29 |
| Correlation (SPY) | -8.1% | 17.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.43 | -0.47 | -0.29 | 0.67 | 0.83 | 1.11 |
| Up Beta | 0.02 | -2.67 | -2.13 | -0.10 | 0.54 | 0.95 |
| Down Beta | -2.22 | -1.34 | -0.57 | -0.30 | -0.02 | 0.96 |
| Up Capture | -11% | -62% | -27% | 60% | 38% | 108% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 21 | 32 | 62 | 113 | 349 |
| Down Capture | 272% | 146% | 97% | 161% | 152% | 109% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 20 | 29 | 62 | 136 | 398 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PRCT | |
|---|---|---|---|---|
| PRCT | -45.1% | 63.2% | -0.70 | - |
| Sector ETF (XLV) | 28.8% | 16.0% | 1.39 | 25.2% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 17.7% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 4.7% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -1.2% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 16.5% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 12.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PRCT | |
|---|---|---|---|---|
| PRCT | -12.0% | 64.9% | 0.06 | - |
| Sector ETF (XLV) | 7.1% | 15.1% | 0.28 | 30.6% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 32.3% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 5.7% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 3.4% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 29.3% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 19.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PRCT | |
|---|---|---|---|---|
| PRCT | -6.2% | 64.9% | 0.06 | - |
| Sector ETF (XLV) | 10.7% | 16.7% | 0.52 | 30.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 32.3% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 5.7% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 3.4% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 29.3% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 19.0% |
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Returns Analyses
Earnings Returns History
Updated 8/13/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 5.8% | 25.2% | |
| 4/29/2026 | 10.7% | 14.2% | 21.3% |
| 2/25/2026 | -15.1% | -4.6% | -9.9% |
| 11/4/2025 | -9.7% | -10.5% | 2.4% |
| 8/6/2025 | -13.4% | -11.6% | -11.0% |
| 4/24/2025 | -5.6% | -3.1% | 3.6% |
| 2/25/2025 | 8.6% | 3.6% | -0.6% |
| 10/28/2024 | 32.3% | 34.2% | 42.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 7 | 9 |
| # Negative | 10 | 11 | 8 |
| Median Positive | 7.4% | 14.2% | 21.3% |
| Median Negative | -8.4% | -7.3% | -10.6% |
| Max Positive | 32.3% | 34.2% | 49.7% |
| Max Negative | -25.3% | -18.5% | -26.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 5.8% | 25.2% | |
| 4/29/2026 | 10.7% | 14.2% | 21.3% |
| 2/25/2026 | -15.1% | -4.6% | -9.9% |
| 11/4/2025 | -9.7% | -10.5% | 2.4% |
| 8/6/2025 | -13.4% | -11.6% | -11.0% |
| 4/24/2025 | -5.6% | -3.1% | 3.6% |
| 2/25/2025 | 8.6% | 3.6% | -0.6% |
| 10/28/2024 | 32.3% | 34.2% | 42.2% |
| 8/1/2024 | -7.5% | -0.2% | 27.4% |
| 11/1/2023 | 18.4% | 19.3% | 35.6% |
| 7/27/2023 | -7.1% | -4.9% | -20.4% |
| 4/27/2023 | -25.3% | -18.5% | -10.2% |
| 2/28/2023 | 1.0% | -9.4% | -26.8% |
| 1/9/2023 | -6.2% | -7.3% | -5.4% |
| 11/3/2022 | -9.4% | 1.2% | 3.6% |
| 5/5/2022 | 0.5% | -8.9% | 14.1% |
| 3/8/2022 | 6.2% | 5.1% | 49.7% |
| 11/4/2021 | -2.2% | -4.7% | -25.4% |
| SUMMARY STATS | |||
| # Positive | 8 | 7 | 9 |
| # Negative | 10 | 11 | 8 |
| Median Positive | 7.4% | 14.2% | 21.3% |
| Median Negative | -8.4% | -7.3% | -10.6% |
| Max Positive | 32.3% | 34.2% | 49.7% |
| Max Negative | -25.3% | -18.5% | -26.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/28/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/28/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 03/22/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 09/16/2021 | 424B4 |
Recent Forward Guidance
Updated 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 390.00 Mil | 400.00 Mil | 410.00 Mil | 0 | Affirmed | Guidance: 400.00 Mil for 2026 | |
| 2026 U.S. Procedure Volume | 54,000 | 55,000 | 56,000 | ||||
| 2026 Gross Margin | 65.0% | 0 | Affirmed | Guidance: 65.0% for 2026 | |||
| 2026 Adjusted EBITDA | -35.00 Mil | -32.50 Mil | -30.00 Mil | 38.3% | Lowered | Guidance: -23.50 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 390.00 Mil | 400.00 Mil | 410.00 Mil | 0 | Affirmed | Guidance: 400.00 Mil for 2026 | |
| 2026 Revenue Growth | 27.0% | 30.0% | 33.0% | 0 | Affirmed | Guidance: 30.0% for 2026 | |
| 2026 U.S. Procedure Growth | 39.0% | 43.5% | 48.0% | 0 | Affirmed | Guidance: 43.5% for 2026 | |
| 2026 Gross Margin | 65.0% | 0 | Affirmed | Guidance: 65.0% for 2026 | |||
| 2026 Adjusted EBITDA | -30.00 Mil | -23.50 Mil | -17.00 Mil | 0 | Affirmed | Guidance: -23.50 Mil for 2026 | |
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 390.00 Mil | 400.00 Mil | 410.00 Mil | -4.8% | Lowered | Guidance: 420.00 Mil for 2026 | |
| 2026 Revenue Growth | 27.0% | 30.0% | 33.0% | ||||
| 2026 U.S. Procedure Growth | 39.0% | 43.5% | 48.0% | ||||
| 2026 Gross Margin | 65.0% | 0.8% | Higher New | Actual: 64.25% for 2025 | |||
| 2026 Operating Expenses | 350.00 Mil | 15.9% | Higher New | Actual: 302.00 Mil for 2025 | |||
| 2026 Adjusted EBITDA | -30.00 Mil | -23.50 Mil | -17.00 Mil | -32.9% | Higher New | Actual: -35.00 Mil for 2025 | |
| Q1 2026 Total Procedures | 12,000 | 12,400 | 12,800 | ||||
| Q1 2026 Revenue | 79.00 Mil | 80.50 Mil | 82.00 Mil | ||||
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 325.50 Mil | 0 | Affirmed | Guidance: 325.50 Mil for 2025 | |||
| 2025 Gross Margin | 64.0% | 64.25% | 64.5% | -0.2% | Lowered | Guidance: 64.5% for 2025 | |
| 2025 Operating Expense | 302.00 Mil | 0 | Affirmed | Guidance: 302.00 Mil for 2025 | |||
| 2025 Adjusted EBITDA | -35.00 Mil | 0 | Affirmed | Guidance: -35.00 Mil for 2025 | |||
| 2026 Revenue | 410.00 Mil | 420.00 Mil | 430.00 Mil | ||||
Insider Activity
Updated 8/14/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wood, Larry L | President, CEO | The Larry Wood Trust | Buy | 8072026 | 20.85 | 23,900 | 498,315 | 498,315 | Form |
| 2 | Nouri, Alaleh | EVP, CLO, CORP. SEC. | Direct | Sell | 6102026 | 28.48 | 285 | 8,117 | 2,992,260 | Form |
| 3 | Waters, Kevin | EVP, CFO | Direct | Sell | 6102026 | 28.48 | 357 | 10,167 | 4,306,053 | Form |
| 4 | Templin, Barry L | EVP, Chief Technology Officer | Direct | Sell | 6102026 | 28.48 | 358 | 10,195 | 1,963,712 | Form |
| 5 | Nouri, Alaleh | EVP, CLO, CORP. SEC. | Direct | Sell | 3192026 | 25.96 | 5,363 | 139,231 | 2,735,133 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wood, Larry L | President, CEO | The Larry Wood Trust | Buy | 8072026 | 20.85 | 23,900 | 498,315 | 498,315 | Form |
| 2 | Nouri, Alaleh | EVP, CLO, CORP. SEC. | Direct | Sell | 6102026 | 28.48 | 285 | 8,117 | 2,992,260 | Form |
| 3 | Waters, Kevin | EVP, CFO | Direct | Sell | 6102026 | 28.48 | 357 | 10,167 | 4,306,053 | Form |
| 4 | Templin, Barry L | EVP, Chief Technology Officer | Direct | Sell | 6102026 | 28.48 | 358 | 10,195 | 1,963,712 | Form |
| 5 | Nouri, Alaleh | EVP, CLO, CORP. SEC. | Direct | Sell | 3192026 | 25.96 | 5,363 | 139,231 | 2,735,133 | Form |
| 6 | Nouri, Alaleh | EVP, CLO, CORP. SEC. | Direct | Sell | 3182026 | 28.15 | 304 | 8,559 | 3,117,038 | Form |
| 7 | Waters, Kevin | EVP, CFO | Direct | Sell | 3182026 | 28.15 | 706 | 19,876 | 4,266,843 | Form |
| 8 | Nouri, Alaleh | EVP, CLO, CORP. SEC. | Direct | Sell | 3122026 | 25.65 | 3,243 | 83,197 | 2,848,178 | Form |
| 9 | Desai, Antal Rohit | Kestrel Fund, L.P. | Buy | 3092026 | 24.55 | 98,699 | 2,422,891 | 10,463,999 | Form | |
| 10 | Nouri, Alaleh | EVP, CLO, CORP. SEC. | Direct | Sell | 3092026 | 23.70 | 6,892 | 163,353 | 2,708,274 | Form |
| 11 | Waters, Kevin | EVP, CFO | Direct | Sell | 3092026 | 23.70 | 6,721 | 159,300 | 3,608,946 | Form |
| 12 | Desai, Antal Rohit | Kestrel Fund, L.P. | Buy | 3092026 | 23.59 | 160,317 | 3,781,503 | 7,726,446 | Form | |
| 13 | Desai, Antal Rohit | Kestrel Fund, L.P. | Buy | 3092026 | 25.58 | 167,246 | 4,278,549 | 4,278,549 | Form | |
| 14 | Moll, Frederic H | Direct | Buy | 8142025 | 39.26 | 20,000 | 785,138 | 33,884,947 | Form |
Investor Activity (13F)
Updated Aug 24, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Life Sciences Tools & Services Resources |
| GenomeWeb |
| BioSpace |
| The Scientist |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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