PROCEPT BioRobotics (PRCT)
Market Price (9/5/2026): $22.44 | Market Cap: $1.3 BilSector: Health Care | Industry: Life Sciences Tools & Services
PROCEPT BioRobotics (PRCT)
Market Price (9/5/2026): $22.44Market Cap: $1.3 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 -108%, 3Y Excs Rtn is -103% 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 14% | 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 -108%, 3Y Excs Rtn is -103% |
| 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 14% |
| 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 15% since 5/31/2026 because of the following key factors:
1. PROCEPT BioRobotics reported a wider net loss and adjusted EBITDA loss for fiscal Q2 2026, missing analysts' earnings per share (EPS) estimates. The company announced its second quarter 2026 financial results on August 4, 2026, reporting a GAAP net loss of $26.9 million, which further deteriorated from a $19.6 million loss in the prior-year period. Additionally, the adjusted EBITDA loss increased to $11.3 million, up from an $8.0 million loss year-over-year. The reported EPS of -$0.47 missed analysts' consensus estimates of -$0.46 by $0.01. While revenue for the quarter was $94.5 million, exceeding analyst expectations, the widening losses contributed to investor concern.
2. Softer-than-expected U.S. procedure growth led to a reduction in full-year procedure guidance. Although PROCEPT BioRobotics reported an increase of approximately 21% in U.S. procedures for fiscal Q2 2026, totaling over 13,100, management noted this performance was "softer than our expectations" primarily due to weaker activity in legacy AquaBeam accounts. In response, the company revised its full-year 2026 U.S. procedure volume guidance to 54,000–56,000, representing a growth of 25% to 29% over the prior year, even as it reiterated its full-year revenue guidance of $390 million to $410 million. This adjusted outlook signaled slower procedural adoption than previously anticipated.
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PROCEPT BioRobotics (PRCT) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. PROCEPT BioRobotics reported a wider net loss and adjusted EBITDA loss for fiscal Q2 2026, missing analysts' earnings per share (EPS) estimates. The company announced its second quarter 2026 financial results on August 4, 2026, reporting a GAAP net loss of $26.9 million, which further deteriorated from a $19.6 million loss in the prior-year period. Additionally, the adjusted EBITDA loss increased to $11.3 million, up from an $8.0 million loss year-over-year. The reported EPS of -$0.47 missed analysts' consensus estimates of -$0.46 by $0.01. While revenue for the quarter was $94.5 million, exceeding analyst expectations, the widening losses contributed to investor concern.
2. Softer-than-expected U.S. procedure growth led to a reduction in full-year procedure guidance. Although PROCEPT BioRobotics reported an increase of approximately 21% in U.S. procedures for fiscal Q2 2026, totaling over 13,100, management noted this performance was "softer than our expectations" primarily due to weaker activity in legacy AquaBeam accounts. In response, the company revised its full-year 2026 U.S. procedure volume guidance to 54,000–56,000, representing a growth of 25% to 29% over the prior year, even as it reiterated its full-year revenue guidance of $390 million to $410 million. This adjusted outlook signaled slower procedural adoption than previously anticipated.
3. Continued negative sentiment from ongoing securities class action lawsuits related to past sales practices. Throughout the period, multiple law firms continued to issue alerts and reminders about a securities class action lawsuit against PROCEPT BioRobotics. The lawsuit, with a class period ending February 25, 2026, alleges that the company engaged in an undisclosed discount program to incentivize bulk orders of handpieces, leading to unit sales exceeding actual procedures and accumulating over 10,000 excess handpieces in customer inventory. This issue reportedly caused a significant 30% sequential drop in U.S. handpiece sales when first disclosed with Q4 2025 results. Although the alleged events occurred prior to the specified period, the ongoing reminders and investigation of these allegations during June-September 2026 likely perpetuated investor uncertainty and contributed to downward pressure on the stock.
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Stock Movement Drivers
Fundamental Drivers
The -13.6% change in PRCT stock from 5/31/2026 to 9/4/2026 was primarily driven by a -16.7% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.33 | 22.76 | -13.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 322 | 337 | 4.8% |
| P/S Multiple | 4.6 | 3.9 | -16.7% |
| Shares Outstanding (Mil) | 57 | 57 | -1.0% |
| Cumulative Contribution | -13.6% |
Market Drivers
5/31/2026 to 9/4/2026| Return | Correlation | |
|---|---|---|
| PRCT | -13.6% | |
| Market (SPY) | 1.8% | -8.2% |
| Sector (XLV) | 14.7% | 25.2% |
Fundamental Drivers
The 0.3% change in PRCT stock from 2/28/2026 to 9/4/2026 was primarily driven by a 9.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.69 | 22.76 | 0.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 308 | 337 | 9.5% |
| P/S Multiple | 4.1 | 3.9 | -6.8% |
| Shares Outstanding (Mil) | 56 | 57 | -1.7% |
| Cumulative Contribution | 0.3% |
Market Drivers
2/28/2026 to 9/4/2026| Return | Correlation | |
|---|---|---|
| PRCT | 0.3% | |
| Market (SPY) | 12.6% | 7.0% |
| Sector (XLV) | 7.5% | 26.8% |
Fundamental Drivers
The -43.3% change in PRCT stock from 8/31/2025 to 9/4/2026 was primarily driven by a -52.5% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.17 | 22.76 | -43.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 275 | 337 | 22.7% |
| P/S Multiple | 8.1 | 3.9 | -52.5% |
| Shares Outstanding (Mil) | 55 | 57 | -2.8% |
| Cumulative Contribution | -43.3% |
Market Drivers
8/31/2025 to 9/4/2026| Return | Correlation | |
|---|---|---|
| PRCT | -43.3% | |
| Market (SPY) | 20.4% | 15.8% |
| Sector (XLV) | 26.4% | 23.7% |
Fundamental Drivers
The -33.3% change in PRCT stock from 8/31/2023 to 9/4/2026 was primarily driven by a -74.6% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.11 | 22.76 | -33.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 102 | 337 | 231.9% |
| P/S Multiple | 15.2 | 3.9 | -74.6% |
| Shares Outstanding (Mil) | 45 | 57 | -20.9% |
| Cumulative Contribution | -33.3% |
Market Drivers
8/31/2023 to 9/4/2026| Return | Correlation | |
|---|---|---|
| PRCT | -33.3% | |
| Market (SPY) | 77.1% | 27.6% |
| Sector (XLV) | 34.7% | 28.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PRCT Return | -40% | 66% | 1% | 92% | -61% | -32% | -49% |
| Peers Return | 6% | -14% | 17% | 21% | 1% | -17% | 9% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| PRCT Win Rate | 25% | 67% | 42% | 83% | 8% | 44% | |
| Peers Win Rate | 48% | 48% | 53% | 62% | 53% | 38% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
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 9/4/2026 (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 | 13.9% | 96.3% | 127.8% | CAH 414% · MCK 351% · COR 179% |
| Managed Health Care | 8 | 33.2% | 1.7% | 3.3% | OSCR 77% · HQY 48% · ELV 16% |
| Health Care Services | 20 | 21.0% | 52.1% | -1.5% | HIMS 238% · RDNT 134% · DGX 68% |
| Health Care Facilities | 24 | 1.8% | 4.9% | -19.0% | THC 249% · NHC 244% · ENSG 108% |
| Health Care Equipment | 50 | -5.3% | -4.8% | -24.0% | POCI 10775% · UFPT 318% · GKOS 200% |
| Health Care Supplies | 12 | 32.3% | -14.4% | -35.5% | LNTH 272% · HAE 59% · MMSI 23% |
| Pharmaceuticals | 63 | -0.9% | 0.6% | -36.4% | LQDA 2406% · INDV 1148% · ETON 1022% |
| Life Sciences Tools & Services ← | 109 | 2.4% | -28.7% | -73.9% | SNWV 1688% · MEDP 203% · AXGN 178% |
| Biotechnology | 363 | 8.8% | -25.7% | -76.8% | BRTX 73900% · DNTH 1558% · CELZ 1486% |
| Health Care Technology | 20 | -25.0% | -56.7% | -78.6% | SPOK 68% · HSTM -2% · VEEV -13% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 116.27 |
| Mkt Cap | 93.3 |
| 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 | 16.1% |
| QoQ Delta Rev Chg LTM | 3.8% |
| Op Inc Chg LTM | 14.0% |
| Op Inc Chg 3Y Avg | 11.3% |
| Op Mgn LTM | 20.0% |
| Op Mgn 3Y Avg | 18.8% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 21.5% |
| CFO/Rev 3Y Avg | 20.9% |
| FCF/Rev LTM | 17.3% |
| FCF/Rev 3Y Avg | 16.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 93.3 |
| P/S | 3.8 |
| P/Op Inc | 18.8 |
| P/EBIT | 16.5 |
| P/E | 21.1 |
| P/CFO | 15.3 |
| Total Yield | 3.4% |
| Dividend Yield | 0.5% |
| FCF Yield 3Y Avg | 2.5% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Price Behavior
| Market Price | $22.76 | |
| Market Cap ($ Bil) | 1.3 | |
| First Trading Date | 09/15/2021 | |
| Distance from 52W High | -44.1% | |
| 50 Days | 200 Days | |
| DMA Price | $20.92 | $26.21 |
| DMA Trend | down | down |
| Distance from DMA | 8.8% | -13.2% |
| 3M | 1YR | |
| Volatility | 64.7% | 63.4% |
| Downside Capture | 44.33 | 143.30 |
| Upside Capture | -56.25 | 52.81 |
| Correlation (SPY) | -8.1% | 16.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.01 | 0.38 | -0.32 | 0.36 | 0.81 | 1.11 |
| Up Beta | -0.00 | 0.01 | -1.87 | -0.36 | 0.52 | 0.93 |
| Down Beta | 10.77 | 0.98 | 0.19 | 0.48 | 0.62 | 1.07 |
| Up Capture | -1% | -6% | -42% | 40% | 36% | 96% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 21 | 33 | 65 | 118 | 349 |
| Down Capture | -381% | 94% | 59% | 81% | 131% | 108% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 20 | 29 | 60 | 130 | 396 |
[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 | -40.8% | 63.4% | -0.57 | - |
| Sector ETF (XLV) | 26.5% | 16.0% | 1.28 | 23.5% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 16.0% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 4.5% |
| Commodities (DBC) | 44.1% | 20.4% | 1.69 | -1.3% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 13.8% |
| Bitcoin (BTCUSD) | -26.9% | 43.8% | -0.59 | 10.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PRCT | |
|---|---|---|---|---|
| PRCT | -11.1% | 64.8% | 0.08 | - |
| Sector ETF (XLV) | 6.6% | 15.1% | 0.25 | 30.4% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 32.1% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 5.6% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 3.4% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 29.1% |
| Bitcoin (BTCUSD) | 10.6% | 52.6% | 0.38 | 18.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PRCT | |
|---|---|---|---|---|
| PRCT | -5.7% | 64.8% | 0.08 | - |
| Sector ETF (XLV) | 10.8% | 16.7% | 0.53 | 30.4% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 32.1% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 5.6% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 3.4% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 29.1% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 18.8% |
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Returns Analyses
Earnings Returns History
Updated 9/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 5.8% | 25.2% | 20.2% |
| 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 | 10 |
| # Negative | 10 | 11 | 8 |
| Median Positive | 7.4% | 14.2% | 20.7% |
| 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% | 20.2% |
| 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 | 10 |
| # Negative | 10 | 11 | 8 |
| Median Positive | 7.4% | 14.2% | 20.7% |
| 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 | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 U.S. Procedure Volume | Reported | 54,000 | 55,000 | 56,000 | ||||
| 2026 Revenue | Reported | 390.00 Mil | 400.00 Mil | 410.00 Mil | 0 | Affirmed | Guidance: 400.00 Mil for 2026 | |
| 2026 Gross Profit | Calculated | 253.50 Mil | 260.00 Mil | 266.50 Mil | Rev x Gross Margin | |||
| 2026 Gross Margin | Reported | 65.0% | 0 | Affirmed | Guidance: 65.0% for 2026 | |||
| 2026 Adjusted EBITDA | Reported | -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 | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 U.S. Procedure Growth | Reported | 39.0% | 43.5% | 48.0% | 0 | Affirmed | Guidance: 43.5% for 2026 | |
| 2026 Revenue | Reported | 390.00 Mil | 400.00 Mil | 410.00 Mil | 0 | Affirmed | Guidance: 400.00 Mil for 2026 | |
| 2026 Revenue Growth | Reported | 27.0% | 30.0% | 33.0% | 0 | Affirmed | Guidance: 30.0% for 2026 | |
| 2026 Gross Profit | Calculated | 253.50 Mil | 260.00 Mil | 266.50 Mil | Rev x Gross Margin | |||
| 2026 Gross Margin | Reported | 65.0% | 0 | Affirmed | Guidance: 65.0% for 2026 | |||
| 2026 Adjusted EBITDA | Reported | -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 | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 U.S. Procedure Growth | Reported | 39.0% | 43.5% | 48.0% | ||||
| 2026 Revenue | Reported | 390.00 Mil | 400.00 Mil | 410.00 Mil | -4.8% | Lowered | Guidance: 420.00 Mil for 2026 | |
| 2026 Revenue Growth | Reported | 27.0% | 30.0% | 33.0% | ||||
| 2026 Gross Profit | Calculated | 253.50 Mil | 260.00 Mil | 266.50 Mil | Rev x Gross Margin | |||
| 2026 Gross Margin | Reported | 65.0% | 0.8% | Higher New | Actual: 64.25% for 2025 | |||
| 2026 Operating Expenses | Reported | 350.00 Mil | 15.9% | Higher New | Actual: 302.00 Mil for 2025 | |||
| 2026 Adjusted EBITDA | Reported | -30.00 Mil | -23.50 Mil | -17.00 Mil | -32.9% | Higher New | Actual: -35.00 Mil for 2025 | |
| Q1 2026 Total Procedures | Reported | 12,000 | 12,400 | 12,800 | ||||
| Q1 2026 Revenue | Reported | 79.00 Mil | 80.50 Mil | 82.00 Mil | ||||
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | Reported | 325.50 Mil | 0 | Affirmed | Guidance: 325.50 Mil for 2025 | |||
| 2025 Gross Profit | Calculated | 208.32 Mil | 209.13 Mil | 209.95 Mil | Rev x Gross Margin | |||
| 2025 Gross Margin | Reported | 64.0% | 64.25% | 64.5% | -0.2% | Lowered | Guidance: 64.5% for 2025 | |
| 2025 Operating Expense | Reported | 302.00 Mil | 0 | Affirmed | Guidance: 302.00 Mil for 2025 | |||
| 2025 Operating Income | Calculated | -93.68 Mil | -92.87 Mil | -92.05 Mil | Rev x Gross Margin - Opex | |||
| 2025 Operating Margin | Calculated | -28.78% | -28.53% | -28.28% | Implied by guided Rev/GM/Opex | |||
| 2025 Adjusted EBITDA | Reported | -35.00 Mil | 0 | Affirmed | Guidance: -35.00 Mil for 2025 | |||
| 2026 Revenue | Reported | 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 Sep 5, 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
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| The Scientist |
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| MarketWatch | Unusual Whales |
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