PROCEPT BioRobotics (PRCT)
Market Price (9/9/2026): $21.34 | Market Cap: $1.2 BilSector: Health Care | Industry: Life Sciences Tools & Services
PROCEPT BioRobotics (PRCT)
Market Price (9/9/2026): $21.34Market 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 -110%, 3Y Excs Rtn is -108% 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 -110%, 3Y Excs Rtn is -108% |
| 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 20% since 5/31/2026 because of the following key factors:
1. PROCEPT BioRobotics (PRCT) reported a net loss of $26.9 million for fiscal Q2 2026, missing analyst EPS estimates, despite exceeding revenue expectations. The company announced its Q2 2026 financial results on August 4, 2026, reporting an Earnings Per Share (EPS) of -$0.47, which missed the consensus estimate of -$0.46 by $0.01. This represented a wider net loss compared to $19.6 million in fiscal Q2 2025. While quarterly revenue increased by 19.3% year-over-year to $94.5 million, surpassing analysts' expectations of $92.77 million, the company remained unprofitable with a negative net margin of 32.53%.
2. The company experienced softer-than-expected U.S. procedure growth in fiscal Q2 2026 and provided updated guidance. PROCEPT BioRobotics completed over 13,100 U.S. procedures during fiscal Q2 2026, marking approximately 21% year-over-year growth, which was below the company's expectations. Consequently, the company updated its full-year 2026 U.S. procedures guidance to a range of 54,000 to 56,000, representing growth of 25%-29% over the prior year. This tempered outlook was partly attributed to a model that "assumes no improvement in the AQUABEAM sites" and at the low end assumes limited improvement in HYDROS.
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PROCEPT BioRobotics (PRCT) stock has lost about 20% since 5/31/2026 because of the following key factors:
1. PROCEPT BioRobotics (PRCT) reported a net loss of $26.9 million for fiscal Q2 2026, missing analyst EPS estimates, despite exceeding revenue expectations. The company announced its Q2 2026 financial results on August 4, 2026, reporting an Earnings Per Share (EPS) of -$0.47, which missed the consensus estimate of -$0.46 by $0.01. This represented a wider net loss compared to $19.6 million in fiscal Q2 2025. While quarterly revenue increased by 19.3% year-over-year to $94.5 million, surpassing analysts' expectations of $92.77 million, the company remained unprofitable with a negative net margin of 32.53%.
2. The company experienced softer-than-expected U.S. procedure growth in fiscal Q2 2026 and provided updated guidance. PROCEPT BioRobotics completed over 13,100 U.S. procedures during fiscal Q2 2026, marking approximately 21% year-over-year growth, which was below the company's expectations. Consequently, the company updated its full-year 2026 U.S. procedures guidance to a range of 54,000 to 56,000, representing growth of 25%-29% over the prior year. This tempered outlook was partly attributed to a model that "assumes no improvement in the AQUABEAM sites" and at the low end assumes limited improvement in HYDROS.
3. Multiple analysts downgraded PRCT's rating and significantly cut price targets following the fiscal Q2 2026 results. After the earnings report on August 4, 2026, several Wall Street analysts adjusted their ratings and price targets for PROCEPT BioRobotics. On August 5, 2026, TD Cowen cut its price target from $34 to $28, Piper Sandler reduced its price target from $35 to $25, and Evercore ISI Group lowered its price target from $30 to $23. Additionally, William Blair downgraded the stock from "outperform" to "market perform" on August 5, 2026. Earlier, on July 2, 2026, Citigroup lowered its rating to a "hold", and on June 11, 2026, Leerink Partners downgraded the stock from an "outperform" to a "market perform" and reduced its price target from $31 to $29. The average 12-month price target among analysts now stands at $25.09, with a consensus "Hold" rating.
4. PROCEPT BioRobotics is facing securities fraud litigation alleging undisclosed inventory issues and sales practices. Lawsuits have been filed alleging that PROCEPT BioRobotics and certain senior executives failed to disclose critical information, including inventory problems, weaker-than-expected handpiece sales, and repeated late-quarter bulk discounts. These allegations claim that the discount program may have artificially inflated recurring-revenue metrics and led to excess customer inventory by pulling demand forward. A lead-plaintiff deadline for investors involved in this securities fraud class action is set for September 22, 2026.
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Stock Movement Drivers
Fundamental Drivers
The -18.9% change in PRCT stock from 5/31/2026 to 9/8/2026 was primarily driven by a -21.8% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.33 | 21.35 | -18.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 322 | 337 | 4.8% |
| P/S Multiple | 4.6 | 3.6 | -21.8% |
| Shares Outstanding (Mil) | 57 | 57 | -1.0% |
| Cumulative Contribution | -18.9% |
Market Drivers
5/31/2026 to 9/8/2026| Return | Correlation | |
|---|---|---|
| PRCT | -18.9% | |
| Market (SPY) | 1.3% | -6.6% |
| Sector (XLV) | 11.8% | 28.7% |
Fundamental Drivers
The -5.9% change in PRCT stock from 2/28/2026 to 9/8/2026 was primarily driven by a -12.6% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.69 | 21.35 | -5.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 308 | 337 | 9.5% |
| P/S Multiple | 4.1 | 3.6 | -12.6% |
| Shares Outstanding (Mil) | 56 | 57 | -1.7% |
| Cumulative Contribution | -5.9% |
Market Drivers
2/28/2026 to 9/8/2026| Return | Correlation | |
|---|---|---|
| PRCT | -5.9% | |
| Market (SPY) | 12.0% | 7.8% |
| Sector (XLV) | 4.8% | 28.6% |
Fundamental Drivers
The -46.9% change in PRCT stock from 8/31/2025 to 9/8/2026 was primarily driven by a -55.4% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.17 | 21.35 | -46.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 275 | 337 | 22.7% |
| P/S Multiple | 8.1 | 3.6 | -55.4% |
| Shares Outstanding (Mil) | 55 | 57 | -2.8% |
| Cumulative Contribution | -46.9% |
Market Drivers
8/31/2025 to 9/8/2026| Return | Correlation | |
|---|---|---|
| PRCT | -46.9% | |
| Market (SPY) | 19.8% | 16.2% |
| Sector (XLV) | 23.2% | 24.8% |
Fundamental Drivers
The -37.4% change in PRCT stock from 8/31/2023 to 9/8/2026 was primarily driven by a -76.2% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.11 | 21.35 | -37.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 102 | 337 | 231.9% |
| P/S Multiple | 15.2 | 3.6 | -76.2% |
| Shares Outstanding (Mil) | 45 | 57 | -20.9% |
| Cumulative Contribution | -37.4% |
Market Drivers
8/31/2023 to 9/8/2026| Return | Correlation | |
|---|---|---|
| PRCT | -37.4% | |
| Market (SPY) | 76.1% | 27.7% |
| Sector (XLV) | 31.3% | 28.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PRCT Return | -40% | 66% | 1% | 92% | -61% | -28% | -46% |
| Peers Return | 6% | -14% | 17% | 21% | 1% | -17% | 8% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
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 9/8/2026 (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 | 9.8% | 84.9% | 84.9% | CAH 403% · MCK 345% · COR 177% |
| Managed Health Care | 8 | 32.5% | -3.8% | 4.9% | OSCR 88% · HQY 42% · ELV 16% |
| Health Care Services | 20 | 18.6% | 52.5% | -0.2% | HIMS 211% · RDNT 148% · DGX 65% |
| Health Care Facilities | 24 | -1.4% | 2.5% | -16.6% | NHC 258% · THC 249% · ENSG 115% |
| Health Care Equipment | 50 | -5.1% | -1.7% | -26.0% | POCI 10862% · UFPT 333% · GKOS 236% |
| Pharmaceuticals | 62 | -3.4% | 4.3% | -36.8% | LQDA 2343% · INDV 1115% · ETON 1064% |
| Health Care Supplies | 12 | 25.0% | -11.8% | -37.2% | LNTH 284% · HAE 57% · MMSI 22% |
| Life Sciences Tools & Services ← | 109 | 1.5% | -24.7% | -70.8% | SNWV 1598% · MEDP 206% · AXGN 171% |
| Health Care Technology | 20 | -23.6% | -53.3% | -78.1% | SPOK 73% · HSTM -3% · VEEV -13% |
| Biotechnology | 363 | 3.8% | -24.6% | -79.5% | DNTH 1619% · CELZ 1443% · ELVN 1243% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 114.69 |
| Mkt Cap | 86.1 |
| 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 | 86.1 |
| P/S | 3.6 |
| P/Op Inc | 17.7 |
| P/EBIT | 15.9 |
| P/E | 20.3 |
| P/CFO | 14.8 |
| Total Yield | 3.6% |
| Dividend Yield | 0.5% |
| FCF Yield 3Y Avg | 2.5% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Price Behavior
| Market Price | $21.35 | |
| Market Cap ($ Bil) | 1.2 | |
| First Trading Date | 09/15/2021 | |
| Distance from 52W High | -46.0% | |
| 50 Days | 200 Days | |
| DMA Price | $20.91 | $26.18 |
| DMA Trend | down | down |
| Distance from DMA | 2.1% | -18.5% |
| 3M | 1YR | |
| Volatility | 66.0% | 63.4% |
| Downside Capture | 88.10 | 160.68 |
| Upside Capture | -65.33 | 58.12 |
| Correlation (SPY) | -6.0% | 16.2% |
| 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 | -47.7% | 63.4% | -0.77 | - |
| Sector ETF (XLV) | 22.9% | 16.2% | 1.08 | 24.6% |
| Equity (SPY) | 19.4% | 12.8% | 1.11 | 16.7% |
| Gold (GLD) | 20.8% | 29.2% | 0.65 | 4.7% |
| Commodities (DBC) | 45.0% | 20.4% | 1.72 | -1.0% |
| Real Estate (VNQ) | 7.8% | 13.6% | 0.30 | 13.2% |
| Bitcoin (BTCUSD) | -28.1% | 43.9% | -0.63 | 9.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PRCT | |
|---|---|---|---|---|
| PRCT | -12.3% | 64.9% | 0.06 | - |
| Sector ETF (XLV) | 5.9% | 15.2% | 0.21 | 30.6% |
| Equity (SPY) | 12.6% | 17.2% | 0.56 | 32.2% |
| Gold (GLD) | 18.8% | 18.8% | 0.81 | 5.8% |
| Commodities (DBC) | 10.6% | 19.5% | 0.42 | 3.3% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | 29.1% |
| Bitcoin (BTCUSD) | 11.1% | 52.6% | 0.39 | 18.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PRCT | |
|---|---|---|---|---|
| PRCT | -6.3% | 64.9% | 0.06 | - |
| Sector ETF (XLV) | 10.5% | 16.7% | 0.51 | 30.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 32.2% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 5.8% |
| Commodities (DBC) | 7.9% | 18.1% | 0.36 | 3.3% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 29.1% |
| Bitcoin (BTCUSD) | 63.6% | 66.2% | 1.03 | 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 9, 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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