PROCEPT BioRobotics (PRCT) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw significant organizational changes, including commercial team realignment, creation of a dedicated launch team, and implementation of disciplined handpiece pricing to drive procedure growth and improve execution.

• Achieved record quarterly procedure volume of approximately 12,200 and sold 65 new systems in Q4 2025, marking the strongest capital quarter to date.

• Eliminated end-of-quarter purchasing incentives and bulk purchase discounts, improving handpiece ASP by 5% but resulting in a shortfall in Q4 revenue.

• Procedure volumes grew 69% year-over-year in Q4, but revenue was impacted by inventory destocking and new sales practices.

Financial highlights

• Q4 2025 total revenue was $76.4 million, up 12% year-over-year; U.S. revenue was $66.6 million (up 10%), and international revenue was $9.8 million (up 25%).

• 12,200 U.S. procedures completed in Q4, up 69% year-over-year; 9,400 handpieces sold at an average price of $3,340, up 5% sequentially.

• Gross margin for Q4 was 60.6%–61%, down from 64% in Q4 2024, impacted by lower consumable revenue and a one-time field action.

• Net loss for Q4 was $29.8 million, compared to $18.9 million in Q4 2024; adjusted EBITDA loss was $19 million.

• Cash and equivalents totaled $285–289.5 million at year-end 2025.

Outlook and guidance

• 2026 revenue guidance set at $390 million–$410 million, representing 27%–33% growth.

• 2026 U.S. procedures expected to reach 60,000–64,000, up 39%–48% year-over-year.

• 2026 handpiece ASP expected to rise to $3,500; gross margin forecasted at ~65%, with $5M–$6M in tariff expenses.

• Operating expenses for 2026 projected at ~$350 million, up 17% from 2025.

• Adjusted EBITDA loss for 2026 expected between $30 million and $17 million, with positive EBITDA in Q4 2026.

• Q1 2026 revenue guidance is $79 million–$82 million, with U.S. system revenue of $20 million and international revenue of $10 million.