AI Consensus Investment Thesis
PRCT: PROCEPT BioRobotics Stock Price, Analysis & Forecast: 1 Year and 5 Year Targets
PROCEPT BioRobotics: 1-Year and 5-Year Forecast Outlook and Rating
PROCEPT BioRobotics (PRCT) has an immediate Strong Buy & Keep consensus AI recommendation, based on 14 AI analysts.
The 1-year target is $24.5 for , with +18.82% expected return (+18.82% including net dividends) and a STRONG BUY rating.
The 5-year target is $56.5 for , with +174.01% expected return (+174.01% including net dividends) and a STRONG BUY rating.
Latest available market price: USD 20.6, as of 6 Nov 2026.
Dividend calculation details
Calculated net annual dividend yield: 0%. As of 2026-11-06.
Gross TTM: 0% · Two-year annualized gross: 0%.
Tax withholding assumption: 30% (US). One-off special payments are excluded.
Return estimates compound the net annual yield at a constant rate over the stated return horizon (the remaining time to the fixed target date for current returns): (1 + price return) × (1 + net annual yield)years − 1.
Targets retain their original publication dates. Returns use the dated market close and the time remaining to each fixed target date. Current ratings also require fresh quotes and analysis, with more than 90 days remaining. Past targets have no forward return. Eligibility checked .
PROCEPT BioRobotics Flagship Insight
Hidden Surgical Consumable Annuity Set to Overcome Hospital Channel Inventory Reset
There is high consensus that clinical demand remains robust beneath transient channel destocking, driven by recurring waterjet consumable utilization and gross margins reaching 66%. However, sharp divergence persists regarding the five-year cash-burn runway, debt refinancing risks, and regulatory oncology timing.
How were the Investment Thesis and Forecasts created?
14 AI advisors, guided by 9 analytical frameworks, contribute to the deep analysis by iPulse AI Engine.
Sherlock Holmes (Whistleblower)
Warren Buffett (Value Purist)
Superintelligence (Anthropologist)
Elon Musk (Visionary)
Universal Investor (Polymath)
J.P. Morgan (Titan)
Ray Dalio (Strategist)
Michael Burry (Vulture)
Machiavelli (Insider)
Ran across these frontier AI models
Google Gemini 3.8 Flash
Anthropic Claude Opus 5
OpenAI GPT-6 Astra
Latest published deep-analysis batch. Audit published forecasts in full transparency
PROCEPT BioRobotics: Investment Thesis Summary
Dotted terms link to the glossary; hover or focus for a preview. Browse technical terms
If you invest $10,000 in PROCEPT BioRobotics at the latest market close (6 Nov 2026): $27,401 by Sept 2031 versus $14,376 for S&P 500 benchmark.
Returns use the same dated market close, fixed targets and remaining dividend period as the forecast table.
The base-case investment thesis identifies an asymmetric valuation dislocation where forensic channel inventory digestion masked durable clinical adoption. While reported revenue growth decelerated from historical hypergrowth due to the cessation of aggressive distributor bulk discounting, underlying U.S. procedure volumes expanded 21% year-over-year in mid-2026, with handpiece shipments re-anchoring to procedure volume at 98% parity. As the global installed base of over 1,036 robotic systems matures, high-margin single-use handpieces generate an expanding recurring revenue annuity at 66% gross margins. Operating leverage will systematically absorb fixed commercial overhead as WATER IV trial enrollment costs roll off, driving the business toward adjusted EBITDA breakeven by late 2027 and free cash flow self-sufficiency by 2029. Valuation sensitivity centers on the bridge between cash burn and refinancing timing: trailing twelve-month free cash outflows of $85 million to $126 million against approximately $228 million in liquid reserves leave roughly five quarters of standalone runway. The primary counterargument warns that hospital capital expenditure rationing under restrictive monetary policy, paired with pending securities class-action liabilities, could force a dilutive equity raise before operational self-sufficiency is achieved.
Key insights
- Consumable handpiece sales expanding to over 65% of total revenue structurally decouples financial growth from lumpy hospital capital expenditure cycles.
- Restructured executive incentives under Larry Wood eliminate volatile end-quarter discounting, establishing transparent revenue quality that commands institutional multiple expansion.
- Oncology label expansion via WATER IV represents an unpriced call option; the base case remains fully supported by core benign urology.
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See Base accessPROCEPT BioRobotics: 5 Year Consensus Forecast
20 quarterly price targets, returns and rationale, with advisor range and benchmark
Forward returns are updated using the latest market close price of USD 20.6, as of 6 Nov 2026.
Dividend calculation details
Calculated net annual dividend yield: 0%. As of 2026-11-06.
Gross TTM: 0% · Two-year annualized gross: 0%.
Tax withholding assumption: 30% (US). One-off special payments are excluded.
Return estimates compound the net annual yield at a constant rate over the stated return horizon (the remaining time to the fixed target date for current returns): (1 + price return) × (1 + net annual yield)years − 1.
The consensus target follows an expert-weighted price path synthesized from 14 AI advisor opinions. See Opinion weights and rationale for the exact allocation and reasoning.
Forecast methodology and reference values
Published targets are anchored on 18 Sept 2026 at USD 19.3. Original quarter-to-quarter target changes are retained. Forward returns use the remaining time to each fixed target date.
The pessimistic and optimistic advisor base cases are the lowest and highest published advisor base-case targets for each quarter. The advisor at either extreme can change between quarters. Benchmark values are in USD.
Scroll the table horizontally to read every column.
| Quarter | Consensus target (USD) | Forecast quarter-to-quarter price change | Forward price return | Forward return incl. net dividends | Forecast rationale | Pessimistic Advisor Base Case (USD) | Optimistic Advisor Base Case (USD) | S&P 500 benchmark (USD) |
|---|---|---|---|---|---|---|---|---|
| $19.60 | +1.57% | -4.95% | -4.95% | Third-quarter results confirm hospital handpiece destocking has largely concluded, with shipments tracking actual procedure volumes. Macro headwinds from elevated interest rates and ongoing securities litigation cap immediate multiple expansion, resulting in modest stabilization. | $17.76 | $22.0 | $750 | |
| $20.7 | +5.38% | +0.39% | +0.39% | Full-year 2026 financial reporting proves underlying procedure growth exceeded 20%, while conservative 2027 guidance resets Street expectations. Clean handpiece utilization data prompts short covering and stabilizes the valuation floor above distress levels. | $16.87 | $24.2 | $736 | |
| $23.2 | +12.36% | +12.51% | +12.51% | Presentation of primary endpoint results from the WATER IV trial at the urology congress generates clinical excitement regarding functional preservation. Expanding HYDROS console installations and high-margin consumable reorders drive solid quarterly appreciation. | $19.23 | $31.0 | $743 | |
| $24.5 | +5.67% | +18.82% | +18.82% | Focus shifts to balance-sheet duration as the October 2027 debt amortization window approaches. Continued procedural expansion offsets refinancing friction, though higher interest rates maintain valuation multiple pressure across mid-cap medical technology. | $19.69 | $35.6 | $755 | |
| $26.5 | +7.93% | +28.52% | +28.52% | Management successfully renegotiates or terms out credit facilities, eliminating near-term liquidity panic. Year-end surgical procedure backlogs clear, driving handpiece reorders higher and narrowing quarterly operating cash burn. | $21.4 | $38.8 | $776 | |
| $28.4 | +7.38% | +37.73% | +37.73% | Full-year 2027 earnings demonstrate gross margins stabilizing near 66% as research spending post-WATER IV enrollment moderates. Visible progress toward adjusted EBITDA breakeven encourages fundamental institutional healthcare allocators to accumulate shares. | $22.3 | $43.5 | $787 | |
| $30.4 | +7.00% | +47.43% | +47.43% | Supplemental regulatory filings for oncology label expansion advance, while international placements in Western Europe and Japan accelerate. Expanding procedural volume cushions against seasonal surgical moderation and capital procurement scrutiny. | $22.2 | $47.0 | $803 | |
| $31.8 | +4.49% | +54.22% | +54.22% | A modeled capital raise or convertible note offering dilutes per-share recovery economics slightly, causing transient price consolidation. However, recurring consumable revenue approaching 65% of sales mix provides downside support. | $22.4 | $49.8 | $812 | |
| $34.5 | +8.45% | +67.31% | +67.31% | Post-financing overhang clears as third-quarter results approach operating cash-flow neutrality. Resolution or preliminary settlement of legacy securities litigation removes the primary governance discount, sparking sustained multiple expansion. | $24.0 | $57.8 | $839 | |
| $36.8 | +6.70% | +78.47% | +78.47% | Full-year 2028 financial disclosures deliver the company's first cash-flow neutral operating print. Slower salesforce overhead growth relative to high-margin disposable handpiece revenue validates structural razor-and-blade operating leverage. | $25.2 | $63.5 | $851 | |
| $39.1 | +6.39% | +89.62% | +89.62% | Oncology regulatory milestones and commercial pilots in ambulatory surgical centers expand procedural addressability. Commercial execution steadily dislodges legacy resections, broadening recurring revenue across high-volume regional hospital networks. | $26.2 | $68.6 | $872 | |
| $40.3 | +2.99% | +95.44% | +95.44% | Routine summer surgical seasonality and modest multiple digestion produce mild quarterly consolidation. Underlying handpiece utilization remains resilient, preserving solid gross margin performance despite hospital procurement budgeting scrutiny. | $27.3 | $72.7 | $886 | |
| $42.9 | +6.57% | +108.05% | +108.05% | Fourth-quarter procedural acceleration delivers sustained GAAP operating profitability. Fixed manufacturing cost absorption expands gross margins toward 68%, confirming self-funded corporate sustainability to the broader market. | $28.6 | $76.4 | $910 | |
| $44.6 | +3.78% | +116.29% | +116.29% | Full-year 2029 earnings substantiate durable double-digit revenue expansion and positive free cash flow. Healthcare index inclusions and fundamental mutual fund buying support orderly equity multiple re-rating. | $29.5 | $80.2 | $916 | |
| $46.9 | +5.31% | +127.45% | +127.45% | International commercial distribution expands procedural penetration across Asia-Pacific markets. High surgeon retention and AI-driven FirstAssist planning workflows entrench high switching costs across the mature installed base. | $30.7 | $83.4 | $937 | |
| $47.9 | +1.99% | +132.30% | +132.30% | Growth moderates into a mature mid-teens expansion phase as domestic market penetration deepens. Mild valuation multiple compression reflects sector rotation, but strong cash conversion prevents material price degradation. | $29.7 | $87.6 | $947 | |
| $50.4 | +5.32% | +144.42% | +144.42% | Consecutive quarters of positive free cash generation prompt management to explore balanced capital allocation, including anti-dilutive share repurchases. Year-end elective surgery volumes drive record quarterly handpiece shipments. | $31.5 | $91.1 | $970 | |
| $52.6 | +4.25% | +155.09% | +155.09% | Fiscal 2030 results demonstrate robust return on invested capital and operating margins topping 14%. The company completes its transition from speculative turnaround to established medical technology cash compounder. | $32.8 | $93.8 | $980 | |
| $54.7 | +4.01% | +165.28% | +165.28% | Next-generation platform software upgrades sustain console replacement cycles across pioneer hospital accounts. High-margin consumable revenue commands an enduring quality premium, insulating earnings from broader macroeconomic volatility. | $33.8 | $97.5 | $1,000 | |
| $56.5 | +3.40% | +174.01% | +174.01% | Five-year forecast horizon concludes with Aquablation firmly institutionalized as standard of care. Sustainable organic free cash flow, pristine balance sheet health, and recurring razor-and-blade economics anchor long-term terminal value. | $35.1 | $100 | $1,012 |
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PROCEPT BioRobotics Stock Analysis & Scenarios Deep Dive
PROCEPT BioRobotics: Alpha Gap & Repricing Catalysts
Market Narrative
What does the market currently expect? Prevailing market sentiment treats the business as a permanently impaired growth story crippled by executive channel stuffing, an 80% market capitalization collapse, and pending class-action lawsuits. Sell-side analysts anchor on top-line deceleration from 65% to 20% and trailing nine-figure cash burn, assuming elevated borrowing costs will permanently freeze hospital robotic purchases and force a distressed, highly dilutive equity recapitalization before the company achieves operational self-sufficiency.
Alpha Gap
What is the biggest difference between market expectations and our AI forecasts? The crowd underestimates value due to an acute underpricing dislocation. The market misdiagnoses a transient field-inventory correction as structural procedural stagnation. While reported shipments paused as hospitals absorbed 10,000 discounted units, genuine procedure volume grew 21% year-over-year, and handpiece reorders have recovered to 98% of procedure volume. Selling at roughly 2.3 times forward sales, the market prices an existential insolvency crisis just as high-margin consumable recurring revenue and operating expense discipline bridge the gap to positive cash flow.
Repricing Catalyst
What could make the market recognize and close that gap? Consecutive reporting periods through early 2027 demonstrating handpiece shipments strictly matching 100% of procedure volume will definitively eliminate channel-stuffing fears. This operational confirmation, followed by the presentation of primary WATER IV clinical data at the spring 2027 urology conference showing superior functional preservation, will force sell-side analysts to dismantle the governance discount and re-rate the multiple toward commercial-stage medical technology peers.
PROCEPT BioRobotics: Sentiment and Timing
What do sentiment, volatility, and the market-recognition cycle suggest about the thesis timing?
- Greed and Fear Sentiment
- Fear
- Volatility Regime
- High Erratic
- Convergence Cycle Position
- Stabilization
Sentiment exhibits broad agreement on deep positioning skepticism following the inventory collapse. Disagreement centers on whether current valuations represent terminal capitulation or orderly post-crisis stabilization, dictating whether multiple re-expansion occurs rapidly in 2027 or requires a multi-year grinding recovery.
Macro Regime Fit
Does the current market environment support the thesis? The macroeconomic backdrop of restrictive monetary policy, with policy rates near 4.00% and sovereign yields near 5%, represents a clear headwind for hospital capital budgets and loss-making valuations. Higher capital costs prolong six-figure console sales cycles. However, non-discretionary urological surgical demand insulates recurring procedure volumes, allowing high-margin disposable handpiece sales to compound through macroeconomic cycles.
Advisor Disagreement
What do our AI Advisors disagree about most? The primary analytical disagreement across reports concerns the velocity of operating leverage and the severity of financing dilution. One group argues that customer inventory destocking is already complete, with 66% gross margins and 21% procedure growth providing a clear, self-funded path to positive cash flow by 2028 without secondary dilution. Conversely, the more skeptical group demonstrates that trailing cash burn of $85 million to $126 million leaves barely five quarters of liquidity before 2027 debt obligations, making a dilutive financing round highly probable. This debate will be resolved by observed fourth-quarter 2026 cash conversion and the gross margin trajectory excluding one-off tariff refunds.
PROCEPT BioRobotics: Critical Influencing Factors
Near-certain positive forcesTop Drivers & Tailwinds
Near-certain forces that support the investment thesis. These forces are treated as part of the base case (more than 60% probability of occurrence). Impact columns are specific to this asset class.
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| Driver / Tailwind | Category | Est. stock-price impact | Est. earnings impact | Why it matters |
|---|---|---|---|---|
| Razor-and-blade procedural utilization annuity | Competitive Positioning | +45% | +75% | With an active global installed base surpassing 1,036 robotic systems, recurring single-use handpiece consumption increasingly dominates total revenue. Each procedure generates approximately $3,550 at 66% gross margins. As hospital field inventory destocking completes and annual procedures compound above 20%, high-margin consumable pull-through systematically absorbs fixed corporate overhead, driving structural operating leverage. |
| HYDROS AI robotic upgrade cycle | Innovation And Product | +35% | +45% | Commercial rollout of the next-generation HYDROS platform, featuring FirstAssist AI planning and integrated imaging, commands premium $485,000 to $495,000 capital realizations. Faster surgical planning boosts account throughput by over 20%, driving replacement demand across legacy AquaBeam accounts and locking hospital urology departments into proprietary consumable workflows across North America and Europe. |
| Clinical guideline standard-of-care institutionalization | Regulatory | +30% | +38% | Upgraded clinical recommendations from American and European urological associations validate Aquablation's superior preservation of sexual function and continence over traditional transurethral electrocautery and laser resection. Universal 50-state Medicare coverage and permanent Category I CPT coding ensure hospital facility payments exceeding $9,000 per procedure, accelerating institutional adoption across ambulatory surgical centers. |
| Executive commercial discipline and cost containment | Management And Governance | +25% | +35% | Under CEO Larry Wood, former head of Edwards Lifesciences' transcatheter valve franchise, management eliminated unvetted bulk discounting and aligned field compensation directly with procedural pull-through. This operational reset restores institutional credibility, stabilizes handpiece average selling prices, and restrains general commercial expansion, directly accelerating the path toward operational cash-flow breakeven. |
Near-certain negative forcesTop Frictions & Headwinds
Near-certain forces that could slow, cap, or damage the thesis. These forces are treated as part of the base case (more than 60% probability of occurrence). Impact columns are specific to this asset class.
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| Friction / Headwind | Category | Est. stock-price impact | Est. earnings impact | Why it matters |
|---|---|---|---|---|
| Securities class action litigation overhang | Regulatory | -20% | -15% | Consolidated class-action lawsuits alleging misleading disclosures regarding historical handpiece discounting and channel inventory create persistent governance discounts. Legal defense costs and prospective settlement obligations consume balance sheet capital and executive focus, depressing equity valuation multiples until formal judicial settlements or dismissals quantify the enterprise's ultimate cash exposure. |
| Trailing cash burn and refinancing timing | Capital Allocation | -18% | -22% | Trailing twelve-month free cash outflows of $85 million to $126 million rapidly consume liquid reserves, leaving roughly five quarters of runway before the amended $52 million term loan maturity in late 2027. Under high benchmark borrowing rates, securing non-dilutive credit refinancing carries onerous coupons, sustaining market fears of a dilutive equity offering. |
| Hospital capital expenditure procurement constraints | Macroeconomic And Macrofinancial | -16% | -18% | Elevated interest rates and compressed healthcare operating margins force hospital procurement committees to scrutinize half-million-dollar robotic acquisitions. Extended approval cycles and capital rationing slow net-new console placement velocity, compelling the company to rely more heavily on rental and operating lease structures that defer upfront hardware cash realization. |
| Alternative minimally invasive procedural competition | Competitive Positioning | -12% | -15% | Entrenched legacy procedures like laser enucleation alongside office-based outpatient modalities such as water vapor therapy and prostatic urethral lift actively contest patient volume. Because office procedures avoid general anesthesia and facility fees, community urologists have financial incentives to retain mild-to-moderate cases, capping Aquablation's addressable penetration in low-acuity settings. |
PROCEPT BioRobotics: What Could Break or Accelerate the Thesis
Event Risk Score: High 70/100Asset-level relative pressure from clustered consensus frictions and tail risks. This is not the probability or risk score of an individual force.Plausible downside scenariosTail Risks
Tail yet plausible downside scenarios selected for their highest potential impact.
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| Tail scenario | Chance of Occurring | Stock Price Impact | Why plausible / what changes |
|---|---|---|---|
| Emergency discounted secondary equity offering | 30% | -42% | If procedural growth falters below 10% while trailing operational cash burn persists above $30 million quarterly into late 2027, available cash reserves will drop below prudent thresholds. Management would be forced to execute a deeply discounted equity secondary offering into a depressed tape, heavily diluting existing common equity holders by more than 25%. |
| WATER IV trial oncologic efficacy failure | 28% | -40% | Intermediate clinical data from the WATER IV trial in 2027 reveals unacceptable positive surgical margins or elevated cancer recurrence compared to radical prostatectomy. Clinical failure irrevocably bars Aquablation from the multi-billion-dollar localized prostate cancer market, triggering severe sell-side target reductions and permanently confining the platform to benign prostatic hyperplasia. |
Plausible upside scenariosTail Opportunities
Tail yet plausible upside scenarios selected for their highest potential impact.
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| Tail scenario | Chance of Occurring | Stock Price Impact | Why plausible / what changes |
|---|---|---|---|
| WATER IV pivotal oncology trial breakthrough | 34% | +75% | Primary readouts from the randomized WATER IV trial in spring 2027 demonstrate Aquablation's non-inferior oncologic resection and dramatically superior continence and sexual preservation compared to radical prostatectomy. Expedited FDA oncology clearance by late 2028 would double the addressable surgical market, driving aggressive robot placements and high-margin consumable pull-through across comprehensive cancer centers. |
| Strategic takeover by diversified medtech conglomerate | 24% | +60% | A major surgical device conglomerate such as Boston Scientific, Stryker, or Johnson & Johnson launches an outright takeover offer between 2027 and 2028. An acquirer could immediately eliminate redundant commercial selling infrastructure, resolve litigation liabilities, and cross-sell the 1,000-unit installed robotic base globally, paying an immediate transaction premium over depressed public valuations. |
Company Financial AnalysisPROCEPT BioRobotics: Earnings and Financials Analysis by AI
Financial figures available as of Sep 20, 2026. Only filings and source records available by this analysis date are included. View latest PROCEPT BioRobotics financials here.
Earnings and financials
The financial results show a growing medical technology business emerging from a painful inventory correction. Revenue expanded to $308 million in fiscal 2025 and reached $94.5 million in the second quarter of 2026, though annual growth slowed from prior hypergrowth levels. This slowdown happened because hospitals stopped buying excess supplies in bulk and began using up their existing closet inventories. Beneath the messy headline numbers, actual surgical procedures grew 21% in mid-2026. Handpiece sales have fully realigned with real surgeries. While trailing net losses remain significant at $110 million due to clinical trial and sales costs, closing the gap between shipments and surgeries provides a clear path toward financial breakeven.
Revenue, earnings, and cash flow
The table compares up to five fiscal years of revenue, net income, and free cash flow available to this analysis.
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| 2025 | USD 308.1M | USD -95.6M | USD -58.3M |
| 2024 | USD 224.5M | USD -91.4M | USD -103.6M |
| 2023 | USD 136.2M | USD -105.9M | USD -133.2M |
| 2022 | USD 75M | USD -87.2M | USD -83M |
| 2021 | USD 34.5M | USD -59.9M | USD -57.9M |
Valuation context: historical P/E
The table compares up to five fiscal years of point-in-time valuation evidence available to this analysis.
| Fiscal year | P/E | Earnings basis | Currency basis | Ticker / reporting |
|---|---|---|---|---|
| 2025 | -- | TTM | Loss-making | USD / USD |
| 2024 | -- | TTM | Loss-making | USD / USD |
| 2023 | -- | TTM | Loss-making | USD / USD |
| 2022 | -- | Annual | Loss-making | USD / USD |
| 2021 | -- | Annual | Loss-making | USD / USD |
P/E uses historical market capitalization and earnings known at each period. Cross-currency observations are normalized to USD using point-in-time FX rates.
Profitability and margins
Gross profit margins tell a positive operational story, climbing from 52.2% in 2023 to 63.7% in 2025 and reaching 66% in mid-2026. This steady expansion reflects strong pricing for single-use surgical handpieces at $3,550 and higher selling prices for next-generation robotic consoles, although a $2.9 million tariff refund provided temporary support. In contrast, operating profit margins remain deeply negative at roughly minus 29% due to extensive sales teams and clinical trial spending. As recurring, high-margin handpiece sales become a larger share of total revenue, fixed corporate overhead will be spread over more cases, paving the way for operating profits as annual surgeries continue to scale.
The table compares up to five fiscal years of operating income and reported profitability margins.
| Fiscal year | Operating income | Operating margin | Net margin |
|---|---|---|---|
| 2025 | USD -103.9M | -33.7% | -31.0% |
| 2024 | USD -96.6M | -43.0% | -40.7% |
| 2023 | USD -109.2M | -80.2% | -77.8% |
| 2022 | USD -80.7M | -107.6% | -116.2% |
| 2021 | USD -54.2M | -157.1% | -173.6% |
Balance sheet and leverage
The balance sheet offers meaningful short-term liquidity, holding approximately $228 million in cash against $52 million in long-term debt as of mid-2026. Management prudently amended its borrowing agreements to push principal repayments back to late 2027, maintaining a healthy current ratio of 6.85. However, this cash cushion is being drained by trailing annual free cash burn of approximately $85 million to $126 million. Current liquid reserves provide roughly five to six quarters of standalone breathing room. Management must narrow quarterly operating losses before debt maturities arrive to avoid seeking dilutive emergency financing in an expensive interest rate environment.
The table compares up to five fiscal years of debt, liquidity, net cash or debt, and current-ratio evidence.
| Fiscal year | Total debt | Cash + short-term investments | Reported net cash / (debt) | Debt less (cash + short-term investments), calculated | Current ratio |
|---|---|---|---|---|---|
| 2025 | USD 78.5M | USD 286.5M | USD 208M net cash | USD -208M | 6.85x |
| 2024 | USD 80.3M | USD 333.7M | USD 253.5M net cash | USD -253.5M | 9.07x |
| 2023 | USD 79.2M | USD 257.2M | USD 178M net cash | USD -178M | 7.63x |
| 2022 | USD 77.3M | USD 222.6M | USD 145.3M net cash | USD -145.3M | 7.73x |
| 2021 | USD 54.1M | USD 304.3M | USD 250.2M net cash | USD -250.2M | 20.08x |
Reported net debt retains the source definition, which can deduct cash alone. Cash plus short-term investments is broader liquidity; the separately calculated column subtracts that full amount from total debt for the same fiscal period and currency. Reported net debt below zero is displayed as net cash. Current ratio is current assets divided by current liabilities.
Capex and investment intensity
The company operates an asset-light manufacturing model, keeping physical capital expenditures exceptionally low at approximately 3% of revenue in fiscal 2025. Instead of building expensive factories, management outsources hardware fabrication and directs capital into research, software algorithms, and rigorous clinical trials. Research and development spending reached $71.3 million in 2025, primarily funding the pivotal WATER IV prostate cancer clinical trials and artificial intelligence surgical planning. This deliberate choice keeps factory overhead low while building strong patents and clinical evidence. The investment payoff depends on driving higher surgical procedure volume across already installed robotic consoles.
The table compares up to five fiscal years of capital expenditure and research-and-development investment.
| Fiscal year | Capital expenditure | R&D spend |
|---|---|---|
| 2025 | USD 9.4M | USD 71.3M |
| 2024 | USD 4.4M | USD 62.3M |
| 2023 | USD 25.2M | USD 48.4M |
| 2022 | USD 2.7M | USD 29M |
| 2021 | USD 592K | USD 19M |
Behind the synthesisPROCEPT BioRobotics: How Each Individual AI Forecaster Opinion Shapes the Global Consensus
This publication’s recorded synthesis allocated voting influence across 14 advisor opinions. The weights and rationales below are retained from that synthesis.
The independently supported consensus reveals an intact clinical adoption engine masked by a severe distributor destocking cycle. Across all reports, evidence confirms that underlying surgical procedures grew 19% to 21% in mid-2026, while handpiece shipments cleanly reconnected with procedure volumes at approximately 98% parity. However, reports diverge sharply regarding post-destocking operating leverage and liquidity duration. The most credible analyses audit historical cash-flow filings, uncovering that trailing free cash burn of $85 million to $126 million leaves roughly five to six quarters of standalone runway before debt maturity in late 2027. Consequently, reports that project explosive multiple expansion and immediate breakeven without acknowledging equity dilution or hospital capital rationing are downweighted. Higher weights are assigned to rigorous frameworks that normalize gross margins for nonrecurring tariff refunds, model realistic mid-teens compounding, and treat prostate cancer pipeline optionality as conditional rather than guaranteed.
Individual targets retain their original dates. Returns and ratings use the same latest available market close and dividend assumptions as the Consensus.
All 14 opinions
Consensus weight Allocation: 13.9/100. Weight Allocation Rationale: Delivers the most empirically grounded analysis, anchoring projections to reported filing disclosures, realistic H2 2026 ramp requirements, and disciplined multiple expansion. Properly accounts for dilution mechanics and debt amortization constraints.
The 1-year target is $20.2 for , with -2.08% expected return and a PARTIAL SELL rating. The 5-year target is $35.1 for , with +70.36% expected return and a BUY rating.
Consensus weight Allocation: 13.0/100. Weight Allocation Rationale: Demonstrates exceptional evidentiary rigor by auditing cash flows, adjusting gross margins for nonrecurring tariff refunds, and tracking true share count dilution. Excludes unearned pipeline optionality from the base valuation.
The 1-year target is $19.69 for , with -4.52% expected return and a SELL ALL rating. The 5-year target is $39.5 for , with +91.79% expected return and a STRONG BUY rating.
Consensus weight Allocation: 7.4/100. Weight Allocation Rationale: Provides disciplined forensic analysis of customer handpiece destocking and gross margin evolution toward 68%. However, assumes an aggressive re-rating to 4.5 times forward sales without fully penalizing near-term liquidity duration before operational breakeven.
The 1-year target is $27.6 for , with +33.97% expected return and a STRONG BUY rating. The 5-year target is $70.7 for , with +242.97% expected return and a STRONG BUY rating.
Consensus weight Allocation: 7.4/100. Weight Allocation Rationale: Accurately highlights the technological superiority of non-thermal waterjet ablation while appropriately stressing the burn rate and dilution hazards. The path balances realistic multiple progression with operational scaling hurdles through 2029.
The 1-year target is $25.5 for , with +23.44% expected return and a STRONG BUY rating. The 5-year target is $51.3 for , with +149.01% expected return and a STRONG BUY rating.
Sherlock Holmes AI
- Framework:
- The Whistleblower
- Mode:
- AI RESEARCHER
- AI model:
Google Gemini 3.8 Flash
Consensus weight Allocation: 7.4/100. Weight Allocation Rationale: Conducts rigorous forensic inspection of the 10,000-unit channel overhang and correctly identifies underlying 20% clinical procedure expansion. Cautiously addresses class action litigation liabilities and downside risks to cash duration.
The 1-year target is $25.1 for , with +21.53% expected return and a STRONG BUY rating. The 5-year target is $61.2 for , with +196.61% expected return and a STRONG BUY rating.
Superintelligence AI
- Framework:
- The Anthropologist
- Mode:
- AI THINKER
- AI model:
- Google Gemini 3.8 Flash
Consensus weight Allocation: 7.4/100. Weight Allocation Rationale: Articulates the classic transition from lumpy capital equipment placement to high-margin recurring procedural annuity. Appropriately models intermediate multiple compression before operating leverage takes hold as installed console utilization matures.
The 1-year target is $22.1 for , with +7.01% expected return and a BUY rating. The 5-year target is $51.5 for , with +149.88% expected return and a STRONG BUY rating.
Consensus weight Allocation: 7.4/100. Weight Allocation Rationale: Strong emphasis on commercial salesforce operating leverage and the razor-and-blade procedural inflection. Models measured valuation recovery while maintaining appropriate scrutiny over high-for-longer financing costs and hospital capital rationing.
The 1-year target is $23.0 for , with +11.59% expected return and a STRONG BUY rating. The 5-year target is $56.7 for , with +175.10% expected return and a STRONG BUY rating.
Consensus weight Allocation: 6.5/100. Weight Allocation Rationale: Offers a rigorous economic moat assessment centered on high switching costs and procedural standard-of-care guidelines. Accurately identifies capital-light manufacturing advantages, though slightly underestimates ongoing selling expense friction.
The 1-year target is $24.1 for , with +17.01% expected return and a STRONG BUY rating. The 5-year target is $57.2 for , with +177.35% expected return and a STRONG BUY rating.
Consensus weight Allocation: 5.6/100. Weight Allocation Rationale: Captures the operational transition under Larry Wood and universal Medicare reimbursement rails effectively. However, the modeled path assigns aggressive upside to the five-year trajectory, assuming near-frictionless expansion and premium multiples under a restrictive interest rate regime.
The 1-year target is $31.3 for , with +51.94% expected return and a STRONG BUY rating. The 5-year target is $90.0 for , with +336.54% expected return and a STRONG BUY rating.
Consensus weight Allocation: 5.6/100. Weight Allocation Rationale: Provides granular procedural data points and tracks handpiece-to-procedure parity. However, the timeseries models an overly optimistic trajectory exceeding 400% compounded returns, which understates secondary dilution risk and hospital capital budgeting friction.
The 1-year target is $35.6 for , with +72.77% expected return and a STRONG BUY rating. The 5-year target is $100 for , with +387.27% expected return and a STRONG BUY rating.
Consensus weight Allocation: 5.6/100. Weight Allocation Rationale: Presents sound analysis of procedural unit economics and the 98% handpiece-to-procedure reorder parity. However, the modeled path assumes early operating cash flow inflections that discount working capital absorption and refinancing hurdles.
The 1-year target is $24.8 for , with +20.38% expected return and a STRONG BUY rating. The 5-year target is $50.4 for , with +144.65% expected return and a STRONG BUY rating.
Superintelligence AI
- Framework:
- The Anthropologist
- Mode:
- AI RESEARCHER
- AI model:
- Google Gemini 3.8 Flash
Consensus weight Allocation: 4.6/100. Weight Allocation Rationale: Identifies decisive clinical guideline upgrades and ambulatory surgery center tailwinds, but projects extreme multiple expansion and return targets that minimize ongoing litigation risks and balance sheet drag before cash breakeven.
The 1-year target is $30.5 for , with +47.79% expected return and a STRONG BUY rating. The 5-year target is $91.2 for , with +342.37% expected return and a STRONG BUY rating.
Consensus weight Allocation: 4.6/100. Weight Allocation Rationale: Astutely evaluates reimbursement moats and leadership restructuring under Larry Wood, but models an aggressive valuation path that assumes complete insulation from high interest rates and litigation headwinds.
The 1-year target is $25.8 for , with +24.97% expected return and a STRONG BUY rating. The 5-year target is $76.5 for , with +271.15% expected return and a STRONG BUY rating.
Consensus weight Allocation: 3.7/100. Weight Allocation Rationale: Highlights secular demographic drivers and installed base monetization, but relies on question-led narrative framing and projects rapid multiple expansion that exceeds the realistic constraints of the company's five-quarter liquidity runway.
The 1-year target is $26.5 for , with +28.38% expected return and a STRONG BUY rating. The 5-year target is $63.4 for , with +207.27% expected return and a STRONG BUY rating.
References & Context
Research Provenance
Analysis generated by iPulse AI Engine v7 using recorded market data, operating under the editorial standards and supervision of Russlan Ramdowar, Editor-in-Chief.
External references below are sources recorded by the researcher agents for this PROCEPT BioRobotics forecast batch.
Primary analysis inputs
- iPulse AI Multi-Agent Forecasts — independent analyst personas, model outputs, and consensus synthesis.
- iPulse AI Global Events Context — macroeconomic, geopolitical, regulatory, and industry-event context.
- Structured market history — prices, distributions, volatility, identifiers, and listing metadata.
- Company earnings and financial statements — revenue, profitability, balance-sheet, cash-flow, and investment trends.
- Researcher web evidence — public sources consulted to challenge and contextualize the forecast thesis.
Independent AI Advisor panel
- AI Advisors
- 14
- AI Researchers
- 11
- AI Thinkers
- 3
Sources retained from AI Researcher searches
Asset-specific · Researcher web34 available sources from this batch (101 recorded). The first 15 are shown below; expand to read the rest.
- WATER IV PCa (AS Sub-study) clinicaltrials.gov
- WATER III: A Prospective, Partially Randomized Trial of Aquablation Therapy Versus Transurethral Laser Enucleation of the Prostate for Treatment of Lower Urinary Tract Symptoms - PubMed pubmed.ncbi.nlm.nih.gov
- prct-20251231 sec.gov
- prct-20260630 sec.gov
- prct-20260630 sec.gov
- PROCEPT BioRobotics Corp - Form 8-K - FY2026 sec.gov
- Aquablation Reimbursement for Providers | PROCEPT procept-biorobotics.com
- PROCEPT BioRobotics (PRCT) Stock Forecast & Analyst Price Targets stockanalysis.com
- PROCEPT BioRobotics Corp (NASDAQ:PRCT) Plummets 27% After Q4 Earnings Miss and Slashed 2026 Guidance | ChartMill.com chartmill.com
- PRCT Stock Quote Price and Forecast | CNN cnn.com
- PROCEPT BioRobotics Corp (PRCT) Q2 2026 Earnings Call Transcript - Equibles equibles.com
- PROCEPT BioRobotics Corporation (PRCT) Q2 FY2026 earnings call transcript finance.yahoo.com
- PROCEPT BioRobotics Corporation Q2 2026 Earnings Call Summary finance.yahoo.com
- PROCEPT BioRobotics® Advances Prostate Cancer Program with WATER IV Study Enrollment Completion and Expanded IDE Approval finance.yahoo.com
- Procept BioRobotics - PRCT - Stock Price & News | The Motley Fool fool.com
Show 19 more sources
- INVESTOR DEADLINE: PROCEPT BioRobotics Corporation (PRCT) Investors with Substantial Losses Have Opportunity to Lead the PROCEPT Class Action Lawsuit Before September 22, 2026 globenewswire.com
- PROCEPT BioRobotics Corporation Securities Fraud Class Action Result of Undisclosed Inventory Issues and approximately 18% Stock Decline - Investors may Contact Lewis Kahn, Esq, at Kahn Swick & Foti, LLC globenewswire.com
- PROCEPT BioRobotics Reports Second Quarter 2026 Financial Results globenewswire.com
- AUA Guidelines Strengthen Recommendation for Aquablation® Therapy ir.procept-biorobotics.com
- PROCEPT BioRobotics Announces FDA Clearance of the HYDROS™ Robotic System, the Next-Generation, AI-Powered Platform for Aquablation® Therapy | PROCEPT BioRobotics Corp ir.procept-biorobotics.com
- PROCEPT BioRobotics Reports Fourth Quarter 2025 Financial Results and Updates 2026 Revenue Guidance | PROCEPT BioRobotics Corp ir.procept-biorobotics.com
- PROCEPT BioRobotics Reports Second Quarter 2026 Financial Results | PROCEPT BioRobotics Corp ir.procept-biorobotics.com
- PROCEPT BioRobotics® Advances Prostate Cancer Program with WATER IV Study Enrollment Completion and Expanded IDE Approval | PROCEPT BioRobotics Corp ir.procept-biorobotics.com
- PROCEPT BioRobotics Corporation (NASDAQ: PRCT) Investors Who Suffered Losses May Be Eligible to Participate in Securities Class Action; Contact Robbins LLP for Information About Recovering Your Losses - Las Vegas Sun News lasvegassun.com
- Free Trial marketbeat.com
- PROCEPT BioRobotics multibaggerinsights.substack.com
- PROCEPT BioRobotics Reports Second Quarter 2026 Financial Results | Nasdaq nasdaq.com
- REMINDER: PROCEPT BioRobotics Corporation Investors With Significant Losses Must Act By September 22, 2026 - Contact Kirby McInerney LLP natlawreview.com
- SueWallSt Reminds PROCEPT BIOROBOTICS CORPORATION Investors of the Pending Class Action Lawsuit With a Lead Plaintiff Deadline of September 22, 2026 - PRCT prnewswire.com
- PROCEPT BioRobotics (Nasdaq:PRCT) - Stock Analysis - Simply Wall St simplywall.st
- PROCEPT BioRobotics (PRCT) Stock Price & Overview stockanalysis.com
- PROCEPT BioRobotics Q2 Earnings: $94.5M Revenue | PRCT Stock News stocktitan.net
- PROCEPT BioRobotics (PRCT) Q2 2026 Earnings Call Transcript - The Globe and Mail theglobeandmail.com
- Why Is PROCEPT BioRobotics (PRCT) Stock Down -9.00% ... tickeron.com
67 additional sources are recorded in this batch; their citation details are not available in this publication.
Context retained with this Consensus
The same public-safe market, global-event, and fundamental context supplied to the AI Advisor panel.
Global context snapshot
2025 Full-Year Global Market and World-Events Context
Download Archived SnapshotCoverage 2025-01-01 to 2025-12-31 · Knowledge cutoff 2025-12-31
This full-year context package covers the principal geopolitical, economic, monetary-policy, technology, trade, energy, and institutional developments that shaped global markets during 2025. It gives the forecasting model a chronological account of major world events together with their likely transmission into growth, inflation, interest rates, supply chains, commodities, currencies, public markets, and sector-level investment conditions.
Archived context covering 2025-01-01 to 2025-12-31. Its recorded scope includes technology and capital cycle; trade and industrial policy; monetary policy. Selected highlights reflect the analysis cutoff, not current world conditions.
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- File size
- 90.8K bytes
- Words
- 13.3K words
- Characters
- 90.8K characters
- Est. tokens (characters ÷ 4)
- 22.7K tokens
The package also includes monthly and quarterly macroeconomic and cross-asset reference tables spanning US and international growth, central-bank policy, sovereign yields, major equity indices, foreign exchange, energy, industrial and precious metals, and digital assets. Quarterly and full-year high-impact summaries are integrated; monthly quantitative series remain working values pending final audit, and that qualification is part of the preserved context.
| Selected highlights from this archived snapshot | Date | Status |
|---|---|---|
| DeepSeek shock and AI economics reset | 2025-01-27 | OPEN ENDED TREND |
| US tariff regime escalation and trade-system rupture | 2025-02-01 | ACTIVE POLICY REGIME |
| Federal Reserve easing cycle after a prolonged hold | 2025-09-17 | ACTIVE POLICY REGIME |
Representative Sources of the Context File
And more sources from the retained context package.
2026 Year-to-Date Global Market and World-Events Context Through September 20
Download Archived SnapshotCoverage 2026-01-01 to 2026-09-20 · Knowledge cutoff 2026-09-20
January 1-September 20, 2026: monetary tightening, energy security, trade restrictions, AI financing and divergent growth; five leading market themes.
Archived context covering 2026-01-01 to 2026-09-20. Its recorded scope includes monetary policy and rates; geopolitics energy and shipping; trade and industrial policy. Selected highlights reflect the analysis cutoff, not current world conditions.
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- File size
- 84.8K bytes
- Words
- 12.4K words
- Characters
- 84.8K characters
- Est. tokens (characters ÷ 4)
- 21.2K tokens
Fed raised rates to 3.75%-4.00%; ECB hike is in force and BOJ increase starts September 24. Markets through September 18, bitcoin through September 19.
| Selected highlights from this archived snapshot | Date | Status |
|---|---|---|
| Renewed monetary tightening amid persistent inflation | 2026-01-30 | ACTIVE POLICY REGIME |
| Iran/Hormuz conflict and wider energy-security disruption | 2026-02-28 | ONGOING |
| Tariff legal reset and strategic supply restrictions | 2026-02-20 | ACTIVE POLICY REGIME |
Representative Sources of the Context File
And more sources from the retained context package.
Fundamental Context Passed as Input to the Models
Time range: Annual fiscal periods: 2019-12-31–2025-12-31, 7 periods; Quarterly fiscal periods: 2023-09-30–2026-06-30, 12 periods.
Currencies cited: USD (quote USD; primary reporting USD; converted/valuation USD).
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Income statement
9 fieldsdepreciationAndAmortization · ebit · ebitda · grossProfit · +5 more fields
Balance sheet
11 fieldscash · commonStockSharesOutstanding · longTermDebt · netDebt · +7 more fields
Cash flow
4 fieldscapitalExpenditures · freeCashFlow · salePurchaseOfStock · totalCashFromOperatingActivities
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- Eligible historical publication workspaces
Explore complete public research examples
These public assets show the complete AI Consensus research. Their findings concern those assets, not this report.
PROCEPT BioRobotics: forecast questions
What is PROCEPT BioRobotics (PRCT)'s 1-year price forecast?
PROCEPT BioRobotics's 1-year target is $24.5 for Sept 2027. The current AI rating is STRONG BUY. The expected return from the recorded close is +18.82%, or +18.82% modeled return including net dividends. Latest available market price: USD 20.6, as of 6 Nov 2026. The target date is fixed; this is not a new rolling forecast.
What is PROCEPT BioRobotics (PRCT)'s 5-year price forecast?
PROCEPT BioRobotics's 5-year target is $56.5 for Sept 2031. The current AI rating is STRONG BUY. The expected return from the recorded close is +174.01%, or +174.01% modeled return including net dividends. Latest available market price: USD 20.6, as of 6 Nov 2026. The target date is fixed; this is not a new rolling forecast.
How can I compare the AI opinions and audit past PROCEPT BioRobotics forecasts?
14 AI analysts contribute to this publication. AI Opinions shows individual advisor forecasts and reasoning. Forecast History preserves earlier published batches; their figures describe their original publication, not today's outlook.
How does an AI-generated forecast for PROCEPT BioRobotics differ from Wall Street analyst consensus?
Wall Street consensus aggregates estimates from human analysts. For listed companies, these typically include brokerage price targets, earnings forecasts and ratings. iPulse AI's forecast for PROCEPT BioRobotics is a separate AI consensus generated through its own research workflow. Different inputs, forecast dates, assumptions and weighting can therefore produce different targets.
We believe the era of investment research conducted only by human analysts is drawing to a close. Frontier models increasingly match or exceed expert work on selected professional benchmarks, including evaluations covering financial analysis. Research on multi-model synthesis also shows that combining model responses can improve on a single model's output in the tasks studied.
iPulse AI generates transparent investment research and market forecasts using a swarm of AI configurations, analytical frameworks and frontier models. The workflow applies multiple verification, challenge and synthesis layers, with selective editorial review under Russlan Ramdowar, Editor-in-Chief. Published assumptions, disagreements and past forecasts remain available so readers can inspect the reasoning and audit outcomes.
For a research cycle covering 426 assets with 14 perspectives per asset, our internal workload model estimates approximately 114,000 hours of traditional analyst work. It assumes 16 hours per individual research report, 28 hours per consensus for synthesis and validation, plus shared data preparation. Parallel AI execution allows a deep-analysis cycle across hundreds of assets to complete in up to one day. The human-hours figure is an illustrative workload estimate, rather than measured time savings. Our research methodology explains the automated workflow.
If iPulse AI produces thousands of investment reports - work estimated to require over 100,000 traditional analyst hours - isn't that just "AI slop" at scale?
No. iPulse AI produces AI-generated research at scale, but the purpose is depth of analysis, comparison, and accountability. The number of reports is a consequence of the research process; it is not the goal.
iPulse AI does not produce thin copies of existing websites, articles, or investment reports. We use frontier models as an Analytical Intelligence layer. Our Financial Experts select, validate, curate, and supply the input data, including proprietary inputs, so the models work from a prepared evidence base.
In Researcher mode, models can also search the web to check current information, test assumptions, and investigate evidence that may be missing from the supplied data. This can include lobbying expenditure, management developments, regulatory decisions, or other facts relevant to a particular investment thesis. Thinker mode focuses on deep reasoning over the supplied data and context.
Our process goes much further than asking ChatGPT to evaluate a stock. Our team designs structured investment frameworks inspired by the approaches of influential investors, economists, political thinkers, and technological visionaries. These are AI analytical frameworks, not reports written or endorsed by the people who inspired them.
Each asset is analyzed separately through multiple frameworks and configurations, using specialized inputs and task instructions. Different perspectives examine different questions: valuation, business quality, technological disruption, macroeconomic conditions, political influence, financial risks, and more.
Cloud infrastructure allows these workflows to run at scale. That scale also comes with quality assurance at scale: up to 30% of report-generation attempts fail our QA checks. We rerun failed attempts until a clean report passes those checks. Users are presented only with reports that have passed QA.
This explains the volume. The value comes from what we do with the analysis.
A second layer synthesizes the individual reports into an asset-level consensus. This is where we recommend starting when researching a particular asset: it brings together the central thesis, supporting evidence, risks, and disagreements while preserving access to the underlying opinions.
We then compare assets through our proprietary iPulse AI Consensus Score, whose methodology is publicly explained. This helps users move from understanding one asset to comparing opportunities across the analyzed universe.
A further research and editorial layer examines leading candidates, checks current evidence, and develops focused Editorial Top Picks across broad-market and dedicated asset categories. Human editors review the evidence and approve each published edition. For example, explore our Best Long-Term Investments.
But the process does not end when a report is published. We preserve past forecasts so users with the relevant subscription can inspect what the system actually said and compare it with subsequent market outcomes. As more forecasts reach their target dates, the historical record becomes more useful for evaluating which approaches worked, which failed, and under what conditions.
We publish research on our website, arXiv, and Zenodo, alongside explanatory writing on Medium. We use the evidence to refine our data, frameworks, validation, and workflows, and document important findings in Lessons Learned.
The standard we ask users to judge us by is the reasoning, evidence, and historical record behind the research.
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The engine runs AI advisor configurations against a shared set of research inputs. The engine history explains the research workflow and what changed between versions.