PROCEPT BioRobotics Corp (PRCT) FY2025 10-K Annual Report
PROCEPT BioRobotics Corp (PRCT) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
PROCEPT BioRobotics Corp FY2025 10-K Analysis
Business Overview
- • Core business: Develops and sells AquaBeam and HYDROS robotic systems for minimally invasive urologic surgery focused on benign prostatic hyperplasia (BPH) treatment
- • New emphasis on prostate cancer treatment with ongoing clinical trials including the pivotal WATER IV PCa randomized FDA-approved IDE study
- • Strategic shift toward global expansion and increased efforts in private payor coverage and direct-to-patient marketing beyond urologists
- • Install base growth to 912 robotic systems globally as of Dec 31, 2025, up from prior years, with revenue rising to $308.1 million in 2025
- • Notable investment in AI and machine learning to improve treatment planning and product scalability for future innovation
Management Discussion & Analysis
- • Revenue $308.1M, up 37% YoY from $224.5M; system sales up $15.8M (18%), hand-piece sales up $60.0M (49%)
- • Gross margin 64% vs 61% YoY, cost of sales up 28% to $111.8M driven by higher volume and warranty costs
- • Best segment: hand-pieces with $181.4M revenue, worst: systems at $106.1M; service revenue $20.5M up 61%
- • Operating expenses up 28% to $300.1M; R&D $71.3M (+14%), SG&A $228.8M (+33%) due to sales/marketing expansion
- • Net loss $95.6M vs $91.4M; operating loss $103.9M vs $96.6M; interest expense down 14% to $3.6M; net interest/income up 24% to $12.1M
- • Cash $286.5M, loan outstanding $52.0M; net cash used in operating activities $49.0M; financing inflow $11.2M from stock and ESPP
- • Management expects continued revenue growth from expanding robotic install base and system utilization, investing in R&D and sales infrastructure
- • Risks: reimbursement coverage, cost management, regulatory approval, market competition, and funding needs remain key uncertainties
Risk Factors
- • FDA regulatory risk: ongoing need to comply with FDA requirements for marketing approval and labeling limitations affecting product acceptance
- • Macroeconomic exposure: sales dependent on U.S. hospital and surgeon adoption, limited international presence, market growth constrained by reimbursement variability
- • Supply chain risk: reliance on third-party distributors and suppliers for timely product components and distribution in targeted markets
- • Market disruption threat: competition from established surgical alternatives and emerging robotic or medical technologies impacting surgeon and hospital adoption
- • Financial risk: $52M term loan with restrictive covenants and $286.5M cash on hand with $641.6M accumulated deficit, risking liquidity if covenants breached or capital markets tighten
PROCEPT BioRobotics Corp FY2025 Key Financial MetricsXBRL
Revenue
$308M
▲ +37.2% YoY
Net Income
-$96M
▼ -4.5% YoY
Gross Margin
63.7%
▲ +263bp YoY
Operating Margin
-33.7%
▲ +932bp YoY
Net Margin
-31.0%
▲ +969bp YoY
ROE
-26.1%
▼ -339bp YoY
Total Assets
$508M
▼ -4.9% YoY
EPS (Diluted)
$-1.72
▲ +1.7% YoY
Operating Cash Flow
-$49M
▲ +50.6% YoY
Source: XBRL data from PROCEPT BioRobotics Corp FY2025 10-K filing on SEC EDGAR. All figures in USD.
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