Short answer
PROCEPT BioRobotics Corp (PRCT) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $308M (+37.2% year over year) and net income of −$96M.
- Top risk flagged: FDA regulatory risk: ongoing need to comply with FDA requirements for marketing approval and labeling limitations affecting product acceptance
FY2025 key financial metrics · XBRL
- Revenue
- $308M
- +37.2% YoY
- Net income
- −$96M
- −4.5% YoY
- Operating margin
- -33.7%
- +9.3 pp YoY
- Gross margin
- 63.7%
- +2.6 pp YoY
- EPS (diluted)
- −$1.72
- +1.7% YoY
- ROE
- -26.1%
- −3.4 pp YoY
- Operating cash flow
- −$49M
- +50.6% YoY
Source: XBRL data from the PROCEPT BioRobotics Corp (PRCT) FY2025 10-K on SEC EDGAR. USD.
PROCEPT BioRobotics Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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