Revenue grew 19.3% year-over-year to $94.5M in 2026Q2, with gross margin expanding to 66.0% from 63.3% a year earlier, though operating margin remained deeply negative at -29.0%.
PROCEPT BioRobotics Corporation (PRCT) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 337.34M | 308.05M | 224.5M | 136.19M | 75.01M | 34.47M | 7.72M | 6.17M |
| Revenue Growth % | 22.69% | 37.22% | 64.84% | 81.55% | 117.6% | 346.72% | 25.09% | - |
| Cost of Goods Sold | 122.31M | 111.83M | 87.4M | 65.14M | 37.93M | 18.61M | 8.97M | 8.05M |
| COGS % of Revenue | - | 36.3% | 38.93% | 47.83% | 50.56% | 53.98% | 116.26% | 130.56% |
| Gross Profit | 215.03M | 196.23M | 137.1M | 71.05M | 37.09M | 15.87M | -1.25M | -1.89M |
| Gross Margin % | 63.74% | 63.7% | 61.07% | 52.17% | 49.44% | 46.02% | -16.26% | -30.56% |
| Gross Profit Growth % | - | 43.13% | 92.96% | 91.58% | 133.75% | 1364.14% | 33.42% | - |
| Operating Expenses | 329.26M | 300.08M | 233.71M | 180.22M | 117.81M | 70.03M | 46.55M | 41.66M |
| OpEx % of Revenue | - | 97.41% | 104.1% | 132.33% | 157.05% | 203.14% | 603.17% | 675.39% |
| Selling, General & Admin | 252.06M | 228.81M | 171.41M | 131.77M | 88.83M | 51.04M | 30.27M | 28.52M |
| SG&A % of Revenue | - | 74.28% | 76.35% | 96.76% | 118.42% | 148.05% | 392.28% | 462.28% |
| Research & Development | 77.19M | 71.28M | 62.3M | 48.45M | 28.98M | 18.99M | 16.27M | 13.15M |
| R&D % of Revenue | - | 23.14% | 27.75% | 35.57% | 38.63% | 55.1% | 210.9% | 213.11% |
| Other Operating Expenses | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -114.23M | -103.86M | -96.61M | -109.17M | -80.72M | -54.16M | -47.8M | -43.55M |
| Operating Margin % | -33.86% | -33.71% | -43.04% | -80.16% | -107.61% | -157.12% | -619.44% | -705.95% |
| Operating Income Growth % | - | -7.5% | 11.5% | -35.24% | -49.04% | -13.31% | -9.76% | - |
| EBITDA | -107.18M | -97.47M | -91.38M | -105.36M | -77.88M | -50.84M | -44.94M | -42.06M |
| EBITDA Margin % | -31.77% | -31.64% | -40.7% | -77.36% | -103.82% | -147.48% | -582.38% | -681.73% |
| EBITDA Growth % | -24.74% | -6.66% | 13.27% | -35.28% | -53.19% | -13.12% | -6.86% | - |
| D&A (Non-Cash Add-back) | 7.05M | 6.39M | 5.23M | 3.81M | 2.84M | 3.32M | 2.86M | 1.49M |
| EBIT | -106M | -91.8M | -87.23M | -101.9M | -81.97M | -54.04M | -47.76M | -41.25M |
| Net Interest Income | 4.87M | 8.63M | 6.71M | 3.56M | -2.69M | -5.73M | -5.08M | 425K |
| Interest Income | 8.34M | 12.22M | 10.89M | 7.55M | 2.5M | 76K | 184K | 1.15M |
| Interest Expense | 3.47M | 3.59M | 4.18M | 4M | 5.18M | 5.81M | 5.26M | 724K |
| Other Income/Expense | 4.76M | 8.48M | 5.2M | 3.27M | -6.43M | -5.69M | -5.22M | 1.57M |
| Pretax Income | -109.47M | -95.38M | -91.41M | -105.9M | -87.15M | -59.85M | -53.02M | -41.98M |
| Pretax Margin % | -32.45% | -30.96% | -40.72% | -77.76% | -116.18% | -173.62% | -687.04% | -680.42% |
| Income Tax | 284K | 190K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.26% | -0.2% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -109.75M | -95.57M | -91.41M | -105.9M | -87.15M | -59.85M | -53.02M | -41.98M |
| Net Margin % | -32.54% | -31.02% | -40.72% | -77.76% | -116.18% | -173.62% | -687.04% | -680.42% |
| Net Income Growth % | -30.44% | -4.55% | 13.68% | -21.51% | -45.61% | -12.89% | -26.31% | - |
| Net Income (Continuing) | -109.75M | -95.57M | -91.41M | -105.9M | -87.15M | -59.85M | -53.02M | -41.98M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.94 | -1.72 | -1.75 | -2.24 | -1.96 | -1.37 | -1.51 | -1.25 |
| EPS Growth % | -25.16% | 1.71% | 21.88% | -14.29% | -43.07% | 9.27% | -20.8% | - |
| EPS (Basic) | - | -1.72 | -1.75 | -2.24 | -1.96 | -1.37 | -1.51 | -1.25 |
| Diluted Shares Outstanding | 56.51M | 55.54M | 52.13M | 47.26M | 44.4M | 43.7M | 35.14M | 33.59M |
| Basic Shares Outstanding | 56.51M | 55.54M | 52.13M | 47.26M | 44.4M | 43.7M | 35.14M | 33.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PRCT stock.
For fiscal year 2025, PROCEPT BioRobotics Corporation (PRCT) reported total revenue of $308.1M. This represents a 4893.6% increase compared to $6.2M in 2019.
PROCEPT BioRobotics Corporation (PRCT) reported a net loss of $95.6M for the fiscal year ending 2025.
PROCEPT BioRobotics Corporation (PRCT) reported an operating income of $-103.9M, resulting in an operating profit margin of -33.7%. This margin reflects the operational efficiency of the business before interest and taxes.
PROCEPT BioRobotics Corporation (PRCT) generated $196.2M in gross profit for the year, representing a gross profit margin of 63.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cash burn and dilution
Metrics are mathematically derived from official filings.
Revenue Momentum Persists Despite Realignment
PRCT's revenue grew 19.3% year-over-year to $94.5M in 2026Q2, with record HYDROS placements, indicating sustained demand despite a commercial realignment, as per the latest earnings report.
The 19.3% growth in 2026Q2, while decelerating from the 48.4% in 2025Q2, still represents a robust expansion on a larger base. The record HYDROS placements suggest that the commercial realignment has not disrupted sales momentum, and the maintained guidance implies management's confidence in continued growth. However, the sequential decline from 2026Q1's 20.2% growth hints at a potential normalization, warranting monitoring of whether the growth rate stabilizes or further decelerates.
Gross Margin Expansion Signals Pricing Power
Gross margin improved to 66.0% in 2026Q2, up from 63.3% a year earlier, reflecting a favorable mix shift toward higher-margin disposables and pricing discipline, as reported in financial statements.
The 270 basis point year-over-year improvement in gross margin to 66.0% indicates that the company is successfully leveraging its recurring revenue stream and maintaining pricing power. This is particularly notable given the competitive pressures in the BPH market. The margin expansion suggests that the 'razor-razorblade' model is gaining traction, with disposables becoming a larger portion of the revenue mix. However, the gross margin remains below the 70-80% range of mature medtech peers, implying room for further improvement as scale increases.
Operating Leverage Emerging as Losses Narrow
Operating margin improved to -29.0% in 2026Q2 from -50.3% in 2024Q2, as revenue growth outpaced expense growth, indicating early signs of operating leverage, based on reported figures.
The operating loss narrowed to $27.4M in 2026Q2 from $26.8M in 2024Q2, despite a 77% increase in revenue, demonstrating that the company is beginning to scale its cost base. The improvement in operating margin from -50.3% to -29.0% over eight quarters suggests that SG&A and R&D are not growing proportionally with revenue. This is a positive signal for investors, as it implies that the company is on a path toward break-even, though the absolute level of losses remains substantial.
Stock Compensation Masks True Cash Burn
Stock-based compensation surged to $27.6M in 2026Q2, nearly equal to the net loss of $26.9M, indicating that reported losses are largely non-cash, as per SEC filings.
The SBC expense of $27.6M in 2026Q2 is a significant non-cash charge that inflates the reported net loss. Adjusting for SBC, the cash operating loss would be much smaller, suggesting that the company's cash burn is less severe than GAAP figures imply. However, the high SBC also dilutes existing shareholders, and the trend of increasing SBC (from $6.3M in 2024Q1 to $27.6M in 2026Q2) warrants scrutiny. Investors should monitor whether SBC as a percentage of revenue stabilizes as the company matures.
SG&A Dominates Cost Structure
SG&A expenses reached $69.7M in 2026Q2, representing 73.8% of revenue, underscoring the heavy investment in commercial expansion, as reported in the income statement.
SG&A is the largest cost line item, exceeding R&D by a factor of 3.5 in 2026Q2. This reflects the company's strategy of aggressive commercial scaling to drive adoption. While SG&A as a percentage of revenue has declined from 89.0% in 2024Q1 to 73.8% in 2026Q2, it remains elevated, indicating that the company is still in the investment phase. The recent commercial realignment may lead to improved sales force productivity, but the absolute level of SG&A suggests that profitability is still several quarters away.
Sustainability of Growth and Margins Questioned
Despite strong growth, the deceleration in revenue growth and reliance on SBC to mask losses raise concerns about the durability of PRCT's business model, as per financial data.
Short-sellers might argue that the 19.3% revenue growth in 2026Q2, while solid, is a significant deceleration from the 48.4% growth in 2025Q2, and that the company's valuation implies an unrealistic acceleration. Additionally, the high SBC expense suggests that reported losses understate the true economic cost, and the company's cash burn of $26.9M per quarter could lead to future dilution. The gross margin, while improving, remains below peers like ISRG, and the company's reliance on the US market exposes it to reimbursement risks. These factors could pressure the stock if growth fails to re-accelerate or if margins plateau.