PROCEPT Delivers Record Systems as Procedure Growth Slows
Second-quarter revenue reached $94.5 million, up 19% from a year earlier.
PROCEPT BioRobotics (PRCT), the surgical robotics company behind Aquablation therapy, delivered a record 65 U.S. HYDROS systems in the second quarter as system sales accelerated.
The performance marked a shift in the company’s growth mix. U.S. system revenue gained momentum, while procedure, consumable and international growth slowed from earlier quarters.
Revenue rose 19% from a year earlier and 14% sequentially, compared with 20% annual growth in the first quarter and 43% in the third quarter of 2024. The net loss narrowed sequentially to $26.9 million from $31.6 million, while widening from $19.6 million a year earlier.
U.S. system revenue climbed 32% from a year earlier to $29.1 million, accelerating from 25% growth in the first quarter. The company shipped 49 systems in that prior period. Fourteen of the second quarter’s 65 deliveries were replacements, and the average selling price for new systems increased to about $495,000 from $485,000.
U.S. procedures exceeded 13,100, up about 21% from a year earlier and roughly 7% sequentially. Annual procedure growth had been 30% in the first quarter and 69% in the fourth quarter of 2024. Consumable revenue increased sequentially to $48.4 million, helped by an 11% increase in handpiece pricing, although its annual growth rate eased to 12%.
Gross margin expanded to 66% from 65% both sequentially and a year earlier, reflecting higher U.S. system and consumable pricing and a $2.9 million tariff refund. Operating expenses rose to $89.8 million as PROCEPT continued investing in its commercial organization, benign prostatic hyperplasia platform and WATER IV trial. Cash, cash equivalents and restricted cash declined to about $231 million.
PROCEPT reiterated its 2025 revenue forecast of $390 million to $410 million, implying growth of 27% to 33%. The range remained below the initial $410 million to $430 million outlook issued in the third quarter of 2024. The company now expects 54,000 to 56,000 U.S. procedures, an adjusted EBITDA loss of $30 million to $35 million and gross margin near 65%.
The company completed enrollment in its WATER IV prostate-cancer study during the quarter. PROCEPT did not provide an ending U.S. installed-base count after reporting 765 systems at the end of the first quarter and including the metric in each of the preceding four releases.