Procept's U.S. System Sales Turn Flat After Two Growth Quarters

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter revenue reached $98.3 million as U.S. handpiece sales hit 106% of procedures and international sales rose 32%.

PROCEPT BioRobotics Corporation (PRCT), a surgical robotics company focused on urology, reported third-quarter revenue of $98.3 million, an 18% increase from a year earlier, as U.S. handpiece and consumable sales accelerated and international revenue picked up.

The year-over-year rate slowed from 19% in the second quarter and 20% in the first. U.S. revenue was $85.8 million, up 16% from the year-ago period, after 20% growth in the second quarter.

The mix inside the United States shifted. U.S. handpiece and consumable revenue was $53.9 million, up 21% from a year earlier, after 12% growth in the second quarter. U.S. system revenue was $24.7 million, flat versus the year-ago quarter, after 32% growth in the second quarter and 25% in the first.

Chief Executive Officer Larry Wood said the company continued expanding its installed base and drove strong utilization in HYDROS accounts, and that it accelerated its replacement cycle to transition AquaBeam systems to HYDROS. The company delivered 62 U.S. HYDROS systems in the third quarter, including 20 replacements, versus 65 systems including 14 replacements in the second quarter. U.S. average selling price for new HYDROS systems was approximately $495,000.

U.S. procedures were over 13,400, an increase of approximately 22% from the year-ago quarter, after approximately 21% growth in the second quarter. Handpieces sold as a percent of U.S. procedures was approximately 106%, versus approximately 98% in the second quarter. Handpiece average selling price was approximately $3,570, up 12% from the third quarter of 2025.

International revenue was $12.5 million, up 32% from the year-ago period, after 15% growth in the second quarter. Gross margin was 66%, matching the second-quarter result.

Operating expenses were $92.5 million, compared with $77.2 million in the year-ago quarter. The company said the increase reflects continued investment in people, product development, clinical studies and sales and marketing programs. Net loss was $26.5 million, or $0.46 a share, versus a $21.4 million loss, or $0.38 a share, a year earlier. Adjusted EBITDA was a loss of $9.8 million.

Cash, cash equivalents and restricted cash totaled approximately $221.4 million as of September 30, 2026. The U.S. ending install base was 858 systems, after 42 systems placed in the quarter.

The company reiterated full-year 2026 revenue of $390 million to $410 million, U.S. procedure volume of 54,000 to 56,000, gross margin of approximately 65%, and an adjusted EBITDA loss of $35 million to $30 million. Wood said the company remains focused on executing against full-year revenue guidance and its profitability plan, and that data from WATER IV, a randomized trial comparing Aquablation to radical prostatectomy in prostate cancer, is on track for the first half of 2027.