Procept Biorobotics

PRCT · NASDAQ

$18.82+$0.54 (+2.95%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $18.28

PRCT analyst rating

HoldConsensus of 13 analysts over the last 12 months. 46% rate it a buy.

Strong buy0
Buy6
Hold6
Underperform1
Sell0

12-month price target · 15 analysts

Average $24.72 (+31.3% upside)

Low: $16.16
Now: $18.82
High: $53.55

Upgrades and downgrades

The latest rating actions, newest first

PRCT analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Oct 7, 2026	Initiates	Overweight	$30.00	68%
TD Cowen	Aug 5, 2026	Maintains	Buy	$34.00 → $28.00	48%
Piper Sandler	Aug 5, 2026	Maintains	Overweight	$35.00 → $25.00	43%
Evercore ISI Group	Aug 5, 2026	Maintains	Outperform	$30.00 → $23.00	52%
William Blair	Aug 5, 2026	Downgrade	Outperform → Market Perform	—	67%
UBS	Jul 28, 2026	Initiates	Buy → Neutral	$20.00	50%
Truist Securities	Jul 6, 2026	Downgrade	Buy → Hold	$30.00 → $25.00	50%
Evercore ISI Group	Jun 24, 2026	Initiates	Outperform	$30.00	52%
Leerink Partners	Jun 11, 2026	Downgrade	Outperform → Market Perform	$31.00 → $29.00	41%
Piper Sandler	Apr 30, 2026	Maintains	Overweight	$28.00 → $35.00	43%

The case for and against

Updated Oct 14, 2026

Bull case

PROCEPT BioRobotics is supported by strong commercial execution, with Q1 sales of $83.1M, up 20% y/y, driven by 49 domestic Hydros placements and a standout $485K ASP, while gross margin of 65% and an adjusted EBITDA loss of $18M both beat expectations. Its best-in-class robotic urology platform and the company’s ability to sustain high capital placements despite sales-force restructuring suggest durable demand, and the inventory flush is now behind it, which should help handpiece sales better track procedure volumes. In addition, the prostate cancer study is enrolling ahead of schedule and WATER IV is fully enrolled, creating an underappreciated long-term growth option that could expand the addressable market.

Bear case

PROCEPT BioRobotics is facing a challenging setup because constrained hospital capital spending could hinder system placements, while Aquablation’s value proposition may not be strong enough to drive adoption beyond early adopters. Utilization risk is also meaningful, as insurer coverage changes may take longer than expected, high-volume urologists may continue shifting resective procedures to ASCs where Aquablation is not yet used, and usage may remain limited to a subset of procedures. Although management reiterated 2026 revenue guidance of $390-$410M and approximately 65% gross margin, the implied adjusted EBITDA loss of $17-$30M and Q2 revenue midpoint below Street expectations point to persistent execution and profitability pressure.

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