PRCT Stock Forecast & Price Target

PROCEPT BioRobotics is supported by strong fundamentals, including Q1 sales of $83.1M, +20% y/y, 65% gross margin, and an adjusted EBITDA loss of $18M that came in ahead of expectations, while domestic Hydros placements and all-time high ASPs signal healthy commercial traction. The bullish case also rests on improving procedure visibility as the sales force restructuring becomes less disruptive in the second half of the year, inventory flush effects fade, and handpiece sales increasingly track procedure volumes. Longer term, the fully enrolled WATER IV study and encouraging early cancer data could expand the addressable market in 2027 and beyond, reinforcing confidence in sustainable utilization-driven growth.

PROCEPT BioRobotics is facing a weaker fundamental setup as confidence in a re-acceleration of procedure growth has fallen, prompting lower 2026-2028 forecasts and a view that 2026 procedures may need to be revised down. The company’s U.S. procedure outlook was cut to 57.4K from 61.5K, with 2026 utilization now seen at 5.7 procedures/system/month, essentially flat versus 2025, while management’s reiterated 2026 revenue range of $390M-$410M still implies a steep back-half ramp. The outlook is further pressured by CMS’s proposed +30% ASC reimbursement increase for PAE, which could divert urologist preference away from Aquablation in 2027+ despite some support from higher ASPs and a 65% gross margin outlook.