PROCEPT BioRobotics Corp (NASDAQ: PRCT)

PROCEPT BioRobotics Corp is a surgical robotics company dedicated to advancing patient care through innovative urology solutions. The company designs, manufactures, and sells the AquaBeam Robotic System and the HYDROS Robotic System, which are image guided robotic platforms for minimally invasive treatment of benign prostatic hyperplasia. Each system employs a single use disposable handpiece to deliver the proprietary Aquablation therapy, a heat free waterjet procedure that combines real time imaging, personalized treatment planning, and automated resection. Aquablation therapy removes obstructive prostate tissue without thermal injury, aiming to provide durable symptom relief while minimizing risks of incontinence, erectile dysfunction, and ejaculatory dysfunction. The technology was developed to address limitations of existing surgical options and is supported by a growing body of clinical evidence from nine studies and over 150 peer reviewed publications. According to company estimates, the total addressable market for its therapy in the United States approaches $30 billion, driven by the large prevalence of BPH and the high cost of disposable handpieces.

PROCEPT BioRobotics generates revenue primarily from the sale of its robotic systems and the associated disposable handpieces. In addition, the company offers sales type leasing arrangements that allow customers to access the systems without an upfront purchase. Revenue is also derived from service and support contracts related to the installed base of AquaBeam and HYDROS systems. In 2025 the company reported total revenue of $308.1 million, compared with $224.5 million in 2024. As of December 31 2025 the installed base totaled 912 AquaBeam and HYDROS systems worldwide, with 718 units located in the United States. The company also generates income from training and education services provided to healthcare professionals to increase system utilization.

PROCEPT BioRobotics holds a niche position in the urology market as the sole provider of an image guided robotic therapy for benign prostatic hyperplasia. Its main competitors include manufacturers of traditional resective tools such as transurethral resection of the prostate devices, laser based systems offered by Boston Scientific Corporation, and providers of minimally invasive implants like UroLift from Teleflex Incorporated and Rezum also from Boston Scientific. The company’s competitive advantages stem from the proven clinical benefits of Aquablation therapy, which delivers consistent and durable symptom relief, a favorable safety profile, and resection outcomes that are independent of prostate size, shape and surgeon experience, supported by a robust body of peer reviewed publications and strong endorsement from key urological societies. Furthermore, the procedure has secured broad reimbursement coverage, with Medicare administrative contractors providing access in all 50 states and private payors extending coverage to an estimated 95% of men in the United States. The firm’s technology has been incorporated into clinical guidelines of major urology associations including the American Urological Association and the European Association of Urology, reinforcing its legitimacy as a treatment option.

The company’s primary customers are hospitals and ambulatory surgery centers that purchase its robotic systems and disposable handpieces. It also works with distribution partners in select international markets and engages leasing companies to facilitate equipment financing. Ultimately, the procedures are performed by urologists who treat patients suffering from lower urinary tract symptoms due to benign prostatic hyperplasia. In the United States PROCEPT targets approximately 2,700 hospitals that perform resective BPH procedures, aiming to convert a share of the estimated 300,000 annual surgeries to its Aquablation therapy. Outside the United States, the company collaborates with distribution partners in regions such as Europe and Asia to expand access to its robotic systems and support local reimbursement efforts.