PROCEPT BioRobotics Corp (PRCT) · Nov 4, 2026 · Earnings
Miss — Revenue $98.3M vs ~$100.5M consensus; EPS $(0.46) vs ~$(0.39)
PROCEPT BioRobotics earnings showed solid procedure and consumables growth, but revenue missed consensus and losses widened as HYDROS investment continues.
PROCEPT is scaling a urology robotics platform around HYDROS, with the current investment case depending on rising procedure volumes, consumable utilization, and a replacement cycle from legacy AquaBeam systems. Management had already reaffirmed 2026 revenue guidance of $390M-$410M and adjusted EBITDA loss guidance of $35M-$30M in August, so the broad growth-and-investment story was known before this report.
The quarter missed the market’s immediate benchmark. Revenue reached $98.3M, below published consensus of roughly $100.5M, while diluted EPS was $(0.46) versus consensus near $(0.39). The miss is modest on revenue but more noticeable on earnings, because the company is still spending heavily to build the commercial and clinical platform.
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Revenue (Financial Statements) | $98.3M (-) | $83.3M | ~$100.5M |
| Diluted EPS (Financial Statements) | $(0.46) | $(0.38) | ~$(0.39) |
| U.S. procedures (Operating Metrics) | 13.4K (+22%) | 11.0K | |
| Adjusted EBITDA (Non-GAAP Reconciliation) | $(9.8M) | $(7.4M) |
Underlying utilization remains the strongest part of the story. U.S. procedures rose 22% and handpiece and consumable revenue increased 21%, while the U.S. installed base reached 858 systems from 816 in the prior quarter. That supports the company’s thesis that HYDROS accounts can generate higher recurring utilization, even though system revenue was essentially flat year over year. 〔0〕
The profitability transition is not yet showing operating leverage. Operating expenses rose to $92.5M from $77.2M, net loss widened to $26.5M from $21.4M, and adjusted EBITDA loss expanded to $9.8M from $7.4M. The company still reaffirmed its full-year profitability framework, but this quarter provides no evidence that the path to profitability is arriving ahead of schedule.
Guidance was preserved, not upgraded. The release says PROCEPT remains focused on executing against full-year revenue guidance, while the prior-quarter guidance ranges remain the standing benchmark. That limits the damage from the quarterly miss, but it also means the report does not create a new upside case; Q4 execution must still deliver the remaining revenue needed to reach $390M-$410M for the year.
Bottom line: The core HYDROS utilization story is progressing, but Q3 was a modest execution miss and profitability moved the wrong way. The business remains on its previously stated track, not a newly improved one.
WATER IV data, first half 2027
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