Procept BioRobotics keeps 2026 revenue guidance, cuts U.S. procedure outlook
Procept BioRobotics keeps 2026 revenue guidance, cuts U.S. procedure outlook after mixed Q2 with EPS miss and revenue beat
- Q2 revenue $94.5m, +19% YoY; U.S. $83.4m, international $11.1m, beating expectations.
- Q2 non-GAAP EPS -$0.47 missed expectations, contributing to a mixed quarterly performance.
- U.S. procedures >13,100, +21% YoY, but below expectations due to legacy AquaBeam softness.
- Hydros accounts now majority of procedures, with higher utilization and strong demand for replacements.
- Placed 65 U.S. Hydros systems (50 greenfield, 14 replacement), ASP ~$495k, above 2025 levels.
- U.S. handpiece revenue $48.4m, +12% YoY; ASP ~$3,550, roughly one-to-one with procedures.
- Gross margin 66% (helped by $2.9m tariff recovery); net loss $26.9m, EBITDA -$11.3m, EPS undisclosed.
- Maintained 2026 revenue $390–$410m, ~65% margin; cut U.S. procedures to 54k–56k, still confident.
- Raised 2026 operating expense outlook to $355–$360m; now see EBITDA loss $35m–$30m, Q4 positive.
- Accelerating AquaBeam-to-Hydros upgrades (~40 replacements expected 2026), launch teams scaling, aided by stronger guidelines.
- Direct-to-patient pilots in 18 markets show encouraging engagement; cash balance $231m supports investments.
- Main concern: Persistent softness in legacy AquaBeam procedures could limit utilization and pressure long-term growth assumptions.
- Mixed quarter, driven by strong Hydros capital demand but weaker AquaBeam utilization and lowered procedure guidance.
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