PRCTMEDIUM SIGNALOPPORTUNITY10-K

PRCT demonstrated strong operational momentum with 41% growth in installed systems and significantly improved operational cash flow losses while expanding market opportunity estimates.

The company expanded its global footprint from 647 to 912 installed systems, indicating accelerating adoption of its robotic surgical technology. Operating cash flow losses improved substantially from -$99.2M to -$49.0M despite continued investment in growth, suggesting the business is moving toward profitability as it scales.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

PRCT delivered robust growth with revenue increasing 37.2% to $308.1M and gross profit expanding 43.1% to $196.2M, indicating improving unit economics. While SG&A expenses rose 33.5% and inventory increased 25.9% to support growth, the company significantly reduced operating cash flow losses by over 50% to -$49.0M. Cash position declined modestly to $286.5M but remains substantial, while the doubling of capital expenditures to $9.4M reflects continued investment in scaling operations.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+112.2%
$4.4M→$9.4M

Capital expenditure jumped 112.2% — major investment cycle underway; assess returns on deployment.

Operating Cash Flow
Cash Flow
+50.6%
-$99.2M→-$49.0M

Operating cash flow surged 50.6% — exceptional cash generation, highest quality earnings signal.

Gross Profit
P&L
+43.1%
$137.1M→$196.2M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Revenue
P&L
+37.2%
$224.5M→$308.1M

Strong top-line growth of 37.2% — accelerating demand or successful expansion into new markets.

SG&A Expense
P&L
+33.5%
$171.4M→$228.8M

SG&A up 33.5% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Inventory
Balance Sheet
+25.9%
$56.2M→$70.7M

Inventory built 25.9% — monitor whether demand supports this build or if write-downs may follow.

Current Liabilities
Balance Sheet
+23.8%
$53.1M→$65.8M

Current liabilities rose 23.8% — increased short-term obligations, watch current ratio.

Interest Expense
P&L
-22.9%
$5.2M→$4.0M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

R&D Expense
P&L
+14.4%
$62.3M→$71.3M

R&D investment increased 14.4% — signals commitment to future product development, though near-term margin impact.

Cash & Equivalents
Balance Sheet
-14.1%
$333.7M→$286.5M

Cash decreased 14.1% — monitor burn rate and upcoming capital needs.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
The registrant had outstanding 56,390,196 shares of common stock as of February 19, 2026.
As of December 31, 2025, we had an install base of 912 AquaBeam Robotic Systems and HYDROS Robotic Systems globally, including 718 in the United States.
Our total addressable patient population in the United States includes approximately 8.0 million patients, which include men receiving drug therapy, those who have recently failed medication and those who undergo surgical intervention.
In calendar 2024, approximately 400,000 men underwent surgical intervention.
Based on our recent average selling price of our single-use disposable handpiece, we estimate that our total addressable market opportunity, which includes men receiving drug therapy, those who have recently failed medication and those who undergo surgical intervention, is approximately $30 billion in the United States.
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REMOVED
The registrant had outstanding 54,818,700 shares of common stock as of February 20, 2025.
As of December 31, 2024, we had an install base of 647 AquaBeam Robotic Systems and HYDROS Robotic Systems globally, including 505 in the United States.
Our total addressable patient population in the United States includes approximately 8.2 million patients, comprising of 6.7 million receiving drug therapy, 1.1 million who have tried but failed drug therapy and 400,000 undergoing surgical intervention each year.
Based on the average selling price of our single-use disposable handpiece, we estimate that our total addressable market opportunity is in excess of $20 billion in the United States.
pivotal trial, Waterjet Ablation Therapy for Endoscopic Resection of prostate tissue, or the WATER study, Aquablation therapy demonstrated superior safety and non-inferior efficacy results compared to transurethral resection of the prostate, or TURP, the historical standard of care for the surgical treatment of BPH.
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