PRCTMEDIUM SIGNALOPERATIONAL10-K

PRCT demonstrated strong revenue growth of 37% alongside meaningful expansion in its installed base from 647 to 912 robotic systems globally.

The company's operational metrics show robust momentum with 265 additional system installations year-over-year, representing 41% growth in installed base. Management has also raised their total addressable market estimate from "in excess of $20 billion" to "approximately $30 billion" in the United States, suggesting increased confidence in market opportunity and pricing power.

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

PRCT delivered solid financial performance with revenue growing 37% to $308.1M and gross profit expanding 43% to $196.2M, indicating improving unit economics. Operating cash flow improved meaningfully from -$99.2M to -$49.0M, though the company remains cash-flow negative as it scales operations. The company maintains a strong balance sheet with $286.5M in cash, though this declined from $333.7M as the business invested in growth initiatives including higher SG&A expenses (+33.5%) and inventory build (+25.9%).

FINANCIAL STATEMENT CHANGES
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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