Q2 2026 Procept Biorobotics Corp Earnings Call Transcript
Key Points
- Total revenue grew 19% year-over-year to $94.5 million, with U.S. procedures up 21% to over 13,100.
- HYDROS system demand remained strong, with 65 systems placed in the U.S., including 50 greenfield and 14 replacements, and record-high ASPs of approximately $495,000.
- Newly launched HYDROS accounts under the dedicated launch team showed shorter time to first case and stronger early utilization, with launch team coverage expanding to 40% of placements in Q2.
- Clinical and regulatory momentum: AUA upgraded Aquablation recommendation, WATER IV trial completed enrollment (280 patients), and FDA IDE approval for WATER IV AS trial.
- Gross margin improved to 66% in Q2, benefiting from a $2.9 million tariff recovery, and the company reaffirmed full-year gross margin guidance of approximately 65%.
- U.S. procedure growth was softer than expected, primarily due to weaker performance in legacy AquaBeam accounts, leading to a reduction in full-year procedure guidance to 54,000-56,000.
- The company lowered its full-year adjusted EBITDA loss guidance to $35 million-$30 million, reflecting increased commercial investments, including direct-to-patient pilots.
- Legacy AquaBeam accounts continue to underperform, and the company does not assume any improvement in these sites in its guidance, creating uncertainty for future growth.
- Operating expenses increased significantly to $89.8 million in Q2, up from $73.9 million in the prior year, driven by investments in patient activation and clinical trials.
- The company faces potential competitive pressures from procedures like PAE and changes in physician RVUs, though management downplayed their impact.
Good day, and thank you for standing by. Welcome to Q2 2026 PROCEPT BioRobotics earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference call is being recorded.
I would now like to hand the conference over to your first speaker today, Webb Campbell, Investor Relations.
Good afternoon, and thank you for joining PROCEPT BioRobotics second quarter 2026 earnings conference call. Presenting on today's call are Larry Wood, Chief Executive Officer, and Kevin Waters, Chief Financial Officer. Before we begin, I'd like to remind listeners that statements made on this conference call that relate to future plans, events, or performance are forward
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