PROCEPT BioRobotics Corporation (PRCT): BCG Matrix [Dec-2025 Updated]

You're looking at PROCEPT BioRobotics Corporation's portfolio right now, and honestly, it paints the picture of a classic, high-growth med-tech firm pouring capital into tomorrow's dominance. We see clear Stars driving 50% revenue growth and solid Cash Cows delivering margins near 64.5%, but they're funding big Question Marks like international build-out and the HYDROS platform while still running a ($35.0) million Adjusted EBITDA loss for 2025. Let's break down exactly where the money is working and where you need to watch for a pivot below.

Background of PROCEPT BioRobotics Corporation (PRCT)

PROCEPT BioRobotics Corporation is a surgical robotics company you should know, focused squarely on advancing patient care by creating transformative solutions within the field of urology. Their stated mission is to revolutionize the treatment of Benign Prostatic Hyperplasia (BPH) globally by partnering with urologists to deliver best-in-class robotic solutions that drive value for patients. BPH, which causes lower urinary tract symptoms (LUTS), is a significant issue, impacting roughly 40 million men in the United States alone.

The core of PROCEPT BioRobotics Corporation's offering centers on their proprietary technology. They manufacture the AQUABEAM® and HYDROS™ Robotic Systems. Specifically, the HYDROS Robotic System is notable as it is the only AI-Powered, robotic technology used to deliver Aquablation therapy. This therapy is engineered to provide effective, safe, and durable outcomes for men with BPH, irrespective of the size or shape of their prostate or the experience level of the surgeon performing the procedure.

To back up their claims, PROCEPT BioRobotics Corporation has built a substantial clinical foundation, evidenced by over 150 peer-reviewed publications that support the benefits and clinical advantages of Aquablation therapy. As of late 2025, the company is showing strong commercial momentum. For instance, their third quarter of 2025 saw total revenue hit $83.3 million, marking a 43% increase compared to the same period in 2024.

Operationally, the U.S. installed base of their robotic systems grew to 653 systems by September 30, 2025. Furthermore, PROCEPT BioRobotics Corporation has maintained its fiscal year 2025 total revenue guidance at approximately $325.5 million, which represents a 45% growth trajectory over the prior fiscal year. The company also saw a leadership transition, appointing Larry Wood as the new chief executive officer, effective September 2, 2025.

PROCEPT BioRobotics Corporation (PRCT) - BCG Matrix: Stars

You're looking at the core growth drivers for PROCEPT BioRobotics Corporation, the units that are capturing significant market share in a rapidly expanding space. These are the businesses that demand heavy investment to maintain their leadership position, so the cash burn is expected, but the potential payoff is a future Cash Cow.

• - U.S. handpiece and consumables revenue, which grew 50% in Q3 2025, is the high-margin engine.
• - Aquablation therapy's overall revenue growth is projected at approximately 45% for the full year 2025.
• - The company is capturing market share, aiming to be the number two hospital-based resective BPH treatment.
• - Strong procedural momentum in the U.S. BPH market, where they still have significant room for expansion beyond their current 20% procedural share.

The momentum in the U.S. commercial execution is clear when you look at the installed base growth supporting the recurring revenue stream. This installed base is the foundation for future handpiece and consumables sales, which are critical for margin expansion.

The U.S. system and rental revenue also showed solid growth in the third quarter, indicating continued capital equipment adoption alongside the consumable pull-through. Honestly, these numbers show a business successfully executing its deployment strategy.

• - U.S. system and rental revenue increased 26% year-over-year in Q3 2025.
• - Total revenue for Q3 2025 reached $83.3 million, a 43% increase year-over-year.
• - International revenue grew 53% year-over-year in Q3 2025, reaching $9.4 million.

The company is putting cash to work to fuel this growth, with operating expenses projected around $302.0 million for the full year 2025, which results in an expected Adjusted EBITDA loss of approximately ($35.0) million for the year. That spend is the price of admission for maintaining Star status.

PROCEPT BioRobotics Corporation (PRCT) - BCG Matrix: Cash Cows

Cash Cows are the business units or products that have a high market share in a mature segment, generating more cash than they consume, which you use to fund other parts of the business.

• - The U.S. installed base of Aquablation systems, expected to reach 715 by the end of 2025, is the 'razor' generating recurring revenue.
• - High gross margins, guided to be in the range of 64.0% to 64.5% for the full year 2025, fund R&D and commercial expansion.
• - Recurring handpiece sales from existing accounts, which is the defintely most stable revenue stream in their razor-and-blade model.
• - System and rental revenue, which was $24.7 million in Q3 2025, provides a foundational capital base.

You see the recurring revenue component clearly in the U.S. handpiece and consumables revenue, which hit $44.4 million in the third quarter of 2025, representing a 50% increase year-over-year.

This recurring stream is supported by the installed base growth; as of September 30, 2025, the U.S. installed base stood at 653 robotic systems, up by 58 systems in that quarter alone.

The profitability supporting these cash flows is evident in the margin performance. For the third quarter of 2025, the gross margin actually reached 65%, which is above the full-year guidance range, driven by operational efficiencies.

Here's a quick look at the revenue components that define this cash-generating segment as of the third quarter of 2025:

The company reiterated its full-year 2025 revenue projection at approximately $325.5 million, showing continued confidence in the maturity and stability of the current product cycle.

To maintain this productivity, investments are focused on infrastructure efficiency, as seen by the gross margin expansion, which was 160 basis points year-over-year in Q3 2025, even with tariff headwinds.

• - Gross margin for Q3 2025 was 65% compared to 63% in the prior year period.
• - Full year 2025 revenue guidance is approximately $325.5 million.
• - The company sold approximately 13,225 handpieces in Q3 2025.
• - The projected full year 2025 gross margin range is 64.0% to 64.5%.

The cash flow generated here is critical; it is intended to cover the total projected operating expenses for the full year 2025, which stand at approximately $302.0 million.

PROCEPT BioRobotics Corporation (PRCT) - BCG Matrix: Dogs

You're looking at the parts of PROCEPT BioRobotics Corporation (PRCT) that aren't driving the headline growth figures. These are the assets where cash is tied up without much return, the classic definition of a Dog in the Boston Consulting Group Matrix. For PROCEPT BioRobotics Corporation, this quadrant is less about outright failure and more about strategic phasing out or under-penetrated areas.

Older AquaBeam systems definitely fit this profile. The company is actively pushing the next-generation platform, which received FDA 510(k) clearance in August 2024. This strategic replacement means the older hardware is inherently a lower-growth asset, even if it still contributes to the installed base of 505 systems as of December 31, 2024. The focus is clearly on the future, not maintaining the past.

We can look at the geographic breakdown to see where market share might still be low, even if growth is happening. While the overall company projects full-year 2025 revenue of $325.5 million, the international segment, while growing at 69% in Q2 2025, is projected to only contribute $36 million to the 2025 total revenue. This smaller slice of the pie, where the commercial organization is still being built out, represents the low-market-share component of the Dogs category.

Here's a quick look at the revenue mix as of the latest reported periods, which helps frame the relative size of the segments:

The third area involves legacy BPH treatment methods that Aquablation therapy is actively displacing. We know BPH impacts approximately 40 million men in the United States. The fact that PROCEPT BioRobotics Corporation is still unprofitable, with a projected full-year 2025 Adjusted EBITDA loss of approximately ($35.0) million and a negative net margin around -28.20%, suggests that the resources currently dedicated to defending against or competing with these legacy methods aren't yielding a positive return yet. The company is moving away from them by focusing on the high-growth Aquablation procedures, which saw U.S. handpiece and consumables revenue grow 61% in Q1 2025 and 50% in Q3 2025.

These Dogs represent areas where you'd want to see minimal new investment, focusing instead on divesting or letting the natural product lifecycle transition handle the wind-down. The strategy here is to keep cash tied up in the Stars and Cash Cows to fund the transition.

• Older AquaBeam systems are being strategically replaced by the HYDROS platform.
• Low-volume, non-strategic international markets are still being built out.
• Legacy BPH treatments are being cannibalized by Aquablation therapy.
• The company is still operating at a net loss, projected for 2025.

PROCEPT BioRobotics Corporation (PRCT) - BCG Matrix: Question Marks

You're looking at the areas of PROCEPT BioRobotics Corporation (PRCT) that are in high-growth markets but haven't yet secured a dominant market share. These are the units consuming cash now, hoping to become tomorrow's Stars. Honestly, the numbers show a clear picture of where the capital is being deployed for future potential.

The primary focus for investment to drive market share is clearly international, alongside the next-generation platform rollout and the high-stakes prostate cancer indication.

International expansion, which grew 53% in Q3 2025 but only generated $9.4 million in revenue, requires heavy investment to build share. This growth rate is impressive, but the absolute revenue contribution shows the market penetration is still nascent, demanding continued capital deployment, perhaps following the promotion of Stephen McGill to Senior Vice President, General Manager, International.

The HYDROS Robotic System, a next-generation platform featuring FirstAssist AI™ treatment planning, needs significant commercial investment to accelerate its adoption curve. The initial strategy is to focus on greenfield hospitals, with management expecting to be in almost all of the 860 high-volume hospitals in the coming years, but the system is only now being broadly rolled out after receiving FDA 510(k) clearance in August 2024.

The prostate cancer indication, currently in the WATER IV randomized study, is a high-risk, high-reward future market. This U.S. FDA investigational device exemption (IDE) approved clinical study compares Aquablation® therapy and radical prostatectomy for men with Grade Group 1 to 3 localized prostate cancer. The study will enroll up to 280 patients at up to 50 centers and follow them for 10 years, with a co-primary endpoint based on morbidity at six months.

Overall profitability, as the company is still running an Adjusted EBITDA loss of approximately ($35.0) million for 2025, demanding continued capital. This cash burn is the cost of fueling the growth in the other Question Mark areas, supported by the $297.3 million in cash, cash equivalents and restricted cash balances as of September 30, 2025.

The capital needs for these growth drivers can be summarized by the required investment areas:

• - Accelerating international commercial execution.
• - Driving mass-market adoption of the HYDROS system.
• - Advancing enrollment in the WATER IV prostate cancer study.