PROCEPT BioRobotics (NASDAQ:PRCT) Announces Quarterly Earnings Results, Beats Estimates By $0.09 EPS

PROCEPT BioRobotics (NASDAQ:PRCT) posted its quarterly earnings results on Monday. The company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.09, Briefing.com reports. The company had revenue of $58.40 million during the quarter, compared to analyst estimates of $53.30 million. PROCEPT BioRobotics had a negative net margin of 58.73% and a negative return on equity of 37.85%. PROCEPT BioRobotics’s revenue for the quarter was up 66.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.51) EPS. PROCEPT BioRobotics updated its FY 2024 guidance to EPS.

PROCEPT BioRobotics Stock Performance

Shares of PRCT stock traded down $3.63 during midday trading on Thursday, hitting $89.40. The company had a trading volume of 229,423 shares, compared to its average volume of 641,927. The stock has a market cap of $4.64 billion, a price-to-earnings ratio of -46.02 and a beta of 1.03. The company has a debt-to-equity ratio of 0.20, a current ratio of 7.51 and a quick ratio of 6.49. The company’s 50 day simple moving average is $77.20 and its 200 day simple moving average is $67.91. PROCEPT BioRobotics has a 52-week low of $24.91 and a 52-week high of $99.34.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PRCT shares. Truist Financial reaffirmed a “buy” rating and issued a $105.00 price target (up from $95.00) on shares of PROCEPT BioRobotics in a report on Wednesday. Bank of America upped their target price on PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a “buy” rating in a research note on Thursday, August 22nd. Wells Fargo & Company lifted their price target on PROCEPT BioRobotics from $67.00 to $69.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. TD Cowen increased their price objective on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Finally, Piper Sandler restated an “overweight” rating and set a $75.00 target price on shares of PROCEPT BioRobotics in a research report on Tuesday, October 8th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $88.40.

Insider Transactions at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, CFO Kevin Waters sold 25,000 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $82.51, for a total transaction of $2,062,750.00. Following the completion of the transaction, the chief financial officer now owns 96,096 shares in the company, valued at approximately $7,928,880.96. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other PROCEPT BioRobotics news, CFO Kevin Waters sold 25,000 shares of PROCEPT BioRobotics stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $82.51, for a total value of $2,062,750.00. Following the sale, the chief financial officer now owns 96,096 shares of the company’s stock, valued at approximately $7,928,880.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Antal Rohit Desai sold 35,220 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $76.12, for a total value of $2,680,946.40. Following the transaction, the director now directly owns 23,963 shares of the company’s stock, valued at approximately $1,824,063.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 179,892 shares of company stock worth $13,946,415 over the last 90 days. 17.40% of the stock is currently owned by insiders.

About PROCEPT BioRobotics

PROCEPT BioRobotics Corporation, a surgical robotics company, focuses on developing transformative solutions in urology in the United States and internationally. The company develops, manufactures, and sells AquaBeam Robotic System, an image-guided, surgical robotic system for use in minimally invasive urologic surgery with a focus on treating benign prostatic hyperplasia (BPH).