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

PROCEPT BioRobotics (NASDAQ:PRCT) issued 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 business had revenue of $58.40 million for 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%. The business’s revenue was up 66.4% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.51) earnings per share. PROCEPT BioRobotics updated its FY 2024 guidance to EPS.

PROCEPT BioRobotics Stock Down 3.2 %

Shares of NASDAQ PRCT opened at $88.11 on Tuesday. The stock has a market capitalization of $4.58 billion, a PE ratio of -44.17 and a beta of 1.03. The company has a quick ratio of 6.49, a current ratio of 7.51 and a debt-to-equity ratio of 0.20. The firm has a fifty day moving average of $75.86 and a 200-day moving average of $67.14. PROCEPT BioRobotics has a 52-week low of $24.83 and a 52-week high of $91.24.

Insider Activity at PROCEPT BioRobotics

In related news, CFO Kevin Waters sold 25,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $72.47, for a total transaction of $1,811,750.00. Following the completion of the sale, the chief financial officer now directly owns 96,096 shares of the company’s stock, valued at approximately $6,964,077.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Antal Rohit Desai sold 13,305 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $76.37, for a total value of $1,016,102.85. Following the sale, the director now directly owns 317,518 shares of the company’s stock, valued at $24,248,849.66. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kevin Waters sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $72.47, for a total value of $1,811,750.00. Following the transaction, the chief financial officer now owns 96,096 shares of the company’s stock, valued at $6,964,077.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 179,892 shares of company stock worth $13,946,415. 17.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on PRCT. Bank of America raised their price target on PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. TD Cowen boosted their target price 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. Piper Sandler reiterated an “overweight” rating and issued a $75.00 price objective on shares of PROCEPT BioRobotics in a research note on Tuesday, October 8th. Wells Fargo & Company upped their target price on PROCEPT BioRobotics from $67.00 to $69.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Finally, Truist Financial lifted their price target on PROCEPT BioRobotics from $74.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $86.40.

PROCEPT BioRobotics Company Profile

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).