William Blair analyst Brandon Vazquez has maintained their bullish stance on PRCT stock, giving a Buy rating on April 17.
Brandon Vazquez has given his Buy rating due to a combination of factors that highlight the positive outlook for PROCEPT BioRobotics. The company’s first-quarter sales exceeded expectations by 6%, driven by strong performance in both the U.S. and international markets. This suggests that previous delays in procedures were temporary, and the company is on track to return to normal growth patterns through 2025. The increase in full-year guidance by $3 million further supports this optimistic view, indicating a conservative approach that leaves room for potential upside.
Additionally, the U.S. handpiece revenue saw a significant increase of 61%, surpassing Street estimates by 4.5%. While specific details on handpiece units sold and average selling prices were not disclosed, the utilization appears to have exceeded expectations. System placements in the U.S. were consistent with estimates, and the installed base has grown to 547 units. Despite a slight shortfall in the average selling price for the quarter, the year-over-year increase of 16% is promising. These factors collectively contribute to Vazquez’s confidence in PROCEPT BioRobotics’ continued growth and justify the Buy rating.
In another report released on April 17, Piper Sandler also reiterated a Buy rating on the stock with a $100.00 price target.