In a report released today, Josh Jennings from TD Cowen reiterated a Buy rating on PROCEPT BioRobotics (PRCT – Research Report), with a price target of $85.00.
Josh Jennings has given his Buy rating due to a combination of factors that highlight PROCEPT BioRobotics’s strong performance and growth potential. The company reported a significant revenue increase of 57% year-over-year, surpassing market expectations. This growth was driven by robust sales of their systems and handpieces, as well as a rise in average selling prices and international market expansion.
Despite challenges such as a saline shortage impacting procedure volumes, the company’s gross margin reached a record high of 64%, indicating improved operational efficiencies. Additionally, the ongoing rollout of the Hydros system and upcoming trial data releases in prostate cancer are expected to sustain momentum. These positive indicators, alongside a strategic focus on expanding their commercial organization, underpin Jennings’s confidence in the company’s future prospects.