PRCTPROCEPT BioRobotics Corporation
Is the business good?
The checks split: margins widening, but 3 of 9 health tests passed.
Weak, deteriorating fundamentals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is PRCT?
PROCEPT BioRobotics Corporation earns −55% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 64 points below what the capital costs: growth destroys value
- Operating margin
- −34%
Operating margin · Medical Devices median 2.1% · 12 months to Q2 2026
- Share count, year on year
- +2.9%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 23%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −619% |
| FY2021 | −157% |
| FY2022 | −108% |
| FY2023 | −80% |
| FY2024 | −43% |
| FY2025 | −34% |
Details›
- Gross margin12 months to Q2 2026
- 64%
- Operating margin12 months to Q2 2026
- −34%
- Net margin12 months to Q2 2026
- −33%
- Free cash flow margin
- −25%
- R&D as % of revenue
- 23%
- Revenue, trailing twelve months
- $337M
- Free cash flow, trailing twelve months
- −$85M
- Net income, trailing twelve months
- −$110M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −55%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.