In a report released on January 8, Mike Kratky from Leerink Partners reiterated a Buy rating on PROCEPT BioRobotics (PRCT – Research Report), with a price target of $45.00.
Mike Kratky’s Buy rating for PROCEPT BioRobotics is based on a collection of strong financial indicators and the company’s recent performance in a challenging market. His analysis centers around the robust fourth-quarter results of 2023, which showcased a sustained demand for the company’s aquablation systems and a utilization rate that exceeded expectations. The impressive results not only continued the trend from a strong third quarter but also indicated an ability to thrive in a reportedly tough hospital capital expenditure environment. This performance, according to Kratky, highlights PROCEPT’s commercial prowess and potential for market penetration which may be underappreciated by current consensus estimates.
Furthermore, the specifics of the financial results, with fourth-quarter revenue surpassing consensus by approximately 6%, provide a concrete foundation for the Buy rating. The breakdown of revenue sources—accelerated monthly utilization, robust system sales in the US, and higher than anticipated handpiece revenue—paints a picture of a company outperforming in key areas. While formal guidance for 2024 was not yet provided, the anticipation of this guidance, alongside the strong close of 2023 with revenues beating consensus, positions PROCEPT BioRobotics favorably in Kratky’s view, thus warranting the optimistic Buy rating.
In another report released on January 9, Piper Sandler also reiterated a Buy rating on the stock with a $42.00 price target.
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PROCEPT BioRobotics (PRCT) Company Description:
PROCEPT BioRobotics Corp is a commercial-stage surgical robotics company focused on advancing patient care by developing transformative solutions in urology.
Read More on PRCT:
- Procept BioRobotics price target raised to $47 from $44 at Wells Fargo
- PROCEPT BioRobotics® Announces Preliminary Fourth Quarter Revenue of $43.3 million to $43.6 million
- Procept BioRobotics sees FY23 revenue $135.9M-$136.2M, consensus $133.51M
- Procept BioRobotics sees Q4 revenue $43.3M-$43.6M, consensus $40.91M
- Procept BioRobotics price target raised to $50 from $48 at Truist
