PRCTPROCEPT BioRobotics Corp

Surgical & Medical Instruments & Apparatus

Revenue: $308M; 37% YoY
Operating margin: -33.7%; 22% YoY
EBITDA: −$97M; 6.7% YoY
Market cap: $1.1B
Employees: 888; $347K revenue each
Net debt / EBITDA: —; −$176M net debt
AI in 10-K: 2.9; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
15% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
77% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$347K · 41st pct
Bottom quartile of its SIC industry
Quiet on AINo
2.9 per 10K words · 68th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$10M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$34M	$75M	$136M	$224M	$308M	37%
Operating income	−$54M	−$81M	−$109M	−$97M	−$104M	7.5%
Net income	−$60K	−$87K	−$106K	−$91K	−$96K	4.5%
Operating cash flow	−$57M	−$80M	−$108M	−$99M	−$49M	51%
Capex	$592K	$3M	$25M	$4M	$9M	112%
Stock-based comp	$4M	$10M	$19M	$32M	$48M	50%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 22, 2024	CPMG Inc	SC 13D/A	1.9%	Passive
May 7, 2024	CPMG Inc	SC 13D/A	18.2%	Passive
Dec 7, 2022	CPMG Inc	SC 13D/A	37.1%	Passive
Nov 16, 2022	CPMG Inc	SC 13D/A	5.9%	Passive
Sep 13, 2022	CPMG Inc	SC 13D/A	61.6%	Passive
Sep 8, 2022	CPMG Inc	SC 13D/A	9.2%	Passive
Sep 27, 2021	CPMG Inc	SC 13D	25.9%	Passive

Insider trading

Open-market buys, 12 mo: $11M · 8
Open-market sells, 12 mo: $624K · 14
Net: $10M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	75	105
FY2024	—	—	192	97
FY2023	—	—	100	87
FY2022	—	—	99	80
FY2021	—	—	60	98