PROCEPT BioRobotics [PRCT] — Catalyst Calendar
As of 2026-07-29. Catalyst Criteria is MEASURED — it informs monitoring, and blocks nothing.
Every dated item below is sourced. Where no date is disclosed, the row says so and no date is invented. A fabricated catalyst date is worse than an absent calendar.
Dated — confirmed
| Date | Event | Source | Why it matters |
|---|---|---|---|
| Tue 4 Aug 2026, AMC 4:30pm ET | Q2 2026 results + conference call | Company press release dated 2026-07-14 | The whole thesis. First quarter with handpiece:procedure at ~100%; Q2 procedure count tests the FY26 guide; second guidance reiteration (or cut); first print after the class actions. |
| ~mid-Aug 2026 | Q2 2026 Form 10-Q | Three-year pattern: 10-Qs filed 2025-08-07, 2025-11-05, 2026-04-30 — 1–7 days after the release | Carries the operating cash flow line, which is where Downside Cause B is falsified. Also the by-type revenue disaggregation, which the release publishes too. |
| 1 Jan 2026 — already live | CPT 52597 (Category I) replaced Category III 0421T; ~$540 national average physician payment (16.14 RVUs); APC 5377 assigned for ASC | 2026 Medicare PFS and OPPS/ASC final rules | FY2026 is the first full year under a Category I code with an ASC pathway. Structurally the largest reimbursement upgrade available to this product — and it is already in the base. |
| Apr 2026 — already occurred | FirstAssist AI (2nd gen) FDA clearance | Q1'26 earnings release, 2026-04-29 | Software on the HYDROS base; supports ASP and the "AI-powered" positioning. Not separately monetised in any disclosure. |
| 26 Feb 2026 — already occurred | Investor Day, NASDAQ HQ, New York | Q4'25 earnings release | The reset was framed there. Referenced for context. |
Dated — by established filing pattern, not by announcement
| Expected | Event | Basis | Confidence |
|---|---|---|---|
| ~late Oct / early Nov 2026 | Q3 2026 results | Q3 releases: 2024-10-28, 2025-11-04 | High on the window, not announced |
| ~late Feb 2027 | Q4/FY2026 results and FY2027 guidance | Q4 releases: 2025-02-25, 2026-02-25 | High on the window, not announced. The FY27 guide is the second-largest event on this calendar. |
| ~late Feb 2027 | FY2026 Form 10-K | 10-Ks filed 2025-02-27, 2026-02-26 | High on the window |
| ~Apr–Jun 2027 | Annual meeting / proxy | DEF 14A 2025-04-25, 2026-04-22; meeting 2026-06-09 | Moderate |
Undated — real, but no date is disclosed
| Event | Status | Note |
|---|---|---|
| WATER IV prostate-cancer trial readout | Enrolling; funding explicitly increased in FY25 and Q1'26 opex commentary | No readout date, interim analysis date, or enrolment-completion date is disclosed in any filing or release reviewed. None is asserted. This is the largest genuinely undated upside optionality in the name — an indication expansion beyond BPH. |
| ASC channel commercialisation | Payment pathway exists (APC 5377, since Jan 2026); management deprioritised it near-term | CEO, Q4'25 call: "I don't think it's something that's so much of a near-term thing for us." "Ambulatory surgery" appears zero times across all ten quarterly releases Q4'23 → Q1'26. Any first mention is itself the catalyst. |
| Securities class actions | Filed July 2026; class period 28 Feb 2024 – 25 Feb 2026 | No 8-K disclosing them as of 2026-07-28. Lead-plaintiff deadlines, consolidation and motion-to-dismiss dates are not established in any source reviewed. Monitor 8-K and the Q2 10-Q's contingencies note. |
| International reimbursement expansion | UK and Japan direct sales forces were expanded "following recent reimbursement decisions" | 10-K. No further decisions dated. OUS is 13% of revenue and grew 25% in Q1'26 — the fastest-growing geography. |
Monitoring instrument — what to read, and where
The four numbers that resolve this thesis are all in the quarterly release, not in the 10-Q:
| Metric | Where | Q1'26 reading | The number that matters |
|---|---|---|---|
| US procedures | "QUARTERLY U.S. INSTALL BASE AND PROCEDURES" table | 12,200 | Sequential growth. Flat twice = Downside Cause A. |
| Handpieces sold as % of procedures | Bullet in the release body | ~95% | ≥100% = destock complete. |
| Systems placed / ending install base | Same table | 47 / 765 | Placement growth was +12% YoY in Q1'26. |
| Procedures ÷ average install base | Derived | 16.5/qtr (vs 17.8 in Q4'25, and 67–71/yr flat since FY23) | Rising above 18.0 for two quarters is the single most bullish datapoint available. |
Plus, from the 10-Q: net cash provided by / used in operating activities (Q1'26: −$38.1m).
Calendar shape
The name is catalyst-dense at the front and sparse behind it: one dominant event in six days, a confirming/refuting print in three months, and then nothing scheduled until the FY27 guide in seven months. Time works for a long — Catalyst Criteria does not require a dated event to own a compounder — but on PRCT the information arrives in discrete quarterly steps and the intervening periods have historically been de-rating drift (median monthly EV/Sales fell in ten of the last twelve month-over-month steps, 12.18x in Jul-2025 to 2.80x in Jul-2026).