Reza Zadno, President and CEO of PROCEPT BioRobotics Corp (NASDAQ:PRCT), recently executed a series of stock sales totaling approximately $2.45 million. The transactions, which occurred on November 20, 2024, involved the sale of 26,420 shares of common stock. The sales were conducted at weighted average prices ranging from $92.12 to $93.88 per share, as part of a pre-established Rule 10b5-1 trading plan adopted by Zadno earlier this year.
Following these transactions, Zadno holds 205,605 shares directly. The sales were disclosed in a Form 4 filing with the Securities and Exchange Commission.
In other recent news, Procept BioRobotics has made significant strides in its financial performance and growth strategy. The company reported a robust 66% year-over-year increase in revenues for the third quarter of 2024, totaling approximately $58.4 million. This success is largely attributed to the company's Hydros units, which accounted for around 80% of system placements in the third quarter.
In light of these positive results, Procept BioRobotics has revised its full-year 2024 guidance to a range of $222.5 million to $223.0 million, up from the previous forecast of $217.0 million. On the analyst front, Jefferies has assigned a Hold rating to Procept BioRobotics, while Truist Securities maintained a Buy rating and increased the price target to $105 from the previous $95.
Procept BioRobotics has also initiated a public offering of common stock valued at $175 million, with BofA Securities, Piper Sandler, and Morgan Stanley (NYSE:MS) serving as the joint book-running managers. Despite maintaining a Neutral rating from BTIG, these recent developments suggest a robust outlook for the company.
InvestingPro Insights
PROCEPT BioRobotics Corp (NASDAQ:PRCT) has been experiencing significant market momentum, as evidenced by its strong performance across various timeframes. According to InvestingPro data, the company's stock has shown impressive returns, with a 172.19% price total return over the past year and a 125.36% return year-to-date. This upward trajectory aligns with the recent insider selling activity by CEO Reza Zadno, potentially indicating that the stock may be approaching a valuation peak.
Despite the robust stock performance, InvestingPro Tips highlight that PROCEPT BioRobotics is not expected to be profitable this year, and it has not been profitable over the last twelve months. This is reflected in the company's negative operating income of -$106.46 million for the last twelve months as of Q3 2023. However, the company's revenue growth remains strong, with a 71.71% increase over the same period, suggesting that the market is valuing PRCT's growth potential rather than its current profitability.
It's worth noting that PROCEPT BioRobotics operates with a moderate level of debt and its liquid assets exceed short-term obligations, which may provide some financial flexibility as the company pursues growth. For investors considering PRCT, InvestingPro offers 12 additional tips that could provide further insights into the company's financial health and market position.
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