Forensic Analysis · Medical Devices · as of Nov 9, 2026
Procept BioRobotics Corp (PRCT)
A forensic read on Procept BioRobotics Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
2.2
Distress distance
Clean
Earnings quality
4
Forensic signals
-24.9%
ROE
37.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Procept BioRobotics Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 2.2, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-54.2%
FY2025
Return on invested capital.Return on invested capital is -54.2% in the latest fiscal year and rising across FY2023–FY2025 from -84.9%. After-tax operating profit was ($86M) in FY2023 and ($82M) in FY2025, with operating income at -80.2% of revenue in FY2023, -43.0% in FY2024 and -33.7% in FY2025. The capital base behind it grew +49% across FY2023–FY2025, from $102M to $151M, and the return did not fall doing it, so the dollars added over that window earned at least the -84.9% the older base was already earning.
+8.4%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +18% over the last 2 years to FY2025 (+8.4%/yr). The count is growing — 47.3M shares in FY2023, 55.5M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~8.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~15%.
207d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 200 to 207 FY2024→FY2025 (against cost of goods sold; inventory +26% vs +28% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
15% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 15% of revenue in FY2025 — about $0.86 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 8.4% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$308.1M
Revenue Growth YoY+37.2%
Revenue CAGR (2yr)+50.4%
Net Margin-31.0%
Free Cash Flow-$58.3M
Return on Equity-24.9%
Debt / Equity0.14x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Procept BioRobotics Corp's actual 10-K/10-Q/8-K filings?