PROCEPT BioRobotics makes surgical robotic systems for treating benign prostatic hyperplasia (BPH), a non-cancerous prostate enlargement that is the most common prostate disease. PROCEPT's core product is Aquablation therapy, delivered through the AquaBeam and HYDROS robotic systems. Both use a heat-free, high-pressure waterjet guided by real-time ultrasound imaging to automatically remove obstructing prostate tissue. The HYDROS system, FDA-cleared in August 2024, adds integrated ultrasound, a single-use digital cystoscope, and an AI feature that helps identify anatomical landmarks. PROCEPT argues Aquablation's key clinical differentiator is that it achieves the tissue removal and symptom durability of traditional resective surgery while reducing the risk of sexual side effects, and that results are consistent regardless of prostate size or surgeon experience. PROCEPT sells primarily to hospitals through a direct U.S. sales force, and uses direct sales and distribution partners internationally. PROCEPT operates a razor-and-blades model: it sells robotic systems to hospitals (capital sales with ASPs around $430K–$460K), then generates recurring revenue from single-use disposable handpieces consumed in every procedure (ASPs around $3,200–$3,340). As the installed base grows, handpiece revenue compounds with procedure volume. With 718 systems installed across roughly 27% of its target U.S. hospital universe, PROCEPT sees significant runway in expanding placements and driving utilization per system. PROCEPT is also running an FDA-pivotal trial of Aquablation for localized prostate cancer, which could substantially expand its addressable market.