Spruce Point Capital Management, LLC, a New York-based investment management firm, issued a detailed report on January 17, 2025, outlining a 'Strong Sell' research opinion on PROCEPT BioRobotics. The report estimates a potential long-term downside of 30% to 60% for the company's shares, projecting a range of approximately $29 to $54 per share.
The report raises significant concerns regarding the credibility of PROCEPT BioRobotics' claims about its addressable market, market position, equipment, procedures, and growth prospects. It also questions the reliability of the company's key business metrics and sell-side financial projections.
Spruce Point highlighted a disturbing rise in PROCEPT BioRobotics' days sales outstanding (DSOs), suggesting it could be a harbinger of business and accounting issues. The firm argues that Aquablation therapy is most competitive for a small segment of the BPH patient population, with minimally invasive surgical therapies (MISTs) being a superior option for the largest portion of the market.
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