PROCEPT BioRobotics (NasdaqGM:PRCT) Q4 2025 Earnings call February 25, 2026 04:30 PM ET Speaker12Good afternoon, welcome to the PROCEPT BioRobotics fourth quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. We will be facilitating a question and answer session toward the end of today's call. As a reminder, this call is being recorded for replay purposes. I would now like to turn the conference over to Matt Bacso, Vice President, Investor Relations, for a few intr ...

Core Viewpoint - The article discusses the development of an artificial kinaesthesia framework by a research team at The Chinese University of Hong Kong, aimed at overcoming the limitations of current surgical robots that heavily rely on visual data, thereby enhancing their tactile perception and adaptability in complex surgical environments [4][12]. Group 1: Artificial Kinaesthesia Framework - The proposed framework consists of three layers: physical perception, algorithm interpretation, and collaborative control, enabling robots to not only "see" but also "feel" and "understand" the physical interactions during surgery [5][11]. - The physical perception layer focuses on equipping surgical instruments with sensory capabilities, integrating proprioception and exteroception to replicate human-like tactile feedback [8][9]. - The algorithm interpretation layer aims to provide semantic meaning to the sensory data, allowing robots to process feedback in a two-tiered manner similar to human surgeons, distinguishing between reflexive adjustments and cognitive decision-making [10]. Group 2: Challenges and Solutions - The collaborative control layer seeks to create a closed-loop system that integrates physical perception and algorithm interpretation, enabling robots to execute tasks with greater flexibility and precision [11]. - The article emphasizes the need for a multi-modal model that combines visual, tactile, and linguistic information to enhance the robot's situational awareness and operational adaptability [11]. Group 3: Future Implications - The introduction of the artificial kinaesthesia framework signifies a shift from vision-dependent surgical robots to intelligent partners capable of multi-sensory collaboration, ultimately leading to safer and more precise minimally invasive treatments for patients [12][13].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 本公司董事會（「董事會」）欣然宣佈，截至本公告日，本集團核心產品圖邁®腔 鏡手術機器人（「圖邁」）全球商業化訂單突破200台，覆蓋近50個國家和地區， 已完成商業化裝機近130台。圖邁商業化訂單和裝機規模的再次里程碑式躍升， 標誌著其臨床價值在全球範圍內獲得持續、廣泛的認可，是對圖邁安全性、穩 定性、可靠性的系統性認證。來自不同國家、不同醫療體系、不同專科背景的 外科醫生，正在以真實而審慎的臨床決策，將圖邁納入日常手術實踐與長期學 科建設之中。 在已覆蓋的近50個國家和地區中，訂單數超5台的達12個，新興市場代表印度、 巴西、阿根廷增長強勁，其中印度累計訂單已達14台，巴西超過10台；發達國 家市場持續突破，西班牙、澳大利亞等國家成為快速增長點。圖邁商業化已在 全球範圍內形成多區域協同共振的新格局，貫穿發展中國家新興市場以及發 達國家成熟醫療體系。 （於中華人民共和國註冊成立的股份有限公司） – 1 – ...

Core Viewpoint - The article emphasizes the significance of the HX self-developed orthopedic surgical robot, marking a milestone in China's surgical robot industry, which has been in development for over a decade [1][3]. Group 1: Technological Advancements - The HX system represents a shift from relying on foreign components to a fully self-developed surgical robot, showcasing a six-axis robotic arm capable of precise movements in a surgical environment [3][5]. - The design of the HX robotic arm incorporates a hybrid structure of serial and parallel configurations, ensuring a wide working space while maintaining high rigidity and agility, essential for orthopedic surgeries [8][10]. - Each joint of the robotic arm is independently driven, enhancing control capabilities and allowing for complex movements, which is crucial for executing intricate surgical tasks [10]. Group 2: Safety Mechanisms - The HX system implements a three-tier safety protection system, which includes real-time resistance sensing to prevent accidental cuts to vital tissues [12][13]. - Hard safety limits are established for bone cutting edges, depth, and angles, ensuring that the robot operates within predefined safe parameters [14]. - The system features real-time dynamic compensation to adjust for patient movements during surgery, maintaining tool alignment with the intended path [14][16]. Group 3: Data and Research Integration - The HX system is designed as an open and expandable platform, enabling data collection from each surgery to support research and clinical innovation in orthopedic procedures [19]. - Collaborations with top medical institutions across China aim to integrate industry, academia, and clinical practice, fostering a feedback loop for continuous technological improvement [19]. Group 4: Future Implications - The successful operation of the HX robotic arm at West China Hospital symbolizes a significant step towards the autonomy of high-end medical equipment in China, reducing reliance on foreign technology [21]. - The potential for the HX system to be utilized in more grassroots hospitals signifies a broader accessibility to advanced surgical techniques, promoting the concept of precision medicine in orthopedics [21][22].

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Insights - The company is a leading player in the orthopedic surgical robot industry in China, focusing on reshaping surgical processes through intelligent technology and integrating upstream and downstream resources [3][16]. - The company has launched multiple generations of orthopedic surgical robots, with significant advancements in product capabilities and regulatory approvals, including the first all-in-one orthopedic surgical robot [3][5]. - The policy environment is becoming increasingly favorable for surgical robots, with expectations of broader inclusion in medical insurance coverage, which could significantly boost the company's market potential [4][48]. - The consumables and services segment is projected to become a major growth driver, with increasing surgical volumes and a growing demand for related services [5][28]. - Financial forecasts indicate strong revenue growth, with expected revenues of 275 million, 396 million, and 567 million yuan for 2025, 2026, and 2027 respectively, alongside a path to profitability by 2027 [6][9]. Company Overview - The latest closing price is 22.79 yuan, with a total market capitalization of 10.4 billion yuan [2]. - The company has a total share capital of 456 million shares, with a debt-to-asset ratio of 24.3% [2]. - The company has a unique business model that combines equipment sales, consumables, and technical services, aiming for a comprehensive service approach [24]. Market Dynamics - The global orthopedic surgical robot market is expected to grow significantly, driven by an aging population and the increasing demand for precise surgical interventions [31][36]. - The domestic market is characterized by a "one strong, many strong" competitive landscape, with the company holding over 40% market share in China [41][43]. - The report highlights the potential for rapid growth in the orthopedic surgical robot market, with projections indicating a compound annual growth rate of 33.3% from 2026 to 2030 [36][47]. Financial Performance - The company has maintained a high gross margin, with a sales gross margin of 70.2% in 2024, expected to improve further in subsequent years [30]. - Revenue for the first three quarters of 2025 reached 187 million yuan, reflecting a year-on-year growth of 103.5% [29][32]. - The company is on track to reduce losses, with forecasts indicating a return to profitability by 2027 [6][9].

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Insights - The company is a leading player in the orthopedic surgical robot industry in China, focusing on reshaping surgical processes through intelligent technology and integrating upstream and downstream resources [3][16]. - The company has launched multiple generations of orthopedic surgical robots, with significant advancements in product capabilities and regulatory approvals, including the first all-in-one orthopedic surgical robot [3][5]. - Recent policy changes from the National Medical Insurance Administration are expected to enhance the commercial viability of robotic surgeries, potentially increasing the number of procedures covered by insurance [4][48]. - The company’s revenue from consumables and services is projected to become a major growth driver, supported by an increasing number of surgeries and a growing aging population [5][28]. - Financial forecasts indicate strong revenue growth, with expected revenues of 275 million, 396 million, and 567 million yuan for 2025, 2026, and 2027 respectively, alongside a path to profitability by 2027 [6][9]. Company Overview - The latest closing price of the company's stock is 22.79 yuan, with a total market capitalization of 10.4 billion yuan [2]. - The company has a total share capital of 456 million shares, with a debt-to-asset ratio of 24.3% [2]. Business Model and Ecosystem - The company operates on a "device + consumables + services" model, which has led to synergistic growth across its business segments [24]. - The orthopedic surgical robot business is the core revenue source, with a significant number of surgeries performed using its products [25][29]. - The company has established a stable governance structure with a strong technical background among its management team, ensuring effective operational oversight [19][20]. Market Potential - The global orthopedic surgical robot market is projected to grow significantly, driven by an aging population and the increasing demand for precise surgical interventions [31][36]. - The domestic market for orthopedic surgical robots is expected to maintain high growth rates, with the company positioned as a market leader [41][42]. Financial Performance - The company has maintained a high gross margin, with a sales gross margin of 70.2% in 2024, which is expected to improve further [30]. - Revenue for the first three quarters of 2025 reached 1.87 billion yuan, reflecting a year-on-year growth of 103.5% [29][32].

Group 1: Technological Innovations - The new generation artificial sun "China Fusion No. 3" achieved significant breakthroughs, including the first realization of nuclear temperatures of 117 million degrees Celsius and electron temperatures of 160 million degrees Celsius, marking a step towards the burning experimental phase of fusion research [10] - The first domestic quantum computing measurement and control system, ZW-QCS580 series, was launched by Sichuan company Zhongweidaxin, enhancing the commercial viability of quantum technology [8] - The world's first AI-assisted robotic surgery was successfully performed over a distance of 5,000 kilometers, showcasing advancements in remote surgical technology [9] Group 2: Space and Energy Developments - Sichuan's "Lasso" observatory detected high-energy gamma-ray signals from micro-quasars, providing insights into the origins of cosmic rays [14] - The successful launch of the world's first space computing constellation, consisting of 12 satellites, represents a significant advancement in space-based computing capabilities [11] - The first commercial supercritical carbon dioxide power generation unit was successfully operated, achieving an efficiency improvement of over 85% compared to existing technologies [18] Group 3: Medical and Biological Advances - The first case of interspecies kidney transplantation in Asia was successfully conducted, with the transplanted pig kidney functioning for 261 days, setting a record for the longest survival time [15] - A new therapeutic target for esophageal squamous cell carcinoma was identified, leading to the development of a novel small molecule candidate that enhances the tumor suppressor function [16] Group 4: Future Industry Development Plans - Sichuan's government issued a plan to develop emerging industries and accelerate the cultivation of future industries, identifying 23 key breakthrough directions across various sectors including AI, robotics, and quantum technology [6][7]

近日，在北京理工大学附属医院（珠海市人民医院）的手术室进行了一场特殊的手术。 手术台上是一位82岁高龄的患者，他左上肺有一个19*14mm的混合性结节，考虑为早期肺癌。由于年龄大 且曾有右肺癌切除史， 传统外科手术风险极高。 ▍技术内核，机器人强在何处？ "软组织穿刺的最大难题，是呼吸导致的靶点移位。"北京理工大学前沿交叉学域副主任、医学工程学院院 长，项目首席科学家段星光教授解释道，针对手术临床难题，该机器人实现两大关键突破。 第一大突破是呼吸跟踪与动态补偿技术。 肺部结节会随着呼吸上下移动，幅度可达数厘米。团队研发的机器 人系统能实时感知这种移动，并指挥机械臂同步调整，确保针尖始终锁定目标。 然而，这次手术仅用时5分钟。在"真健康穿刺手术机器人"精准操控下，一支消融针一次性直达病灶核心，术 后影像显示病灶被完全覆盖。 ▍临床困境，高龄患者的治疗难题 这位患者的情况在胸外科并不少见：高龄、肺部手术史、新发肺结节。传统治疗方案面临两难——开胸手术创 伤大、恢复慢，对高龄患者风险极高；而常规的穿刺消融又严重依赖医生经验。 "混合性结节位置刁钻，患者呼吸会导致靶点移动，就像试图击中一个微微晃动的小靶心。"参与手术 ...

Core Viewpoint - The article highlights the successful implementation of the world's first robot-assisted dual Augment (Footing) hip acetabulum repair total hip replacement surgery at the Hong Kong Aesthetic Hospital, showcasing a significant breakthrough in robotic-assisted orthopedic surgery for complex joint reconstruction [1][3]. Group 1: Surgical Innovation - The surgery was performed on an elderly patient suffering from severe hip joint pain and functional impairment, with imaging revealing rare dual-region bone defects in the acetabulum [3]. - Traditional surgical methods were inadequate for addressing both prosthetic stability and anatomical restoration, prompting the surgical team to innovate a customized "Footing prosthesis" using two Augment modules [3]. - The use of the Kuan robot enabled precise sub-millimeter 3D reconstruction, intelligent planning, and real-time navigation, allowing for a tailored solution that significantly improved bone coverage and restored the joint's rotational center to its physiological position [3][5]. Group 2: Technological Impact - The successful surgery exemplifies the perfect combination of advanced robotic technology and innovative clinical thinking, providing unprecedented certainty and capability in complex reconstruction surgeries [5]. - The Kuan robot, approved by the National Medical Products Administration (NMPA), is the world's first five-in-one orthopedic surgical robot, capable of addressing multiple indications including total knee, total hip, unicompartmental, spinal, and trauma surgeries [5]. - This milestone not only opens new treatment pathways for patients with complex hip joint diseases but also highlights the hospital's leading capabilities in integrating cutting-edge medical technology to enhance the treatment of difficult cases [5].

Core Viewpoint - The company, Boshi Co., Ltd. (002698), has made significant investments in three advanced medical robotic projects, emphasizing the importance of artificial intelligence in enhancing accuracy and efficiency in surgical procedures [1] Group 1: Investment Projects - The company has invested in three key projects: 1. Harbin Sizerui Intelligent Medical Equipment Co., Ltd. for minimally invasive laparoscopic surgical robots 2. Jiangsu Ruil Medical Technology Co., Ltd. for stereotactic radiosurgery robots 3. Suzhou Zhuzheng Robotics Co., Ltd. for remote-assisted pedicle screw implantation robots [1] - These projects are part of the company's strategy in the high-end medical diagnostic and therapeutic equipment sector [1] Group 2: Communication and Disclosure - The company encourages investors to refer to its 2025 semi-annual report for detailed information on investments in the high-end medical diagnostic and therapeutic equipment sector [1] - The company will disclose significant information through regular reports or temporary announcements as required [1]