The IPOX® Watch: PROCEPT BioRobotics
Company Description
Founded in 2007, PROCEPT BioRobotics Corporation is a commercial stage surgical robotics company, headquartered in Redwood City, CA. PROCEPT develops, manufactures, and sells the AquaBeam Robotic System, an image-guided, heat-free, minimally invasive surgical robotic system that delivers Aquablation therapy, for use in urologic surgery focuses on treating benign prostatic hyperplasia (BPH).
Business Model
PROCEPT BioRobotics generates revenue from sales (and rentals) of its AquaBeam® Robotic Systems, sales of its one-time use handpieces and other consumables, as well as post-warranty service provided.
IPO History
On 09/15/2021, PROCEPT BioRobotics Corporation began trading on the Nasdaq Global Market led by BofA Securities. The surgical robotics company offered 6,556,000 shares, upsized from the originally planned 5.5 million shares, at $25.00 per share, above its expected price range ($22 - $24). PROCEPT was valued at ca. $1.05 billion at offer with the 15% over-allotment option fully exercised. The shares opened at $35.00 and closed the first day higher at $41.94 (+67.76%).
PROCEPT BioRobotics Corporation was included in the IPOX® 100 U.S. Index (ETF: FPX US, FPX LN) on 06/20/2022, and currently weighs ca. 0.24% of the portfolio.
