PROCEPT BioRobotics (PRCT) still has a large market opportunity for its aquablation technology to treat benign prostatic hyperplasia, but utilization growth has slowed, BofA Securities said in a Monday research report.

The company could achieve operating profitability in 2029, given it records a 20% revenue compound annual growth rate and gross margin of 60%, analysts wrote.

BofA's survey of urologists indicated moderate incremental market share capture for aquablation in BPH treatment, with maximum penetration expected at 23%. Limiting factors included prostate size, financial considerations, bleeding risks, and other treatments, according to the report.

The survey suggests aquablation procedure growth of 26% in 2026, 19% in 2027, and 18% in 2028. However, the brokerage stated that there are limitations to this analysis, as the survey may not represent the overall market.

The brokerage said it downgraded the stock to neutral from buy and lowered its price target to $38 per share from $55.

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