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PRCT·PRCT: Aquablation Adoption And Guideline Support Will Drive Long Term Upside
I have been an investor in PRCT since before IPO. The wild fluctuations in share price recently make no sense. The sell side analyst who chased the share price up to highs in 2024 (when the price was way too frothy) are doing the same thing now by revising the share price lower and lower, when clearly the company is still doing a great job. The recent downgrade by Leerink, citing PAE as a possible headwind for PRCT growth, is in direct opposition to what Larry Wood (CEO) stated at the last earnings call. To quote Larry Wood, “I don’t think PAE is a headwind for us at all. I think PAE is a big red herring. It’s a procedure that really does not get performed in any volume in Europe. And the reason it doesn’t get performed is because it doesn’t get paid for because it’s not a very good procedure.” So if you believe Larry Wood, then the company has been grossly oversold and looks very very cheap down here. If PRCT hit the Q2 numbers watch all the sheep suddenly revise their target prices back up again. I think fair value is still up at $47. PRCT had a reassessment of how to report handpiece sales versus procedures and therefore there was a shortfall on revenue. Clearly they could have stuck with the old model and revenue would have been better. Larry is doing a great job of making reporting a direct reflection of procedures being done. If the numbers are delivered, watch this thing fly.
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