PRCT - PROCEPT BioRobotics a buy at Truist on disrupting BPH treatment market

• Truist has initiated PROCEPT BioRobotics ( NASDAQ: PRCT ) with a buy rating saying the company's AquaBeam Robotic System can potentially disrupt the market for the treatment of benign prostatic hyperplasia (BPH).
• The firm has a $58 price target (~35% upside based on Monday's close).
• Shares are up 7% in Tuesday morning trading.
• Analyst Richard Newitter said that compared to surgery, "aquablation requires less safety/efficacy compromise, meaning equal/better outcomes to gold-standard resective techniques, but lower risk of complications."
• He added he sees a more than tripling of revenues by 2024.
• Newitter noted that PROCEPT ( PRCT ) is targeting an $870M resective surgery market that accounts for ~290K procedures annually.
• He added that the company is just "scratching the surface" internationally, and ex-US sales could add more than $1B to the total addressable market opportunity.
• See why Seeking Alpha contributor Donovan Jones is bullish on PROCEPT BioRobotics ( PRCT ).

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