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SAN JOSE, Calif. - PROCEPT BioRobotics (NASDAQ:PRCT), a surgical robotics company with a market capitalization of $3.32 billion, announced Thursday that Larry L. Wood will become president and CEO effective September 2, 2025, replacing Dr. Reza Zadno who will retire after five years leading the surgical robotics company.
Wood joins from Edwards Lifesciences, where he served as corporate vice president and group president of Transcatheter Aortic Valve Replacement and Surgical Structural Heart. He has over 40 years of experience in medical technology and joined PROCEPT’s board of directors in 2024.
During his tenure, Zadno oversaw significant growth, including the company’s 2021 public offering and expansion of its Aquablation therapy for benign prostatic hyperplasia (BPH). Under his leadership, global Aquablation procedures grew from a few hundred to nearly 100,000, contributing to impressive revenue growth of 59.36% over the last twelve months. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 8.95.
"The last five years have been among the most rewarding of my career and I am very proud of what our team has achieved," said Zadno in the press release.
The company also pre-announced second quarter 2025 revenue of approximately $79.2 million, representing 48% annual growth. PROCEPT BioRobotics will report complete second quarter earnings results on August 6. While the company operates with moderate debt levels, InvestingPro analysis indicates the stock is currently trading above its Fair Value. Get detailed insights and 5 additional ProTips with an InvestingPro subscription, including exclusive access to the comprehensive Pro Research Report covering PROCEPT BioRobotics among 1,400+ top stocks.
PROCEPT BioRobotics manufactures the AQUABEAM and HYDROS Robotic Systems, with the latter being the only AI-powered robotic technology delivering Aquablation therapy for BPH, a condition affecting approximately 40 million men in the United States. The company’s innovative approach has helped maintain a strong gross profit margin of 62.71%.
The announcement was made in a company press release issued Thursday.
In other recent news, Procept BioRobotics Corp reported its first-quarter 2025 earnings, exceeding analysts’ expectations. The company posted earnings per share of -$0.45, which was better than the anticipated -$0.4907. Additionally, Procept’s revenue reached $69.2 million, surpassing the expected $65.43 million. Following these earnings results, Leerink Partners maintained its Outperform rating on the stock, despite lowering its price target slightly to $90 from $91. The firm expressed optimism about Procept’s potential in the prostate cancer market. Meanwhile, BofA Securities reiterated its Buy rating with an $84 price target, even as Medicare proposed a 28% reduction in physician fees for Procept’s Aquablation therapy. Truist Securities also maintained a Buy rating, citing positive utilization trends and a strong capital pipeline. On the other hand, Oppenheimer initiated coverage with a Perform rating, noting a balanced risk-reward assessment. These developments highlight ongoing interest and varying perspectives from analysts on Procept BioRobotics.
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