BTIG Reiterates Neutral Rating on Procept BioRobotics Corp (PRCT)

BTIG analyst Ryan Zimmerman reiterated a Neutral rating on Procept BioRobotics Corp (NASDAQ: PRCT).

The analyst comments "PRCT announced CEO Reza Zadno will retire as President, CEO, and Director effective Sept. 1, 2025. Larry Wood, who was most recently VP and Group President of TAVR and Structural Heart at Edwards Lifesciences (EW, Neutral, Thibault), has been appointed as the new CEO. Additionally, PRCT preannounced preliminary 2Q25 results with rev. $79.2M (48.3% Y/Y) vs. BTIG/Cons. $75.4M/$76.1M. Overall, we are not entirely surprised by the CEO transition as we feel this has been signaled for some time. Investors we've been speaking with the past few months have asked when Dr. Zadno may retire. At the same time, we think the announcement doesn't alleviate any skepticism that already existed around PRCT's push into prostate cancer or around the potential for shares to outperform. We think Mr. Wood will have his hands full navigating headwinds that are coming into view such as the loss of the Hydros ASP benefit, lower physician pro-fees, and utilization pressure from new lower-volume customers. We were surprised there was no guidance reiteration or guidance commentary, which we think may worry some despite the beat. In terms of the quarterly top-line print, we note that PRCT beat the Street by ~3.8%, and we believe that this is likely below to in line with Buyside expectations but below prior quarterly beats in terms of magnitude. We expect mgmt. to provide more details about the transition and provide full 2Q25 results on the upcoming August 6th earnings call. We will update our estimates at that time. We maintain our Neutral rating."

For an analyst ratings summary and ratings history on Procept BioRobotics Corp click here. For more ratings news on Procept BioRobotics Corp click here.

Shares of Procept BioRobotics Corp closed at $58.64 yesterday.

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