Procept Biorobotics (Nasdaq:PRCT) announced today that President and CEO Dr. Reza Zadno plans to retire, and a successor has been named.
Zadno plans to retire from the corner office and from his role as a director on Sept. 1, 2025. On Sept. 2, the appointment of Larry Wood as the company’s new president and CEO goes into effect. Wood joins from Edwards Lifesciences, where he most recently held the position of corporate VP and president of TAVR and Surgical.
Wood informed the Edwards board on July 21 that he plans to leave for the new position, according to a corporate SEC filing. (Daniel J. Lippis, the Edwards’ current VP of Japan, Greater China and Asia Pacific, will serve as VP of TAVR.)
Wood has more than 40 years of experience in medtech, with time spent at both Edwards and Baxter, another medtech giant. Before taking over his latest role at Edwards in 2023, he served as VP for TAVR and earlier held posts in manufacturing management, regulatory affairs and strategic and clinical marketing, primarily in the company’s leading surgical heart valve franchise.
Additionally, Wood brings familiarity with Procept Biorobotics, having joined the company’s board last year.
“I am honored to join Procept BioRobotics at such a pivotal time in the company’s growth,” said Mr. Wood. “The company’s innovative approach to treating prostate disorders has the potential to transform the standard of care for patients worldwide. I look forward to leading this exceptional team and building on their many successes to continue to improve treatment outcomes for doctors and their patients.”
Zadno took over the corner office in 2020 and led the company through significant growth, commercial expansion and an IPO.
“We are just scratching the surface of what’s possible, and I am thrilled to pass the torch to Larry Wood to lead the next phases of the company’s exciting journey,” Zadno said.
More about Procept Biorobotics
San Jose, California–based Procept develops the Aquablation procedure for treating prostate cancer.
The image-guided, automated, heat-free robotic therapy uses real-time ultrasound imaging. This provides the surgeon with a multi-dimensional view of the prostate. Aquablation therapy enables personalized treatment planning tailored to each patient’s unique anatomy, Procept Biorobotics says.
The company initially received FDA IDE for its Aquablation procedure in September 2023. Aquablation uses waterjet resection to precisely eradicate prostate tissue. It provides the potential for an effective cancer treatment while maintaining the patient’s quality of life. The company’s next-generation Hydros surgical robot — cleared by the FDA in August — delivers Aquablation therapy.
Earlier this week, the company announced that three prostate cancer procedures in the WATER IV Prostate Cancer (PCa) trial were successfully completed in an ambulatory surgery center using Aquablation therapy. Dr. Rahul Mehan of East Valley Urology in Scottsdale, Arizona, performed the procedures.
(Procept Biorobotics featured on MassDevice’s list of the top urology device stories so far in 2024.)
In connection with the leadership transition, the company also announced preliminary revenues for the second quarter of 2025 totaling approximately $79.2 million.
The analysts’ reaction
BTIG analysts Ryan Zimmerman and Iseult McMahon say they were not surprised by the CEO transition, noting that they felt it had “been signaled for some time.” They even said investors in recent months asked when Zadno may retire.
At the same time, the analysts say the change fails to alleviate any skepticism around Procept’s push into prostate cancer.
“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,” the analysts said. “We were surprised there was no guidance reiteration or guidance commentary, which we think may worry some despite the beat.”
BGIT retains its “Neutral” rating for Procept.
