PRCT - Procept BioRobotics down 8% on Intuitive Surgical 510(k) clearance

2023-04-19 11:35:24 ET

• Procept BioRobotics ( NASDAQ: PRCT ) is off 8% in Wednesday morning trading after rival Intuitive Surgical ( NASDAQ: ISRG ) announced after the bell Tuesday it received US FDA 510(K) clearance for its da Vinci SP surgical system for prostatectomy.
• The procedure is for removal of a non-cancerous prostate in advanced benign prostate hyperplasia (BPH).
• Procept ( PRCT ) offers the Aquablation system for BPH.
• Despite the new competition, Wells Fargo's analyst Nathan Treybeck said he doesn't see a near or middle-term impact on Aquablation procedures. He has an outperform rating on Procept ( PRCT ).
• Intuitive ( ISRG ) "is in early stages of its launch plan" Treybeck noted, adding the company "will need clinical data to drive surgeon adoption."
• Intuitive Surgical is up ~12% in Wednesday morning trading.
• Read why Seeking Alpha contributor Mike Zaccardi is bullish on Intuitive ( ISRG ).

For further details see: