Leerink sees positive readthrough for Procept after CMS’ OPPS proposed rule

Leerink sees positive readthrough for Procept BioRobotics (PRCT) following the release of the Centers for Medicare & Medicaid Services’ OPPS proposed rule for 2026. Most importantly, Aquablation remains mapped to its level 6 APC code with a payment rate of about $9,765 vs. $9,247 prior, reflecting a +5.6% year-over-year increase. Leerink is encouraged by the healthy magnitude of the increase in the payment rate, which should support continued utilization growth for Aquablation procedures broadly. While its base case expectation was that Aquablation would remain mapped to its level 6 APC code, the firm’s impression is that the possibility of potential APC down-coding within the 2026 CMS OPPS was a consideration for some Procept’s bears based on its recent investor discussions. However, the update effectively takes that outcome off the table and is incrementally de-risking for shares. Overall, Leerink continues to like the risk-reward setup for Outperform-rated Procept both into Q2 EPS and beyond.