Larry Wood, who was the executive behind building the biggest unit during his four decades at Edwards Lifesciences, is leaving the heart device maker next month to become chief executive of Silicon Valley-based Procept BioRobotics.
“We sincerely thank Larry for his 40 years of dedication to Edwards and our patients,” Edwards CEO Bernard Zovighian told investors July 24 during the company’s second-quarter earnings call.
Wood led Edwards’ Transcatheter Aortic Valve Replacement (TAVR) division that made valves implanted via a catheter through the leg, without the need for open-heart surgery. They are the most-used TAVR heart valves in the industry. The unit’s sales reached $4.1 billion in 2024. He also led the Surgical Structural Heart unit, where 2024 sales were $981 million. Together, these two units accounted for 94% of Edwards’ sales last year.
During Wood’s tenure, Zovighian said, “TAVR has helped more than 1 million aortic stenosis patients around the world.”
The Succession
San Jose-based Procept BioRobotics, a fast-growing surgical robotics company focused on urology, said Wood will assume the chief executive role on Sept. 2. He succeeds Dr. Reza Zadno, who is retiring after leading Procept through its IPO and rapid commercial expansion.
Shares of Procept fell 12% in the four trading sessions after the announcement, which also included its forecast, to $51.64 and a $2.8 billion market cap (Nasdaq: PRCT).
Zovighian, CEO of Irvine-based Edwards since 2023, told investors that Dan Lippis, currently corporate vice president, Japan, Greater China and Asia Pacific, will assume leadership of the TAVR franchise globally.
“We are fortunate to have a well-prepared successor who has more than 15 years of deep TAVR experience in the U.S. and Europe,” Zovighian said. “I am very confident that the TAVR leadership team will build on our momentum and deliver long-term success. Dan and Larry will work together on a smooth transition through early September.”
For the second quarter, Edwards reported sales of $1.53 billion, up nearly 12% from the same period last year. Shares in Edwards rose 5.5% to $80 apiece and a $47 billion market cap, the day after it reported earnings and Woods’ upcoming departure (NYSE: EW).
Leaving “the Best Job” at Edwards
When longtime Edwards Lifesciences CEO Mike Mussallem announced his retirement in December 2022, the company named Zovighian – who previously led the company’s smallest but fastest-growing unit – as his replacement.
The leadership decision took some investors by surprise as they thought the next logical successor would be Wood, who led the TAVR unit since 2007 and had decades of experience, including at Baxter International, which spun out Edwards in 2000.
Instead, Edwards expanded Wood’s role in 2023, asking him to also oversee Surgical Structural Heart, the company’s second largest unit.
At the time, Wood downplayed the idea of climbing to the top of the corporate ladder when analysts questioned him about the leadership change during a New York City investor conference. Wood said he’s in the job that he wants.
“When you’re younger, you just kind of chase titles. And as you get older, you have to start thinking about what do you really enjoy doing? And what do you love doing with your life?,” he said.
He went on to say that he really enjoyed spending time with teams, being in the lab, collaborating with clinicians and working on groundbreaking trials.
“I think I kind of have the best job in the company in terms of what I get to do,” he said.
Taking Over a Fast-Growing Company
Procept’s sales exploded more than sixfold in the past five years, jumping from $34.5 million in 2021 to $224.5 million in 2024. Analysts are expecting sales to climb another 45% this year to $324 million and then 31% next year to $426 million.
As CEO of Procept, Wood is shifting his focus to leading a commercial-stage surgical robotics company specializing in urologic care.
He’s not a total stranger to the company. Last year, he joined Procept’s board of directors and as a member of its audit committee.
Thomas Prescott, Procept’s board chair, said Wood’s strengths and vast experience in the medtech industry make him a great fit.
“Larry has demonstrated outstanding leadership and business acumen in one of the most clinically demanding medical device product categories and is known for championing technologies that can significantly benefit patients,” Prescott said in a statement. “At Edwards, Larry and his team revolutionized how patients with severe aortic stenosis are treated.”
Wood said he was honored to take the helm at Procept, whose flagship technology, Aquablation therapy, offers a minimally invasive treatment for benign prostatic hyperplasia (BPH) using robotic imaging and a high-pressure water jet. The procedure has been performed nearly 100,000 times.
“The company’s innovative approach to treating prostate disorders has the potential to transform the standard of care for patients worldwide,” Wood said in a statement. “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.”
It’s unclear if Wood will be relocating to Northern California. Representatives for Edwards Lifesciences and Procept declined to offer additional comments.
