After a 60% Slide, One Fund Cuts Exposure to This Healthcare Tech Stock by $12.5 Million

On January 26, Chicago Capital disclosed in an SEC filing that it reduced its stake in PROCEPT BioRobotics (NASDAQ:PRCT) by 377,850 shares in the fourth quarter, an estimated $12.53 million trade based on quarterly average pricing.

What happened

In a quarterly disclosure filed with the Securities and Exchange Commission on January 26, Chicago Capital reported selling 377,850 shares of PROCEPT BioRobotics (NASDAQ:PRCT). The estimated transaction value was $12.53 million, calculated using the average closing price during the period. The fund’s remaining PRCT stake was valued at $37.47 million at quarter-end. The net position value changed by $18.52 million, reflecting both share sales and stock price movement.

What else to know

Chicago Capital’s PRCT position now accounts for 0.93% of 13F assets, down from 1.38% in the prior quarter.

Top holdings after the filing:

• NASDAQ:GOOGL: $248.84 million (6.15% of AUM)
• NASDAQ:META: $189.10 million (4.67% of AUM)
• NASDAQ:AMZN: $168.92 million (4.17% of AUM)
• NASDAQ:NVDA: $148.39 million (3.66% of AUM)
• NYSE:V: $141.11 million (3.49% of AUM)

As of January 26, PROCEPT BioRobotics shares were priced at $29.61, down a staggering 60.4% over the past year and vastly underperforming the S&P 500’s roughly 14% gain in the same period.

Company overview

Company snapshot

• PROCEPT BioRobotics develops and commercializes the AquaBeam Robotic System and Aquablation therapy for minimally invasive urologic surgery, primarily targeting benign prostatic hyperplasia (BPH).
• The company generates revenue through the sale of robotic systems, recurring sales of single-use consumables, and service contracts related to its installed base.
• It serves hospitals and urology centers, with a focus on urologists treating male patients suffering from lower urinary tract symptoms due to BPH.

PROCEPT BioRobotics is a healthcare technology company specializing in surgical robotics for urology, with a core focus on the treatment of benign prostatic hyperplasia. The company leverages proprietary image-guided robotic systems to enable minimally invasive procedures, supporting improved patient outcomes and hospital efficiency. Its competitive advantage is rooted in its innovative Aquablation therapy and growing installed base in the United States and internationally.

What this transaction means for investors

Cutting exposure after a steep drawdown (as is the case here) isn’t always about abandoning a thesis. Sometimes it reflects critical position sizing in a portfolio dominated by mega-cap platforms with far lower execution risk.

To be clear, PROCEPT continues to grow fast. Third-quarter revenue rose 43% year over year to $83.3 million, gross margin expanded to 65%, and the U.S. installed base climbed to 653 systems. Management also issued 2026 revenue guidance of $410 million to $430 million, implying up to 32% growth from 2025 levels. However, the stock tells a different story. Shares are down more than 60% over the past year, reflecting concerns around operating losses, elevated spending, and how quickly growth can translate into sustainable profitability. PROCEPT posted an adjusted EBITDA loss of $7.4 million in the quarter and remains firmly in investment mode.

More broadly this fund’s largest positions are concentrated in highly liquid, cash-generating tech leaders, and against that backdrop, trimming a volatile, single-product medtech name looks like risk management rather than lost confidence.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Amazon, Meta Platforms, Nvidia, and Visa. The Motley Fool has a disclosure policy.