Intuitive Surgical stock slides on Q4 misses
Intuitive Surgical (Nasdaq:ISRG) shares took a big hit after hours on fourth-quarter results that missed the consensus forecast.
ISRG shares closed the day up 0.8% at $257.98 apiece. However, following the release of the company’s earnings report, shares took a massive hit. After hours, ISRG is down 13% at $224.44 apiece.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed the day up 10%.
The Sunnyvale, California-based surgical robot developer posted profits of $324.9 million. That amounts to 91¢ per share on sales of $1.655 billion for the three months ended Dec. 31, 2022. Intuitive registered a 0.3% bottom-line gain on sales growth of 6.7%.
Adjusted to exclude one-time items, earnings per share came in at $1.23. That finishes 2¢ behind projections of $1.25 apiece on Wall Street. Analysts expected sales totaling $1.68 billion.
Intuitive projects da Vinci surgical robot procedures to increase by approximately 12–16% year-over-year in 2023. This comes despite fewer placements, the company said previously. Intuitive cited a COVID-19 resurgence in China as the driving force impacting procedure volumes in the area.
When the company released its preliminary results earlier this month, CEO Gary Guthart said customers continue to grow adoption of training, products and services from Intuitive.
“We remain focused on supporting our customers’ drive to improve the quadruple aim in acute interventions,” he said.
Intuitive did not provide financial guidance for 2023.
