BREAKING: Futures Fall On Weak Microsoft Guidance
Intuitive Surgical (ISRG) reported lighter-than-expected fourth-quarter profit on Tuesday, leading ISRG stock to skid despite in-line sales.
During the December quarter, the robotic surgery giant earned $1.23 per share, down roughly 5% on a year-over-year basis. That lagged analysts’ projection by two pennies.
Sales were in line with Intuitive Surgical’s pre-announcement for $1.66 billion, though a hair below Wall Street’s call for $1.67 billion. Revenue was up 7%.
In after-hours action on today’s stock market, ISRG stock skidded 10.5% near 231. Shares gained a fraction during the regular session and closed at 257.98.
The company noted it’s still experiencing disruptions due to the Covid pandemic. Overall, the number of procedures performed using Intuitive Surgical’s most famous system, da Vinci, rose 18%. On an annual compounded basis, procedures grew 14% from the fourth quarter of 2019 to the same period last year.
Procedure growth is an important metric, informing the strength of sales of one-time instruments and accessories. During the December quarter, sales of those items advanced 12% to $941 million.
“The fourth quarter of 2022 reflected a resurgence in Covid-19 in China, which negatively impacted procedure volumes in the region,” Intuitive Surgical said in a news release. “The fourth quarter of 2021 also reflected Covid-19 disruptions later in the quarter in the U.S. and Europe, which impacted our procedures.”
Overall, Intuitive Surgical placed 369 new da Vinci systems in hospitals during the fourth quarter. But bearishly for ISRG stock, that was down 4% year over year.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
YOU MAY ALSO LIKE:
How J&J’s Mostly Defunct Covid Shot Still Managed To Hamper Sales; Danaher Dives
No. 1 IBD 50 Stock Catalyst Tanks As Teva Looks To Knock Off Its Only Product
Find Today’s Best Growth Stocks To Watch With IBD 50
Want More IBD Insights? Subscribe To Our Investing Podcast!
Profit From Short-Term Trends With SwingTrader
2:08 PM ET Microsoft stock erased late gains on guidance. Boeing, ASML and Tesla earnings are on tap.
2:08 PM ET Microsoft stock erased late gains on guidance. Boeing, ASML and…
Get instant access to exclusive stock lists, expert market analysis and powerful tools with 2 months of IBD Digital for only $20!
Get market updates, educational videos, webinars, and stock analysis.
Learn how you can make more money with IBD’s investing tools, top-performing stock lists, and educational content.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the stocks they discuss. The information and content are subject to change without notice.
*Real-time prices by Nasdaq Last Sale. Realtime quote and/or trade prices are not sourced from all markets.
Ownership data provided by Refinitiv and Estimates data provided by FactSet.
© 2000-2023 Investor’s Business Daily, LLC. All rights reserved
