Intuitive Surgical Crumbles On A Key Lagging Metric, Despite Beating Views

Must read


Well everyone, the overlord of opinions Corey Taylor is a fan...

Real-Money Funds Dump $100 Billion of Stocks on Rebalancing

(Bloomberg) -- The world’s biggest money managers are set to unload up to $100 billion of stocks in the final few weeks of the...

President Biden Urges Those Who Seek Justice Not To Resort To Violence After The Release Of Tyre Nichols Video

President Biden urged Americans seeking justice after the video footage of five Memphis police...

Charlie Munger Said Healthcare Providers Artificially Prolong Death To Make More Money, Compares Patients To African Carcass

Billionaire investor Charlie Munger has been vocal in expressing his concerns about U.S. healthcare, stating that it is "shot through with rampant waste" and...

Intuitive Surgical (ISRG) beat Wall Street’s quarterly sales and profit expectations Thursday, but ISRG stock tumbled as its installed robotic surgery base lagged forecasts.


During the June quarter, Intuitive Surgical brought the installed number of its main product, the da Vinci robotic surgery system, up to 8,042 globally, an increase of 12.5% from the same quarter a year earlier. But analysts polled by FactSet expected a bigger jump to 8,203. As a result, systems revenue of $393 million lagged expectations by $23 million.

In after-hours trading on the stock market today, ISRG stock toppled 4.8% near 331.

ISRG Stock: Sales, Earnings Beat

Overall, however, the second quarter largely represented an earnings beat for Intuitive Surgical. Sales advanced 15% to $1.76 billion, topping predictions for $1.74 billion. Adjusted profit ballooned nearly 25% to $1.42 per share.

Analysts expected Intuitive Surgical to earn $1.33 per share.

Procedures using Intuitive Surgical’s da Vinci systems increased 22%, helped by an easy comparison in the year-earlier period. During the same three months of 2022, increasing Covid cases cut down on procedure growth. That wasn’t the case during the June quarter.

Strong procedure growth helps bolster sales of one-time instruments and accessories.

Beat On Instruments, Accessories

During the June quarter, sales of instruments and accessories popped 20% to $1.08 billion, handily beating projections for $1.03 billion. Revenue from services — maintenance on the installed base of da Vinci systems — was in line with expectations at $287 million, and up 14%.

Though system revenue lagged forecasts, it climbed about 5%.

Intuitive Surgical didn’t offer an outlook. ISRG stock analysts had called for adjusted earnings of $5.49 a share and $7.14 billion in sales.

Shares have a strong Relative Strength Rating of 92 out of a best-possible 99, according to IBD Digital. This puts ISRG stock in the top 8% of all stocks when it comes to 12-month performance.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.


Abbott Flirts With Breakout After Notching A Recovery In Not One, But Two Businesses

J&J Stock Roars Higher, Retaking Its 200-Day Line As Small Drugs Drive Big Beat

Options Trading: How To Start Using Options, How To Manage Risk

Join IBD Live For Stock Ideas Each Morning Before The Open

How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks

More articles

Latest article

HAKEN Announces Solo North American Tour

Haken will hit the road in early 2024 for a tour...

Watch Three Songs From SLIPKNOT’s Wacken 2022 Set

Wacken Open Air is now streaming three songs from Slipknot's first-ever...

Trump Is Going To Send Matt Gaetz And Kari Lake To The GOP Debate In His Place

Trump is currently planning not to attend the first Republican primary debate on Fox News, but will instead send surrogates like Matt...

Google to Reduce Top Executive Bonuses, CEO Sundar Pichai Says

As interest rates rise and companies tighten their belts, white-collar workers have taken the brunt of layoffs and job cuts, breaking with the usual...

McCarthy Caves To Biden On Social Security And Medicare Cuts

Speaker McCarthy said on Sunday that he wants to take Social Security and Medicare...