Intuitive Surgical, a leading robotic surgery company, reported better-than-expected third-quarter profit but fell short on sales, causing its stock to plummet. While the company saw a 19% growth in the number of procedures using its da Vinci robotic surgery systems, sales missed forecasts. The stock drop comes amid pressure from competitors in the bariatric surgery field and uncertainty in the market.
Intuitive Surgical reported better-than-expected sales and profit for the second quarter, but its stock fell as the number of installed da Vinci robotic surgery systems fell short of forecasts. The company's installed base increased by 12.5% to 8,042 globally, missing expectations of 8,203. Despite this, sales rose 15% to $1.76 billion, beating predictions, and adjusted profit increased by nearly 25% to $1.42 per share. Procedures using the da Vinci systems increased by 22%, contributing to strong sales of instruments and accessories.
Intuitive Surgical, the leader in robotic surgery, reported a 26% surge in procedures completed using its da Vinci system during the first quarter of 2021, beating expectations and pushing ISRG stock up 8.8%. Revenue from instruments and accessories climbed 22% to $986 million, driven by the strong increase in da Vinci procedures. Despite Covid-19 negatively impacting procedure volumes in China, Intuitive Surgical's overall revenue jumped 14% to $1.7 billion.
