Intuitive Surgical (ISRG) reported lighter-than-expected fourth-quarter revenue on Tuesday, main ISRG inventory to skid regardless of in-line gross sales.
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Throughout the December quarter, the robotic surgical procedure big earned $1.23 per share, down roughly 5% on a year-over-year foundation. That lagged analysts’ projection by two pennies.
Gross sales had been in keeping with Intuitive Surgical’s pre-announcement for $1.66 billion, although a hair under Wall Road’s name for $1.67 billion. Income was up 7%.
In after-hours motion on as we speak’s inventory market, ISRG inventory dipped 1.2% after gaining 0.8% and shutting at 257.98 through the common session.
ISRG Inventory: Covid Disruptions Proceed
The corporate famous it is nonetheless experiencing disruptions because of the Covid pandemic. General, the variety of procedures carried out utilizing Intuitive Surgical’s most well-known system, da Vinci, rose 18%. On an annual compounded foundation, procedures grew 14% from the fourth quarter of 2019 to the identical interval final yr.
Process development is a vital metric, informing the energy of gross sales of one-time devices and equipment. Throughout the December quarter, gross sales of these gadgets superior 12% to $941 million.
“The fourth quarter of 2022 mirrored a resurgence in Covid-19 in China, which negatively impacted process volumes within the area,” Intuitive Surgical stated in a information launch. “The fourth quarter of 2021 additionally mirrored Covid-19 disruptions later within the quarter within the U.S. and Europe, which impacted our procedures.”
General, Intuitive Surgical positioned 369 new da Vinci techniques in hospitals through the fourth quarter. However bearishly for ISRG inventory, that was down 4% yr over yr.
Comply with Allison Gatlin on Twitter at @IBD_AGatlin.
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