Shares of Intuitive Surgical Inc. ISRG dropped more than 10% in the extended session Tuesday after the maker of surgical robotic systems reported fourth-quarter results slightly below Wall Street expectations and said it placed fewer of its devices during the quarter. Intuitive earned $325 million, or 91 cents a share, compared with $381 million, or $1.04 a share, in the fourth quarter of 2021. Adjusted for one-time items, Intuitive Surgical earned $1.23 a share. Revenue rose 7% to $1.66 billion. FactSet consensus called for adjusted earnings of $1.25 a share on sales of $1.67 billion. The company said it was able to place 369 of its flagship Da Vinci Surgical Systems, a 4% drop compared with 385 in the fourth quarter of 2021. Procedures using the system rose about 18%, but the COVID-19 resurgence in China “negatively impacted” procedure volumes in the region. COVID-19 disruptions later in the quarter also impacted U.S. and Europe, the company said. Shares of Intuitive Surgical ended the regular trading day up 0.9%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Read Full Story
- Economic Report: Fannie Mae chief economist sees house prices dropping in 2023 and 2024 — these are the warning signs that prices are falling in your city. - January 28, 2023
- The Margin: 5 things to know about Jessica Pegula — the top U.S. tennis player, and heir to the Buffalo Bills - January 28, 2023
- : Goodyear Tire to cut 500 jobs given ‘significantly weaker’ industry backdrop - January 28, 2023
