Intuitive Surgicalon Thursday reported another tepid quarter for procedure growth using its da Vinci robotic surgery system — prodding ISRG stock to tumble.
The robotic surgery systems maker has been hamstrung amid the coronavirus pandemic as patients put off elective surgeries. During the fourth quarter, procedures using Intuitive Surgical's biggest robotic surgery system rose just 6%.
The coronavirus pandemic has impacted Intuitive Surgical differently depending on the region.
"In the U.S., for example, while da Vinci procedures have recovered a significant portion of the pre-Covid-19 levels, the resurgence of Covid-19 in some states has had, and will likely continue to have, an adverse impact on the company's procedure volumes," Intuitive Surgical said in a news release.
In after-hours trading on the stock market today, ISRG stock skidded 2.1% near 782.ISRG Stock Dips On Procedure Growth
The fourth quarter represents a slowdown for procedure growth. In the second quarter, procedures plummeted 19%. They recovered somewhat in the third quarter, growing 7%. But the fourth-quarter 6% growth rate slammed ISRG stock in late action.
Further, Intuitive Surgical shipped 3% fewer da Vinci systems in the quarter than it did in the year-ago period. That also didn't help ISRG stock.
The remainder of Intuitive Surgical's earnings wasn't a surprise. In conjunction with the annual J.P. Morgan Healthcare Conference, Intuitive Surgical pre-announced its earnings on Jan. 13.
Sales grew 4% to $1.33 billion. This was driven by growth in procedures but offset by fewer shipments of da Vinci systems. Adjusted earnings were $3.58 per share, up by a dime year over year. Both measures beat the estimate from FactSet for $1.25 billion in sales and profit of $3.12 a share.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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