Intuitive Surgical (ISRG) reported better-than-expected third-quarter revenue Thursday, however the robotic surgical procedure behemoth’s gross sales got here up quick and ISRG inventory plummeted.
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In the course of the three months ended Sept. 30, Intuitive Surgical earned an adjusted $1.46 per share, rising 3% and coming in above expectations by 4 pennies, in response to FactSet. Gross sales, then again, missed forecasts at $1.74 billion, although climbed 12% 12 months over 12 months.
Notably, Intuitive Surgical reported 19% progress within the variety of procedures utilizing its da Vinci robotic surgical procedure methods. That simply topped forecasts for 17.2%.
However in after-hours motion on the inventory market in the present day, ISRG inventory slumped 7.1%, buying and selling close to 254.
ISRG Inventory Is Tied To Process Progress
Process progress is a vital metric for Intuitive Surgical. Because the variety of procedures improve, so too do gross sales of one-time use devices and equipment essential to carry out surgical procedure. Gross sales of devices and equipment rocketed 23% to $1.07 billion, beating forecasts for $1.06 billion.
Intuitive Surgical positioned 312 da Vinci methods in the course of the quarter, up by seven vs. the year-ago interval.
The ISRG inventory tumble comes amid continued strain for Intuitive Surgical. The corporate is a frontrunner in bariatric surgical procedure, an space that could possibly be impacted by a well-liked suite of diabetes and weight-loss medication from Novo Nordisk (NVO) and Eli Lilly (LLY).
Intuitive Surgical did not provide full-year steerage. ISRG inventory analysts forecast adjusted revenue of $5.58 a share and $7.13 billion in gross sales.
Observe Allison Gatlin on X, the platform previously often called Twitter, at @IBD_AGatlin.
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