Intuitive Surgical (ISRG) reported better-than-expected third-quarter profit Thursday, but the robotic surgery behemoth’s sales came up short and ISRG stock plummeted.
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During the three months ended Sept. 30, Intuitive Surgical earned an adjusted $1.46 per share, rising 3% and coming in above expectations by four pennies, according to FactSet. Sales, on the other hand, missed forecasts at $1.74 billion, though climbed 12% year over year.
Notably, Intuitive Surgical reported 19% growth in the number of procedures using its da Vinci robotic surgery systems. That easily topped forecasts for 17.2%.
But in after-hours action on the stock market today, ISRG stock slumped 7.1%, trading near 254.
ISRG Stock Is Tied To Procedure Growth
Procedure growth is an important metric for Intuitive Surgical. As the number of procedures increase, so too do sales of one-time use instruments and accessories necessary to perform surgery. Sales of instruments and accessories rocketed 23% to $1.07 billion, beating forecasts for $1.06 billion.
Intuitive Surgical placed 312 da Vinci systems during the quarter, up by seven vs. the year-ago period.
The ISRG stock tumble comes amid continued pressure for Intuitive Surgical. The company is a leader in bariatric surgery, an area that could be impacted by a popular suite of diabetes and weight-loss drugs from Novo Nordisk (NVO) and Eli Lilly (LLY).
Intuitive Surgical didn’t offer full-year guidance. ISRG stock analysts forecast adjusted income of $5.58 a share and $7.13 billion in sales.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
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