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Investing.com – Intuitive Surgical (NASDAQ:ISRG) reported on Thursday third-quarter results that beat analysts’ forecasts on both the top and bottom lines, though warned a resurgence of Covid-19 in some states would continue to hurt sales.
Intuitive Surgical shares lost 3.5% in after-hours trade following the report.
“The impact and timing of the COVID-19 pandemic on the company’s business differs by geography. 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.
Intuitive Surgical announced earnings per share of $2.77 on revenue of $1.08B. Analysts polled by Investing.com anticipated EPS of $2.02 on revenue of $967.56M.
The fall in revenue was driven by fewer system placements, primarily as a result of the significant impact of the Covid-19 pandemic, as well as a $23 million decrease in service revenue related to service fee credits from its customer relief program, the company said.
The company shipped 195 da Vinci surgical systems, a decrease of 29% compared with 275 in the third quarter of 2019.
Intuitive Surgical shares are up 25% from the beginning of the year, still down 4.47% from its 52 week high of $777.00 set on September 2. They are under-performing the Nasdaq 100 which is up 36.25% from the start of the year.
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