Intuitive Surgical Sees Continued Virus Impact; Q3 Results Top Estimates By

© Reuters. Intuitive Surgical Earnings, Revenue Beat in Q3

By Yasin Ebrahim – Intuitive Surgical (NASDAQ:) reported on Thursday third-quarter results that beat analysts’ forecasts top 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 3.52% 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 per share of $2.77 on revenue of $1.08B. Analysts polled by 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 which is up 36.25% from the start of the year.

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