Intuitive Surgical Reports Weak Q4 2022 Results

On Tuesday, Intuitive Surgical reported low Q4 2022 financial results amid missed earnings per share and revenue. Its stock price went up by 0.78% to $257.98 a share on January 24. However, it is expected to drop by -9.10% to $234.50 apiece in the upcoming session.

The company’s earnings per share came at $1.23, below the market forecast of $1.26. Yet, it is higher than the previous data of $1.19. Furthermore, the revenue was $1.66 billion, lower than experts’ estimates of $1.68 billion. Still, it is above the prior figures of $1.56 billion.

Its fourth quarter’s 2022 Generally Accepted Accounting Principles (GAAP) net income decreased by $325.00 million or $0.91 per diluted share. The records are weaker than the $381.00 million or $1.04 per diluted share of Q4 2021.

Also, the non-GAAP net income slumped by $439.00 million or $1.23 per diluted share. It plunged compared to the 2021 Q4’s $473.00 million or $1.29 per diluted share.

Moreover, the Sunnyvale, California-based surgical robot developer repurchased $1.00 billion of its common stock.

Intuitive Surgical CEO Gary Guthart said customers continue to adapt to training, products, and services from their company. This is after the preliminary results were announced earlier this month.

COVID-19 Slows Down Intuitive Surgical Procedures

COVID-19 hospitalizations and hospital staffing pressures resulted in Intuitive Surgical’s lower-end forecasts. It noted that they are still undergoing struggles brought on by the pandemic.

The procedure is done under their most famous system, da Vinci, rose by 18.00%. Yearly, their procedures grew by 14.00% in 2019’s fourth quarter. However, due to the coronavirus resurgence in China, there had been negative impacts on their procedure in the region in Q4 2022.

Also, 2021’s fourth quarter showed that the virus disrupted surgeries in the US and Europe. Likewise, it was bearish for the medical company amid the 4.00% loss on an annual basis. It came after they placed 369 new da Vinci systems in hospitals.