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Home » Intuitive posts Street-beating Q4 despite COVID-19-related procedure disruptions

Intuitive posts Street-beating Q4 despite COVID-19-related procedure disruptions

January 21, 2022 By Sean Whooley

Intuitive SurgicalIntuitive (Nasdaq: ISRG) shares are down today despite fourth-quarter results that topped the consensus forecast.

Despite Street-beating results, the Sunnyvale, California–based robotic surgery technology developer also reported that COVID’s omicron wave is affecting procedure volumes.

Intuitive posted profits of $380.6 million, or $1.04 per share, on sales of $1.6 billion for the three months ended Dec. 31, 2021, narrowly increasing its bottom line by about $100,000 on sales growth of 10.5% year-over-year.

Adjusted to exclude one-time items, earnings per share were $1.30, 2¢ ahead of Wall Street, while sales beat analysts’ projections by approximately 0.8%.

Worldwide procedures performed with Intuitive’s da Vinci surgical robot increased approximately 19% compared to the fourth quarter of 2020, as last year was adversely affected by the COVID-19 pandemic. Intuitive said in a news release that the resurgence of COVID-19 late in the fourth quarter of 2021 also impacted procedures, though.

For full-year 2021, Intuitive earned $1.705 billion, or $4.66 per share, off $5.710 billion in revenue, representing a 61% bottom-line gain and 26% top-line growth compared with 2020.

Intuitive did not provide financial guidance for 2022. ISRG shares were down more than 7% at $276.90 per share in morning trading today. MassDevices‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down about 1%.

Filed Under: Business/Financial News, Featured, MassDevice Earnings Roundup, News Well, Surgical, Surgical Robotics, Wall Street Beat Tagged With: coronavirus, COVID-19, Intuitive Surgical

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at [email protected].

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