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Home » Intuitive Surgical beats The Street on Q1 results, but faces uncertainty for rest of 2020

Intuitive Surgical beats The Street on Q1 results, but faces uncertainty for rest of 2020

April 16, 2020 By Chris Newmarker

Intuitive SurgicalIntuitive Surgical (NSDQ:ISRG) posted first-quarter results this evening that beat the consensus forecast on Wall Street — but the company cannot reliably estimate the negative effects of the COVID-19 pandemic.

The Sunnyvale, Calif.–based robot-assisted surgery giant reported profits of $314 million, or $2.62 per share, on sales of $1.1 billion for the three months ended March 31, 2020 — up from $307 million, or $2.56 per diluted share, on sales of $974 million during Q1 2019.

Adjusted to exclude one-time items, earnings per share were $2.69, 15¢ ahead of The Street, where analysts were looking EPS of $2.54 on sales of $1.03 billion.

But as previously disclosed, Intuitive Surgical in late March saw what it describes as a significant decline in procedure volume and postponements of system placements in the U.S. and Western Europe as healthcare systems diverted resources to battle the pandemic. The company says it is unable at this time to reliably estimate how the pandemic and resulting economic decline will impact operations and financial results.

“In response to COVID-19, Intuitive’s priorities are the health and safety of those we serve, including care teams, their patients, our employees, our communities and our suppliers,” Intuitive CEO Gary Guthart said in a news release. “While we cannot predict the depth or duration of the disruption caused by the pandemic, we remain committed to our mission and the long-term need to improve patient outcomes.”

Investors reacted by sending ISRG shares up 0.7% to $514 apiece in after-hours trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.4% today.

Filed Under: Business/Financial News, Featured, Surgical, Surgical Robotics, Wall Street Beat

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About Chris Newmarker

Chris Newmarker is the executive editor of WTWH Media life science's news websites and publications including MassDevice, Medical Design & Outsourcing and more. A professional journalist of 18 years, he is a veteran of UBM (now Informa) and The Associated Press whose career has taken him from Ohio to Virginia, New Jersey and, most recently, Minnesota. He’s covered a wide variety of subjects, but his focus over the past decade has been business and technology. He holds bachelor’s degrees in journalism and political science from Ohio State University. Connect with him on LinkedIn or email at [email protected].

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