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Home » Intuitive Surgical dips after hours on Q4 results

Intuitive Surgical dips after hours on Q4 results

January 23, 2015 By Brad Perriello

Intuitive Surgical dips after hours on Q4 results

Investors pared some value from Intuitive Surgical (NSDQ:ISRG) shares in after-hours trading today on the robot-assisted surgery pioneer’s end-of-year results, despite a Q4 sales-and-earnings beat.

Sunnyvale, Calif.-based Intuitive posted an -11.7% Q4 profit slide to $146.8 million, or $4.92 per share, despite top-line gains of 4.9% to $604.7 million. Adjusted to exclude 1-time items, earnings per share were $4.92, 54¢ ahead of expectations on Wall Street, which was looking for sales of $589.4 million.

But adjusted profits were down 5.1% to $183.5 million during the 3 months ended Dec. 31, compared with Q4 2013, and Intuitive’s full-year comps were down across the board, the company said.

Full-year profits were $418.8 million, a -37.6% decline compared with 2013, on a -4.9% top-line slip to $2.13 billion (which did beat The Street’s forecast of $2.12 billion). But adjusted profits were off -23.7% to $606.9 million, and adjusted EPS of $16.10 missed the analysts’ consensus of $16.73.

A deeper dive shows that Q4 service revenues climbed 6.4% to $110.0 million, but expenses also climbed: Intuitive Surgical’s cost of goods sold rose 18.6% to $211.3 million; R&D spend jumped 13.4% to $47.3 million; and selling, general & administrative expenses were up 8.3% to $160.0 million.

Perhaps most worrying for investors, however, was a Q4 gross margin decline of -5.8% to 65.1%. ISRG shares were down 2.4% to $513.00 apiece today in after-hours activity.

Filed Under: MassDevice Earnings Roundup, News Well, Surgical Robotics Tagged With: 2014, Intuitive Surgical, Q4

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