Intuitive Surgical (NSDQ:ISRG) dropped more than 11% today as Wall Street reacted to the surgical systems maker’s disappointing 1st-quarter earnings.
Shares dropped in after-hours trading following the release of the Q1 report and continued to sink, losing about 13% since yesterday’s open.
ISRG stock gained a few points earlier this month after the company announced FDA clearance for its da Vinci Sp single-site robot-assisted surgery platform in urological procedures, the 2nd FDA nod this month following the April 1 clearance of its da Vinci Xi platform.
Shares even notched a 52-week high of $541.23 on April 3, but were back down to $373.93 about an hour before the market closed today.
The troubled medtech company announced last night that sales dropped nearly 24% during the first 3 months of 2014, missing analysts’ estimates and sending shares down 4% in after-hours trading. Sunnyvale, Calif.-based Intuitive had braced The Street earlier this month with a preliminary earnings release that sent shares down 10% April 9 to $440.50 apiece.
