Intuitive Surgical down 5% after hours despite quarterly beats
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Intuitive Surgical (NASDAQ:ISRG) is down ~5% in after-hours trading Thursday despite posting Q2 2023 results that beat on the top and bottom lines.
The da Vinci surgical system maker saw its net income rise ~18% in the quarter compared to the prior-year period to $420.8M ($1.18 per share diluted vs. $1.00) on a GAAP basis.
Revenue of ~$1.76B in the quarter was a ~16% year-over-year increase.
Intuitive Surgical (ISRG) also saw a nice boost in both da Vinci procedures performed and new systems placed in the quarter compared to Q2 2022.
During a late afternoon earnings call, management noted that the growth rate for bariatric procedures using da Vinci has slowed as interest in weight loss medications have increased.
"It is too early to conclude if the slowing growth is a temporary pause as patients evaluate these new drug therapies or if it is a trend that continues," CFO Jamie Samath said.
However, Intuitive Surgical still upped its 2023 procedure growth rate projection to 20%-22% from 18%-21%.
More on Intuitive Surgical
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Intuitive Surgical: Too Late To Join The Party Now