Intuitive Surgical 3Q profit rises 34 percent

Tue, 10/19/2010 - 1:45pm
The Associated Press

Intuitive Surgical Inc. on Wednesday said its third-quarter net income rose 34 percent on better sales of its minimally invasive surgical platform, da Vinci.

Overall, sales climbed 23 percent, but they came short of Wall Street estimates, and the company shares dropped more than 7 percent in the after-market trading session.

Net income increased to $86.6 million, or $2.14 per share, from $64.5 million, or $1.64 per share, in the same period a year earlier. Revenue rose to $344.4 million from $280.1 million.

Analysts polled by Thomson Reuters expected net income of $2.10 per share on $349.5 million in revenue.

Intuitive Surgical said it sold 105 da Vinci Surgical Systems in the quarter, compared with 86 in the same quarter a year earlier. The systems are used in heart and urologic surgeries, among other procedures.

Shares of Intuitive fell $21.04, or 7.5 percent, to $258 in after-hours trading after closing down $6.55, or 2.3 percent, at $279.04 during the regular session.


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