Intuitive Surgical 3Q income jumps; shares slide
Intuitive Surgical Inc. said Tuesday its net income jumped 50 percent in the third quarter on greater sales of its robotic surgery systems.
The company said it sold 155 da Vinci robotic surgery systems during the quarter. Intuitive said surgical procedures performed using da Vinci systems rose 22 percent compared to a year ago, but that figure was lower than it had expected. Its revenue was essentially unchanged from the second quarter of 2012, and the company's stock slipped in aftermarket trading.
The company said economic conditions in Europe and changes in prostate cancer treatment reduced da Vinci system use. Intuitive Surgical shares slipped $24.13, or 4.5 percent, to $509 in aftermarket trading following the earnings report.
In the third quarter Intuitive Surgical reported net income of $183.3 million, or $4.46 per share. That's up from $122.4 million, or $3.05 per share, one year ago. Its revenue rose 20 percent, to $537.8 million from $446.7 million.
Analysts were expecting net income of $3.50 per share and $535.5 million in revenue according to estimates compiled by FactSet.
Intuitive said its revenue increased 0.4 percent compared to the previous quarter. Its revenue rose 8.3 percent between the first and second quarters of 2012.