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Intuitive Surgical slides after hours on lower procedure volumes

Tue, 10/16/2012 - 10:13pm
Mass Device

Third-quarter profits jump nearly 50% for medical device company Intuitive Surgical, but lower procedure volumes drive after-hours investors to pare more than 5% from its share price.

Intuitive Surgical

Intuitive Surgical (NSDQ:ISRG) delivered another Street-beating quarter today, but investors, spooked by sliding procedure volumes, shaved more than 5% from its share price in after-hours trading.

Intuitive reported profits of $183.3 million, or $4.46 per share, on sales of $$537.8 million during the 3 months ended Sept. 30, representing top-line growth of $20.4% and a bottom-line gain of 49.8%, compared with Q3 2011.

But the Sunnyvale, Calif.-based medical device company said procedure volumes grew by 22%, below its own expectations and 4 points shy of Wall Street's forecast. Analysts were expecting growth of 26%.

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