Intuitive Surgical slides after hours on lower procedure volumes
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 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%.