- Intuitive Surgical Inc ISRG reported Q3 adjusted EPS of $1.19, slightly ahead of the consensus of $1.17.
- It reported revenues of $1.403 billion, +30% Y/Y, marginally ahead of Wall Street estimate of $1.39 billion.
- Related: Intuitive Surgical 3-For-1 Stock Split Goes Into Effect.
- Using Intuitive’s da Vinci system, robotic surgery procedures increased about 20% worldwide over the third quarter of 2020, with COVID-19 pandemic disruptions significantly hurting volumes in both quarters.
- The company shipped 336 da Vinci Surgical Systems, +72% Y/Y, and the da Vinci Surgical System installed base reached 6,525 systems, up 11%.
- The Q3 earnings came out on the same day that Johnson & Johnson JNJ announced a two-year delay in developing its Ottava soft-tissue surgical robot, its bid to compete against Intuitive in the space.
- Intuitive tightened its full-year 2021 guidance for procedure growth from 27% - 30% to 27% - 29%.
- Intuitive also announced changes in the ranks of its senior leadership.
- Dave Rosa, a 25-year veteran at Intuitive, will fill the new position of EVP and chief strategy and growth officer, while Henry Charlton will serve as a chief commercial officer.
- Marshall Mohr, who has served as CFO for 15 years, will take the new position of EVP for Global Business Services.
- Replacing Mohr at CFO is Jamie Samath, who has been with Intuitive since 2013 and oversaw most finance functions as SVP of finance.
- Price Action: ISRG shares are down 0.98% at $333.00 during the premarket session on the last check Wednesday.
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