Why Intuitive Surgical (ISRG) Shares Are Plummeting Afterhours - Intuitive Surgical (NASDAQ:ISRG)

Intuitive Surgical, Inc. ISRG reported second-quarter revenue growth of 4% year-over-year to $1.52 billion, +6% on a constant currency basis, missing the consensus of $1.56 billion.
The gross margin contracted by 270 bps to 67.2%. Operating income declined by 22.2% Y/Y to $397.6 million, and margin contracted by 880 bps to 26.1%.
Adjusted Gross margin was 69.2%, down 252 bps, and adjusted operating margin was 34.9%, down by 792 bps.
Adjusted EPS was $1.14, below the consensus of $1.19.
Worldwide da Vinci procedures grew ~14% Y/Y. The compound annual growth rate between 2Q19 and 2Q22 was ~16%.
ISRG placed 279 da Vinci Surgical Systems, a decrease of 15% Y/Y.
The Company repurchased $500 million of common stock in the quarter.
ISRG ended the quarter with $8.18 billion in cash, cash equivalents, and investments.
Outlook: "The impact of the COVID-19 pandemic on the Company's business has, and continues to, differ by geography and region. COVID-19 has had, and will likely continue to have, an adverse impact on the Company's procedure volumes," said CEO Gary Guthart.
Price Action: ISRG shares are trading lower by 12.84% at $197.89 during the post-market session on Thursday.

Intuitive Surgical Stock Plunges After Q2 Results Miss Street Expectation