Why Intuitive Surgical Shares Are Sliding After Hours

Intuitive Surgical Inc ISRG shares are trading lower in Tuesday's after-hours session after the company reported fourth-quarter results that came in below average analyst estimates.

What Happened: Intuitive Surgical said fourth-quarter revenue increased 7% year-over-year to $1.66 billion, which missed average estimates of $1.67 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.23 per share, which missed estimates of $1.25 per share.

Worldwide da Vinci procedures jumped approximately 18% on a year-over-year basis despite a resurgence in COVID-19 in China, which negatively impacted procedure volumes in the region.

Intuitive Surgical said it placed 369 da Vinci Surgical Systems, representing a decrease of 4% year-over-year. The da Vinci Surgical System installed base grew to 7,544 systems, up 12% year-over-year.

The company ended the quarter with $6.74 billion in cash and equivalents. Intuitive Surgical also said it repurchased $1 billion of its common stock in the fourth quarter.

Intuitive Surgical did not provide forward guidance, but a conference call covering the company's quarterly results kicked off at 4:30 p.m. ET.

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ISRG Price Action: Intuitive Surgical shares are down 13.56% in after hours at $223 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Intuitive Surgical.