Intuitive's Q3 Earnings Slightly Edges Out Expectations

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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