ISRG - Analysts React To Intuitive Surgical Q3 Performance Slash Price Targets | Benzinga
Intuitive Surgical Inc (NASDAQ: ISRG) shares fell by around 3%. Several analysts lowered estimates post Q3 FY23 earnings.
ISRG reported quarterly earnings of $1.46 per share, which beat the analyst consensus estimate of $1.41, and sales of $1.74 billion, which missed the analyst consensus estimate of $1.77 billion.
The company revised its FY23 procedure volume outlook to 21%-22% (from 20%-22%), reflecting uncertainty around the duration of elevated procedure volumes with patients returning to health care, a continued slowing bariatric growth rates in the U.S. and macroeconomic challenges that could impact hospitals and patient spending.
Also, ISRG cut the gross margin outlook by 25bps at the midpoint to 68.0%-68.5% (vs. 68.0-69.0% previously) to reflect the timing of facilities completion, manufacturing efficiency improvements for new products and other complex projects and sees gross margin of = +70% over time in the medium term.
RBC Capital Markets analyst Shagun Singh maintained the ...