Intuitive Surgical (NASDAQ: ISRG) shares slid as much as 9.5% after quarterly earnings missed estimates -- and the robotic surgery giant posted a decline in systems placements. Even before this report, Intuitive's year hasn't been too bright. The stock has declined 40% year to date. Investors have worried about the coronavirus' impact on procedure volume. When coronavirus hospitalizations take up most resources, hospitals postpone non-essential surgeries.
It's true right now is a challenging time for Intuitive. But some of the concerns may be overdone. Especially if you take a long-term view when investing. In fact, there's a piece of excellent news in Intuitive's second-quarter earnings report. This news tells us a lot about the business's health, according to Intuitive's CEO.
The good news is growth in procedure demand. Even with coronavirus hospitalizations rising in some geographies, Intuitive still posted an increase. Procedures climbed 14% in the quarter year over year. And procedures increased by 22% in countries outside of the U.S. even with a coronavirus lockdown in China.
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Intuitive Surgical Stock: Here's the Good News Investors are Ignoring