- Intuitive Surgical ( NASDAQ: ISRG ) stock slumped ~13% after hours on Thursday as the company reported Q2 results that missed estimates on both the top and bottom line.
- ISRG posted Q2 non-GAAP EPS of $1.14, which missed expectations by $0.06. The company's revenue of $1.52B also missed by $40M.
- This is the company's first miss on both earnings and revenue since Q1 2019, bringing an end to a streak of 12 straight quarterly beats.
- Procedures with the company's da Vinci surgical systems grew about 14% Y/Y for Q2. The growth was impacted due to disruption caused by the COVID-19 pandemic.
- "COVID-19 has had, and will likely continue to have, an adverse impact on the company's procedure volumes," ISRG said in the earnings release .
- The company placed only 279 da Vinci systems in the quarter, which is down 15% compared to the 328 systems placed in Q2 2021.
- ISRG's cash, cash equivalents and investments also fell by $226M during Q2 to $8.18B at the end of the quarter.
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Intuitive Surgical stock sinks after hours as Q2 results miss estimates