Intuitive Surgical stock falls more than 13% after Q2 results fall short

Shares of Intuitive Surgical dropped more than 13% in the extended session Thursday after the maker of surgical robotic systems reported second-quarter results below Wall Street expectations and said that it was able to place fewer of its flagship robotic systems. Intuitive said it earned $308 million, or 85 cents a share, in the quarter, compared with $517 million, or $1.42 a share, in the second quarter of 2021. Adjusted for one-time items, the company earned $1.14 a share. Revenue rose 4% to $1.52 billion, the company said. Analysts polled by FactSet expected adjusted earnings of $1.20 a share on sales of $1.56 billion. Procedures using Intuitive Surgical’s Da Vinci system rose about 14% as compared with the second quarter of 2021, reflecting “disruption” caused by the pandemic “which impacted our procedures,” the company said. Intuitive Surgical placed 279 Da Vinci systems, a decline of 15% compared with 328 in the second quarter of 2021, the company said. COVID-19 “resurgences continued to impact Da Vinci procedure volumes,” with impact depending on geography and region. “COVID-19 has had, and will likely continue to have, an adverse impact on the company’s procedure volumes,” Intuitive Surgical said. Shares of Intuitive Surgical ended the regular trading day up 2.5%.