Intuitive Surgical Earnings, Revenue Beat in Q1

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Intuitive Surgical (NASDAQ:ISRG) rose 0.5% in after-hours trade.

Intuitive Surgical announced earnings per share of $2.69 on revenue of $1.10 billion. Analysts polled by anticipated EPS of $2.68 on revenue of $1.06 billion. That compares to to EPS of $2.61 on revenue of $973.7 million in the same period a year before. Intuitive Surgical had reported EPS of $3.48 on revenue of $1.28 billion in the previous quarter.

Higher first-quarter revenue was driven by increased procedures and systems placements as well as higher service and operating lease revenue, the company said.Instruments and accessories revenue increased by 12% and systems revenue increased by 14% to $283 million.

“For the first two and a half months of the first quarter of 2020, procedure performance was trending at the higher end of our expectations. However, as noted in the company’s April 8 press release, the company experienced a significant decline in procedure volume and postponements of system placements in the latter half of March in the U.S. and Western Europe, as healthcare systems in those areas diverted resources to meet the increasing demands of managing COVID-19,” Intuitive Surgical said in a release.

Analysts were expecting the company guided EPS of $2.26 and revenue of $1.01 billion in the upcoming quarter, but the company decided against offering guidance due to a lack of visibility caused by the Covid-19 pandemic.

“Due to the uncertain scope and duration of the pandemic, and uncertain timing of global recovery and economic normalization, we cannot, at this time, reliably estimate the future impact on our operations and financial results,” Intuitive Surgical added.

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