by Christopher Freeburn | January 24, 2014 9:43 am
On Thursday, Intuitive Surgical (ISRG) announced higher-than-expected quarterly profits, but did not release a revenue forecast for 2014. The news sent ISRG stock down 5% in Friday morning trading.
The company reported fourth-quarter earnings of $166 million, down from a year-ago quarterly profit of $175 million. EPS came in at $4.28. That topped the earnings of $3.83 per share of ISRG stock that Wall Street was looking for, Reuters noted.
ISRG indicated that revenue guidance will be released when it has a better data on sales of its da Vinci surgical robot systems.
During a conference call, ISRG officials said that sales of lower-priced da Vinci systems were expected to grow during 2014, but sales of its higher-priced systems would be lower than in 2013. ISRG said that it anticipates procedures using the da Vinci system to grow by between 9% and 12% this year. Last year, such procedures increased by 16%.
ISRG stock has fallen more than 24% over the past year. ISRG stock fell sharply in July after the company received a warning letter from the FDA about conditions at one of its factories. ISRG stock closed at $439 a share on Thursday.
Source URL: http://investorplace.com/2014/01/isrg-stock-intuitive-surgical-shares-sink-disappointing-earnings-call/
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