Intuitive Surgical (NASDAQ:ISRG) unveiled its latest quarterly earnings results after the bell today, amassing mostly disappointing results as both earnings and revenue were below what Wall Street called for in its consensus estimate, playing a role in ISRG stock sinking late in the day.
The Sunnyvale, Calif.-based maker of robotic surgical products designed to improve patient outcomes said that for its first quarter of its fiscal 2019, it amassed net income of $306.5 million, or $2.56 per share. This figure marked a 6.6% gain over the profit it tallied during the same period in its fiscal 2018, which came in at $287.6 million, or $2.44 per share.
On an adjusted basis, Intuitive Surgical said it brought in earnings of $2.61 per share, which was weaker than the Wall Street consensus estimate. Analysts who were surveyed by FactSet reached an average adjusted earnings guidance of $2.70 per share for the company’s first quarter.
The medical robotics business added that it raked in sales of $973.7 million, marking a 14.9% improvement over the $847.5 million in revenue it had during its first quarter of 2018. Wall Street was calling for Intuitive Surgical to compile sales of $975.3 million for the period, also according to data compiled from a survey conducted by FactSet.
ISRG stock had been increasing about 0.6% during regular trading hours as the company geared up to report its results for its latest quarter. However, an earnings and sales miss caused Intuitive Surgical’s shares to decline roughly 6.3% after the bell on Thursday.