Why Is Intuitive Surgical (ISRG) Stock Down 7% Today?

  • Intuitive Surgical (ISRG) stock is falling on a poor earnings report for the second quarter of 2022.
  • This saw it missing adjusted earnings per share by six cents.
  • Its revenue also came in below Wall Street’s expectations.
ISRG Stock - Why Is Intuitive Surgical (ISRG) Stock Down 7% Today?

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Intuitive Surgical (NASDAQ:ISRG) stock is slipping on Friday after the medical robotics company reported results for the second quarter of 2022.

The first thing from that earnings report hitting ISRG stock today is adjusted earnings per share of $1.14. That failed to reach the $1.20 per share that Wall Street was expecting during the quarter. It’s also a drop from the $1.30 per share reported in the same period of the year prior.

In addition to that, the company’s revenue of $1.52 billion did further damage to ISRG stock today. That’s due to it coming in below the $1.58 billion analysts were expecting for the period. However, it is a 4% increase from the $1.46 billion reported in Q2 2021.

Gary Guthart, CEO of Intuitive Surgical, had the following to say in the earnings report:

Customer demand for procedures was healthy in the second quarter despite a challenging global environment. We remain focused on meeting that demand with high quality products and services while advancing our innovation programs.

The fall of ISRG stock also comes with heavy trading of the company’s shares today. As of this writing, more than 3 million shares of the stock have been traded. That’s already above its daily average trading volume of about 2.1 million shares.

ISRG stock is down 6.6% as of Friday morning and is down 41.7% since the start of the year.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/07/why-is-intuitive-surgical-isrg-stock-down-7-today/.

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