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July 22, 2014
13:57 EDTISRGEarnings Preview: Intuitive Surgical share price flat over last 12 months
Intuitive Surgical (ISRG) is scheduled to report second quarter earnings after the market close on Tuesday July 22 with a conference call scheduled for 4:30 pm ET. Intuitive Surgical designs, manufactures, and markets da Vinci surgical systems, and related instruments and accessories. EXPECTATIONS: Analysts are looking for EPS of $2.83 on revenue of $501.7M, according to First Call. The consensus range for EPS is $1.97-$3.46 on revenue of $444.0M-$554.0M. LAST QUARTER: Intuitive Surgical reported first quarter EPS with items of $1.13 against estimates of $3.27 on revenue of $464.7M against estimates of $558.46M. Systems revenue decreased to $106M in Q1, compared with $256M for the year earlier. The decrease was driven by lower U.S. systems sales and the revenue deferral of $24M relating to the da Vinci Xi customer trade-out program. Intuitive Surgical shipped 87 da Vinci Surgical Systems during the three months ended March 31, compared with 164 in the same period last year. The decrease in system unit shipments primarily reflected lower first quarter of 2014 system sales into the U.S. market. U.S. system shipments were down in the first quarter of 2014 as a result of lower procedure growth, changing hospital capital spending priorities associated with the implementation of the Affordable Care Act, and the impact that anticipation of a new system may have had on customer capital-spending decisions. STREET RESEARCH: In May, Leerink lowered its price target for Intuitive Surgical shares to $415 from $443 citing low visibility into a turnaround for procedure growth and system placement trends. Leerink said a general surgeon it spoke to was hesitant to characterize Intuitive's new Xi system as a "must have" technology. The firm kept a Market Perform rating on the stock. More recently, on July 18, Jefferies noted that its survey of 50 Japanese urologists indicates Intuitive Surgical is building momentum in the region. The firm believes Japan represents a "substantial and still untapped" market opportunity for Intuitive. It thinks expanded reimbursement of additional procedures will drive further adoption and keeps a Buy rating on the stock with a $465 price target. PRICE ACTION: Shares of Intuitive Surgical are essentially flat over the last 12 months, and well off their 2014 high of $541.23 that occurred in early April before the company pre-announced a Q1 revenue shortfall. Shares of the company are up over 2% to $396.80 in afternoon trading ahead of its Q2 earnings report.
News For ISRG From The Last 14 Days
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November 26, 2014
07:52 EDTISRGIntuitive Surgical could be hurt by FDA statement, says RBC Capital
After the FDA acknowledged that hysteroscopic morcellators do not pose the same degree of risk as laparoscopic powered morcellators, RBC Capital estimates that 6%-8% of Intuitive Surgical's total procedures would be exposed to a potential decline in laparoscopic powered morcellators in a worst-case scenario. However, the firm says the actual risk would be much lower for the company, as alternative robotic techniques can be used in some cases.
November 24, 2014
09:26 EDTISRGFDA updates warning on laparoscopic power morcellators to treat uterine fibroids
The FDA announced it is taking immediate steps to help reduce the risk of spreading unsuspected cancer in women being treated for uterine fibroids. In an updated safety communication, originally issued in April, the FDA warns against using laparoscopic power morcellators in the removal of the uterus or fibroids in the vast majority of women. In an Immediately in Effect guidance, the FDA is also recommending that manufacturers of laparoscopic power morcellators include in their product labeling specific safety statements in the form of a boxed warning and two contraindications. Johnson & Johnson (JNJ), the largest manufacturer of morcellators, stopped selling the gynecological surgical tool in April and in August told customers to return any devices in their inventory. Intuitive Surgical's (ISRG) da Vinci surgical system can be used with tissue morcellators in such surgical procedures.

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