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News Breaks
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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September 12, 2014
08:59 EDTISRGIntuitive Surgical has large new opportunity, says Stifel
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