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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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January 29, 2015
10:51 EDTISRGOptions with decreasing implied volatility
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January 26, 2015
07:17 EDTISRGSociety of Thoracic Surgeons to hold annual meeting
51st Annual Meeting of STS is being held in San Diego, California on January 24-28.
January 23, 2015
09:05 EDTISRGIntuitive Surgical 2015 EPS likely to beat guidance, says SunTrust
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08:00 EDTISRGIntuitive Surgical shares likely to see pressure, says Leerink
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January 22, 2015
17:05 EDTISRGIntuitive Surgical reverses to decline 3.7% after procedure guidance
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16:59 EDTISRGIntuitive Surgical anticipates currency headwinds in 2015
16:58 EDTISRGIntuitive Surgical sees FY15 gross profit margin similar to Q4
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16:57 EDTISRGIntuitive Surgical sees 2015 procedural growth 7%-10%
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16:54 EDTISRGIntuitive Surgical encouraged by clinical developments in Europe
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16:51 EDTISRGIntuitive Surgical says Q4 U.S procedures grew 8%, international grew 21%
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16:39 EDTISRGIntuitive Surgical received regulatory clearance for da Vinci Xi system in Korea
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16:07 EDTISRGIntuitive Surgical Q4 worldwide da Vinci procedures grew nearly 10% YoY
The company placed 137 da Vinci Surgical Systems, compared to 138 in the fourth quarter of 2013 and 111 in the third quarter of 2014.
16:06 EDTISRGIntuitive Surgical reports Q4 EPS $4.92, consensus $4.38
Reports Q4 non-GAAP revenue $601M, consensus $589.37M.
15:32 EDTISRGNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Starbucks (SBUX), consensus 80c; Capital One (COF), consensus $1.74; Intuitive Surgical (ISRG), consensus $4.38; KLA-Tencor (KLAC), consensus 52c; Altera (ALTR), consensus 35c; E-Trade (ETFC), consensus 23c... ResMed (RMD), consensus 62c; Maxim Integrated Products (MXIM), consensus 30c; Maxim Integrated Products (MSCC), consensus 65c; Hexcel (HXL), consensus 54c; Polycom (PLCM), consensus 23c; Skyworks (SWKS), consensus $1.19; Curtiss-Wright (CW), consensus $1.00.
15:05 EDTISRGIntuitive Surgical January weekly 525 straddle priced for 5.4% movement into Q4
12:52 EDTISRGEarnings Preview: Intuitive Surgical sees Q4 da Vinci sales up 5% on GAAP basis
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12:10 EDTISRGIntuitive Surgical technical comments before results
The shares have been in a consolidation phase for the last month ahead of results. The low of the recent range is at $513 and the high of the range is at $538. Breaks of either end of this range will likely determine the future price path of the shares. A breakout above $538 on positive news would likely also tick the 52-week high at $541.23. Resistance levels to watch thereafter would be at $550, $567, and $574. A breakdown below the low of the range on a negative surprise would be bearish for future price. Below $513 next supports would be at $496.66, $486.61, and $467.26. The stock does have a history of extreme price reactions around earnings exacerbated by the small trading float. As of the last available report, the short-base in the name was neutral and relatively low compared to prior history.
January 21, 2015
08:40 EDTISRGIntuitive Surgical January weekly volatility elevated into Q4 and outlook
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