Intuitive Surgical, Inc. (NASDAQ: ISRG) stock fell 6.13% (As on July 22, 11:43:26 AM UTC-4, Source: Google Finance) after the company posted lower than expected results for the second quarter of FY 22. Second quarter 2022 non-GAAP net income attributable to Intuitive Surgical, Inc. was $415 million, compared with $475 million, in the second quarter of 2021. The Company ended the second quarter of 2022 with $8.18 billion in cash, cash equivalents, and investments, a decrease of $226 million during the quarter, primarily driven by share repurchases of $500 million and capital expenditures, as well as unrealized losses on interest-bearing debt securities classified as available for sale, partially offset by cash generated from operations.

ISRG in the second quarter of FY 22 has reported the adjusted earnings per share of $1.14, missing the analysts’ estimates for the adjusted earnings per share of $1.16, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 4 percent to $1.52 billion in the second quarter of FY 22, missing the analysts’ estimates for revenue by 2.53%. Higher second quarter revenue was driven by growth in da Vinci procedure volume, partially offset by a decline in system placements. The compound annual growth rate of revenue between the second quarter of 2019 and the second quarter of 2022 was 11%. Second quarter 2022 instruments and accessories revenue increased by 12% to $895 million, compared with $796 million in the second quarter of 2021. The increase in instruments and accessories revenue was primarily driven by approximately 14% growth in da Vinci procedure volume, partially offset by foreign currency impacts. The compound annual growth rate of instruments and accessories revenue between the second quarter of 2019 and the second quarter of 2022 was 16%. Second quarter 2022 systems revenue decreased by 15% to $375 million, compared with $440 million in the second quarter of 2021. The Company placed 279 da Vinci Surgical Systems in the second quarter of 2022, compared with 328 systems in the second quarter of 2021. The second quarter 2022 system placements included 117 systems placed under operating lease and usage-based arrangements, compared with 108 systems in the second quarter of 2021. The compound annual growth rate of systems revenue between the second quarter of 2019 and the second quarter of 2022 was 3%.

Additionally, the Company repurchased $500 million of common stock in the second quarter of 2022. In July 2022, the Company’s Board of Directors increased the authorized amount available under the Company’s common stock repurchase program up to $3.5 billion.