Intuitive Surgical, Inc. (NASDAQ:ISRG) affected by pandemic

Intuitive Surgical, Inc. (NASDAQ:ISRG) stock fell 7.11% (As on Jan 21, 11:56:51 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 21. The company’s bottom line came in at $380.6 million in the fourth quarter of FY 21 compared with $365.2 million, in last year’s fourth quarter. Worldwide da Vinci procedures increased approximately 19% compared with the fourth quarter of 2020, driven primarily by growth in U.S. general surgery procedures and growth in OUS markets. The fourth quarter of 2020 reflected significant disruption caused by the COVID-19 pandemic, and the fourth quarter of 2021 reflected a COVID-19 resurgence later in the quarter, which also impacted the procedures. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was approximately 13%. The Company shipped 385 da Vinci Surgical Systems, an increase of 18% compared with 326 in the fourth quarter of 2020. The Company grew its da Vinci Surgical System installed base to 6,730 systems as of December 31, 2021, an increase of 12% compared with 5,989 as of the end of the fourth quarter of 2020.

ISRG in the fourth quarter of FY 21 has reported the adjusted earnings per share of $1.30, beating the analysts’ estimates for the adjusted earnings per share of $1.28, according to Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 17 percent to $1.55 billion in the fourth quarter of FY 21, beating the analysts’ estimates for revenue by 0.76%. Higher fourth quarter revenue was driven by growth in da Vinci procedure volume and system placements. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 10%.

Moreover, fourth quarter 2021 instruments and accessories revenue increased by 13% to $843 million, compared with $747 million in the fourth quarter of 2020, primarily driven by approximately 19% growth in da Vinci procedure volume, partially offset by stocking orders in the prior year associated with the Company’s launch of Extended Use Instruments. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 12%. Fourth quarter 2021 systems revenue increased by 28% to $470 million, compared with $367 million in the fourth quarter of 2020. The Company had ended the fourth quarter of 2021 with $8.6 billion in cash, cash equivalents, and investments, an increase of $400 million during the quarter, primarily driven by cash generated from operations.

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