Intuitive Surgical, Inc. (NASDAQ:ISRG) stock fell 5.74% (As on January 25, 11:48:25 AM UTC-4, Source: Google Finance) after the company missed the earnings estimates for the fourth quarter of FY 22. Worldwide da Vinci procedures grew approximately 18% compared with the fourth quarter of 2021. The fourth quarter of 2022 reflected a resurgence in COVID-19 in China, which negatively impacted procedure volumes in the region. The fourth quarter of 2021 also reflected COVID-19 disruptions later in the quarter in the U.S. and Europe, which impacted our procedures. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2022 was approximately 14%. The Company placed 369 da Vinci Surgical Systems, a decrease of 4% compared with 385 in the fourth quarter of 2021. The Company grew its da Vinci Surgical System installed base to 7,544 systems as of December 31, 2022, an increase of 12% compared with 6,730 as of the end of the fourth quarter of 2021. Fourth quarter 2022 non-GAAP net income attributable to Intuitive was $439 million, compared with $473 million in the fourth quarter of 2021.

ISRG in the fourth quarter of FY 22 has reported the adjusted earnings per share of $1.23, missing the analysts’ estimates for the adjusted earnings per share of $1.26, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 7 percent to $1.66 billion in the fourth quarter of FY 22, which is inline with the analysts’ estimates for revenue of $1.66 billion. The higher fourth quarter revenue was driven by growth in da Vinci procedure volume, partially offset by a decline in system placements and foreign currency impacts. On a constant currency basis, fourth quarter 2022 revenue increased 10% compared to the fourth quarter of 2021. Fourth quarter 2022 instruments and accessories revenue increased by 12% to $941 million, compared with $843 million in the fourth quarter of 2021. The increase in instruments and accessories revenue was primarily driven by approximately 18% growth in da Vinci procedure volume, partially offset by customer buying patterns and foreign currency impacts.

Fourth quarter 2022 systems revenue decreased by 4% to $451 million, compared with $470 million in the fourth quarter of 2021. Fourth quarter 2022 non-GAAP income from operations decreased to $530 million, compared with $583 million in the fourth quarter of 2021. The Company ended the fourth quarter of 2022 with $6.74 billion in cash, cash equivalents, and investments, a decrease of $651 million during the quarter, primarily driven by share repurchases of $1 billion and capital expenditures, partially offset by cash generated from operations.