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UPDATE 1-Intuitive Surgical profit beats Wall Street estimates
July 20, 2017 / 9:26 PM / 2 months ago

UPDATE 1-Intuitive Surgical profit beats Wall Street estimates

(Adds outlook, share price)

By Deena Beasley

July 20 (Reuters) - Intuitive Surgical Inc on Thursday reported a higher-than-expected second-quarter profit, citing increased sales of its da Vinci surgical robots.

Intuitive said it now expects 2017 procedure growth of 14-15 percent, up from its prior view of 12-14 percent, but it continues to expect selling prices to moderate as it sells more systems to “cost-sensitive markets” and offers discounts for multiple-unit deals.

The company’s shares, which rose 5 percent to close at $971.73 in regular Nasdaq trading, were down 1.7 percent at $970 after hours.

Excluding items, Intuitive said it earned $228 million, or $5.95 per share, which beat the average Wall Street estimate of $5.79 per share as compiled by Thomson Reuters I/B/E/S.

Revenue totaled $756 million, up 13 percent from a year earlier, driven by growth in recurring instrument, accessory, and service revenue, and higher systems revenue.

The company said it shipped 166 da Vinci Surgical Systems in the second quarter, compared with 130 in the second quarter of 2016.

Quarterly net income totaled $222 million, or $5.77 per share, compared with $185 million, or $4.71 per share, due in part to a new 2017 accounting standard requiring that $30.6 million, or 80 cents per share, of excess tax benefits related to employee share-based compensation awards be recorded as a component of income tax expense. (Reporting by Deena Beasley; Editing by James Dalgleish)

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