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Why Intuitive Surgical Inc. (ISRG) stock had a bad Thursday despite positive news?

Intuitive Surgical Inc. (ISRG) shares declined 3.32% in after-hours on Thursday, January 20, 2022, and closed the daily trading at $283.00. Even in the regular trading session, ISRG’s stock lost 0.25%. ISRG shares have risen 9.96% over the last 12 months, and they have moved down 9.42% in the past week. Over the past three months, the stock has lost 13.85%, while over the past six months, it has declined 9.83%.


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Let’s have a brief look at its recent news and developments.

ISRG latest news

On January 20, 2022, Intuitive Surgical Inc. (ISRG) announced financial results for the quarter that ended December 31, 2021.

Q4 2021 financial highlights

  • ISRG reported total revenue of $1.55 billion for Q4 2021 compared to $1.33 billion in the fourth quarter of 2020.
  • The total cost of revenue was $489.9 million in Q4 2021 compared to $433.3 million in Q4 2020.
  • Total operating expenses were $610.4 million compared to $480 million in Q4 2020.
  • It earned GAAP net income of $381 million, or $1.04 per diluted share in Q4 2021, compared with $365 million, or $1.01 per diluted share, in the fourth quarter of 2020.
  • As of December 31, 2021, the company had $8.6 billion in cash, cash equivalents, and investments.

FY 2021 financial highlights

  • ISRG reported total revenue of $5.7 billion for FY 2021 compared to $4.4 billion in FY 2020.
  • The total cost of revenue was $1.75 billion for FY 2021 compared to $1.5 billion in FY 2020.
  • Total operating expenses were $2.14 billion compared to $1.8 billion in FY 2020.
  • It earned GAAP net income of $1.7 billion, or $4.66 per diluted share in FY 2021, compared with $1.06 billion, or $2.94 per diluted share, in FY 2020.

FDA clearance for ISRG SureForm 30 Curved-Tip Stapler

On December 15, 2021, the U.S. Food & Drug Administration (FDA) cleared Intuitive’s fully wristed, 8 mm SureForm 30 Curved-Tip Stapler and reloads (gray, white, and blue) for use in general, thoracic, gynecologic, urologic, and pediatric surgery.

ISRG is expecting to launch the product in the U.S. in 2022, with other countries to follow. It has been designed to help surgeons better visualize and reach anatomy through a combination of the 8 mm diameter instrument shaft and jaws, 120-degree cone of wristed articulation, and the curved tip.

A significant milestone for ISRG da Vinci Surgical Systems

On December 14, 2021, Intuitive (ISRG), announced that the number of robotic-assisted surgical procedures performed worldwide by surgeons using da Vinci surgical systems has surpassed 10 million.

The system was approved by FDA in 2000. There are more than 6,500 da Vinci surgical systems installed in 67 countries, and more than 55,000 surgeons worldwide have trained on the use of da Vinci systems.

Conclusion

The company announced its Q4 and FY 2021 financial results which beat the earnings and revenue estimates but still its stock price went down on Thursday which is a bit strange. We can expect it to bounce back on Friday.

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