Intuitive Surgical (NASDAQ:ISRG) shares dropped after the company missed third-quarter revenue expectations, posting $1.74 billion while analysts had forecast $1.77 billion, according to LSEG, formerly known as Refinitiv. The company reported adjusted earnings per share of $1.46, surpassing analysts’ expectations of $1.41 per share.
Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., and net income per diluted share attributable to Intuitive Surgical, Inc. are reported on a GAAP and non-GAAP* basis. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release.
Third quarter 2023 revenue was $1.74 billion, an increase of 12% compared with $1.56 billion in the third quarter of 2022. The higher third quarter revenue was driven by growth in da Vinci procedure volume and an increase in the installed base of systems.
Third-quarter 2023 instruments and accessories revenue increased by 23% to $1.07 billion, compared with $0.87 billion in the third quarter of 2022. The increase in instruments and accessories revenue was primarily driven by approximately 19% growth in da Vinci procedure volume and higher pricing.
Third-quarter 2023 systems revenue was $379 million, compared with $426 million in the third quarter of 2022. The Company placed 312 da Vinci surgical systems in the third quarter of 2023, compared with 305 systems in the third quarter of 2022.
ISRG shares dropped $12.85, or 4.6%, to $260.60.