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$ISRG Earnings
Preface - I do not listen to calls, so some of these questions may be answered when I read through the transcript.
Good:
- 20% procedure growth
- 11% revenue growth YoY
- $1 Billion share buyback
- Da Vinci SP cleared in Japan for a variety of procedures
- 15% instruments and accessories growth
- $1.19 EPS
TBD:
- -9% growth in placements: is this a chip issue? Cutbacks? Or decreasing demand? I'm thinking more of the first two.
- Placement geography - is this mostly in the U.S? What did China numbers look like - China is the largest international market for this company.
This is sort of what we saw last quarter, but with some stronger all around numbers. Procedure demand is still clearly very high as the volume grew 20%. Share buyback is good for a mature company like Intuitive. SP clearing in Japan is obviously a positive development. I hope to get more clarity on the slowing placements. Fortunately, it really isn't a big deal for this company because they generate so much revenue from procedures (instruments + accessories). With that being said, I am curious if the slowdown contributing factors were the same that management highlighted a few months ago in their Q2 report.
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