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Intuitive Surgical (NASDAQ:ISRG) tumbled Wednesday after it revealed its fourth-quarter revenue missed consensus expectations.
Intuitive, which makes the robotic-assisted da Vinci surgical system, said in a press release that it expects fourth-quarter revenue to come in at $1.66 billion, below Wall Street expectations of $1.68B.
Despite missing expectations, revenue increased 7% compared with $1.55B in the fourth quarter of 2021, while preliminary 2022 revenue of around $6.22B represents a 9% rise compared to $5.71B in 2021.
The company said during 2022, its business differed by geography, with the first half of the year impacted by COVID-19 resurgences in the U.S. and Europe, weighing on da Vinci procedure volumes. However, this was followed by recoveries. On the other hand, in the second half of 2022, the COVID-19 resurgence in China hit da Vinci procedure volumes in the country and may continue to have an adverse impact.
In Q4, da Vinci procedures worldwide rose approximately 18% compared with last year, while it sees them worldwide rising between 12% to 16% in 2023.
Intuitive Surgical shares are down 4% at the time of writing.
