July 22 Intuitive Surgical Inc on
Tuesday reported lower second-quarter profit as sales of its
high-priced da Vinci robot surgical systems fell, marking the
fifth consecutive quarter of earnings declines for the formerly
Intuitive posted a net profit of $104 million, or $2.77 per
share, compared with a profit of $159.1 million, $3.90 per
share, a year ago.
Revenue for the quarter fell 11 percent to $512.2 million
but exceeded Wall Street's diminished expectations of $501.7
million, according to Thomson Reuters I/B/E/S.
The company sold 96 da Vinci systems in the quarter, down
from 143 a year ago but an improvement over the 87 shipped in
the first quarter as Intuitive showed signs of bouncing back
from a dismal first three months.
Sunnyvale, California-based Intuitive had enjoyed
double-digit revenue growth and steadily rising da Vinci sales
in past years.
But those trends reversed last year as media reports
questioned the cost effectiveness of using the robots for
certain procedures. Also contributing to the reversal:
uncertainty about capital spending at hospitals, and physicians
holding off on recommending prostate surgery for
(Reporting by Bill Berkrot; Editing by Jonathan Oatis)