Jan 14 (Reuters) - Intuitive Surgical Inc estimated fourth-quarter revenue higher than analysts’ estimates as sales of its da Vinci surgical robot rose outside the United States.
Shares of the company, which has been struggling with falling sales of the robot, rose as much as 13 percent. They were up 9 percent at $429 in morning trading on the Nasdaq.
Morningstar analyst Alex Mozorov said Intuitive’s results showed a moderation in fall of sales of the robot system, as international sales offset the continued fall in the U.S.
The Sunnyvale, California-based company issued the preliminary results ahead of ahead of an investor conference, scheduled for later on Tuesday afternoon.
Intuitive estimated total revenue of $576 million in the quarter ended Dec. 31, higher than analysts’ average forecast of $548.6 million, according to Thomson Reuters I/B/E/S.
Sales from the da Vinci robots is estimated to have fallen about 23 percent to about $205 million. The company sold 138 robots, compared with 175 a year earlier.
Sales of the robot system more than doubled to 21 in Japan, and rose 17 percent to 28 in Europe. Sales fell to 72 from 133 in the United States, its biggest market.
Intuitive said sales of the robot fell in the U.S. due to a moderation in the growth of gynecology procedures moderated and lower hospital spending associated with the implementation of President Obama’s Affordable Care Act. (Reporting By Vrinda Manocha in Bangalore; Editing by Savio D‘Souza)