Intuitive Surgical Inc. (NASDAQ: ISRG) reported higher earnings and revenues for the first quarter of 2020. The results also topped the Street view and the company’s stock gained modestly during Thursday’s after-hours session.
The top-line rose 13% annually to $1.1 billion, mainly reflecting a double-digit increase in the flagship da Vinci procedures. At $2.69 per share, adjusted profit was up 3% year-over-year.
Towards the end of the quarter, operations were impacted by disruptions caused by the pandemic outbreak, reversing the positive momentum seen prior to that. There was a sharp fall in procedure volume and system placements were postponed in the US and Western Europe, where resources were diverted to manage COVID-19.
Shares of Intuitive Surgical closed Thursday’s regular session slightly lower. The stock has lost 15% since the beginning of the year.