Intuitive Surgical Archives - Page 2 of 6

Intuitive stock drops on mixed Q3 financial results

The Da Vinci Xi robotic surgery system. Intuitive continues to dominate the space. [Image courtesy of Intuitive]Intuitive Surgical (Nasdaq: ISRG) + stock declined after the surgical robotics developer missed on revenue for the third quarter but beat analysts’ expectations on profit.

Shares of ISRG dropped 8% to $251 in after-hours trading today when Intuitive released the results. (Update: The stock was down about 3% Friday morning, trading around $264.)

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly on the day.

The Sunnyvale, California-based surgical robotics leader posted profits of $416 million, or $1.16 per share for the three months ended Sept. 30, 2023. That was a 28% bottom-line gain compared to Q3 2022.

The company reported sales of $1.74 billion, up 12% from the same quarter last year. Intuitive attributed…

How Intuitive plans to continue its surgical robotics leadership

Companies large and small have sought to take on Intuitive in soft-tissue surgical robotics, but it has maintained its dominance.

Intuitive President Dave Rosa will explain how Intuitive plans to continue maintaining distance from its competitors — and much more, during DeviceTalks West next week. Register here for the event, which is Oct. 18–19 in Santa Clara, California.

Rosa has been at Intuitive for nearly 30 years; the company promoted him to the president role in May. Working with CEO Gary Guthart, Rosa’s responsibilities include overseeing core business, driving product, digital and commercial excellence, and delivering on strategies and goals.

Rosa has said that he’s especially excited about two technological opportunities that are going to advance surgical robotics and minimally invasive surgery in a major way: improved visualization for surgeons and focal therapy.

“How can we help surgeons see more about what they’re doing? …

Intuitive stock dips after hours despite Street-beating Q2, increased da Vinci volumes

The Da Vinci Xi robotic surgery system. Intuitive continues to dominate the space. [Image courtesy of Intuitive]Intuitive Surgical (Nasdaq: ISRG) + shares took a hit after the market closed today on second-quarter results that topped the consensus forecast.

Shares of ISRG fell 5.8% to $327.50 after hours. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed up 0.2%.

The Sunnyvale, California-based surgical robotics leader posted profits of $420.8 million. That equals $1.18 per share on sales of $1.76 billion for the three months ended June 30, 2023.

Intuitive recorded a 36.7% bottom-line gain on sales growth of 15.4%.

Adjusted to exclude one-time items, earnings per share totaled $1.42. That landed 9¢ ahead of expectations on Wall Street where analysts projected $1.74 billion in revenue.

Worldwide da Vinci surgical robot procedures…

Titan Medical licenses out all of its IP to Intuitive, CEO steps down

Titan Medical recently announced it entered into a licensing agreement with Intuitive Surgical and that the company’s CEO is resigning.

Under the agreement, robotic-assisted surgery company Titan Medical has granted Intuitive a non-exclusive license to all of Titan’s IP, with the exception of the IP that is exclusively licensed to another party under a June 2020 license agreement.

The agreement includes an upfront payment of $7.5 million for certain intellectual property of Titan Medical.

Titan will retain ownership of the licensed IP, along with the associated rights, including the right to continue to develop and commercialize the technologies covered by the licensed IP and the right to license the IP to other third parties, according to a news release.

Corporate leadership and strategic update

Also this week, Titan Medical announced that its board of directors had approved a strategic transition in the company’s business from …

Intuitive Surgical announces executive changes

Intuitive Surgical (Nasdaq:ISRG) today announced executive leadership changes is it continues a global expansion effort.

The Sunnyvale, California-based leader in surgical robotics promoted Dave Rosa to the role of president. Rosa now leads Intuitive’s product, digital, quality, regulatory, supply chain, manufacturing and commercial teams.

“Our efforts over the past 27 years have created great opportunities to serve our customers better and in new ways. I look forward to leading our continued development of innovative, outcomes-focused products, services, and solutions,” said Rosa. “Intuitive aims to deliver excellence in customer experience, industry-leading innovation, and meaningful expansion of minimally invasive care. My goal is to help the company continue to deliver on these aims.”

Responsibilities for Rosa include overseeing core business, driving product, digital and commercial excellence, and delivering on strategies and goals. The 27-yea…

FDA clears Intuitive da Vinci surgical robot for prostatectomy

The da Vinci SP surgical robot. [Image from Intuitive]Intuitive Surgical (Nasdaq: ISRG) + announced today that the FDA cleared its da Vinci SP surgical robot for simple prostatectomy.

The clearance, which includes prostatectomy as a representative procedure, expands da Vinci SP’s (single-port) available urologic surgical procedures. Sunnyvale, California-based Intuitive’s surgical robot now offers the removal of an enlarged prostate blocking urine flow with this procedure.

In the same action, the FDA cleared da Vinci SP for the transvesical approach to simple and radical prostatectomy. With this procedure, the surgeon removes the entire prostate gland, most often for those diagnosed with prostate cancer.

The da Vinci system offers robot-assisted technology for deep and narrow access to tissue in the body. Intuitive’s da Vinci system is considered the gold standard in robot-assisted laparoscopic …

Medtronic combines surgical robotics and surgical innovations units

Medtronic’s Hugo robot-assisted surgery system [Image courtesy of Medtronic]A senior Medtronic executive’s promotion is the latest piece of the puzzle as the world’s largest medical device company seeks significant expense reductions.

Mike Marinaro, who became president of Medtronic’s Surgical Robotics operating unit one year ago, is now EVP and president of Medtronic’s Surgical operating unit.

Fridley, Minnesota-based Medtronic (NYSE:MDT) didn’t announce the changes in a press release or a regulatory filing.

Instead, the medtech manufacturer quietly updated its website to reflect Marinaro’s new title and the “newly created” operating unit, “bringing together a legacy of surgical devices and the new robotic-assisted surgery technology to redefine the future of surgery.”

It’s not clear exactly when Medtronic updated the website, which said Marinaro was “recently appointed” t…

11 of the biggest medtech earnings stories from Q4 2022

(From Ishant Mishra on Unsplash) Layoffs, growth and more — the biggest medtech companies in the world experienced a range of outcomes in the fourth quarter of 2022.

Over the past two months, many of the largest medtech companies across the globe reported their financial results for the three months ended Dec. 31, 2022 (with a handful of exceptions due to different operating calendars).

Some companies offered reasons to feel good about the direction of the medtech industry. Others went in the opposite direction, enforcing workforce reductions and cost-cutting efforts. MassDevice compiled a list of layoffs across the industry, which have now affected more than 19,000 workers.

As layoff news mounted across the industry over the past month, MassDevice‘s MedTech 100 Index declined 2.6%. That was slightly worse than the S&P 500, which was down 2%.

Here are some of the biggest stories from the most recent quarter, all coming from companies within the…

New medtech to watch for in 2023: boosting health outcomes

[Image from Pixabay]As earnings season is upon us, we’re receiving a clearer view of what new medtech could be launching this year in the medical device space.

Companies still feel hamstrung by macroeconomic pressures, supply chain issues and more. However, many pointed out that 2023 has plenty to look forward to. Several quarterly reports and earnings calls included positive outlooks for the year ahead, with plenty of companies banking on significant revenue growth and other successes.

For many, that comes down to some new medtech product launches. Here are a few picked out from earnings calls and other announcements that you might want to look out for:

Abbott

On Abbott’s earnings call last month, CEO Robert Ford pointed to product launches as a major part of its outlook for 2023.

Abbott said it expects to log adjusted EPS of between $4.30 and $4.50. Excluding COVID-19-related sales, the company expects high-single-digit revenue growth.<…

Intuitive stock down amid next-gen robot disappointment

Intuitive Surgical (Nasdaq:ISRG) shares took a hit after an earnings call in which CEO Gary Guthart pushed back the timing of a potential next-gen surgical robotics multiport system.

“As we start this year, we do not currently expect a new multiport system launch in 2023,” Guthart said in a call with analysts this evening.

Later in the night, BTIG analysts released a note with the headline: “Multiport Head-Fake Tanks Shares Midway Through the Earnings Call; It’s Not What Many Wanted to Hear.”

ISRG shares were down more than 9% to $257.98 apiece after-hours.

“Shares tanked, and we’re scratching our heads a bit as we try to understand ISRG’s thinking. Some of the change in posture appears to be stemming from a dynamic regulatory environment (across multiple geographies), which may require clinical trials that push out clearances, but supply chain (and new component availability) also appears to be an i…

Intuitive expects da Vinci procedures to increase at least 12% in 2023

The Da Vinci Xi robotic surgery system. Intuitive continues to dominate the space. [Image courtesy of Intuitive]Intuitive Surgical (Nasdaq:ISRG) today released preliminary Q4 results that included a slight revenue miss, though the company expects da Vinci surgical robot procedures to grow at least 12% this year.

The Sunnyvale, California-based surgical robot developer expects fourth-quarter revenue to total $1.66 billion. While that represents a 7% increase from the same period in 2021, it falls just shy of Wall Street expectations. Analysts projected revenues totaling $1.68 billion. The company expects full-year 2022 revenues of $6.22 billion for a 9% increase over the previous year.

Shares of ISRG dipped 4.3% at $259.70 apiece in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 8.8%.

Worldwide procedures with the da Vinci surgical robot grew 18% compared …

Intuitive expects da Vinci procedures to increase at least 12% in 2023

The Da Vinci Xi robotic surgery system. Intuitive continues to dominate the space. [Image courtesy of Intuitive]Intuitive Surgical (Nasdaq:ISRG) today announced preliminary results for the fourth quarter and looked ahead to expected 2023 results.

The Sunnyvale, California-based surgical robot developer expects fourth-quarter revenue to total $1.66 billion. While that represents a 7% increase from the same period in 2021, it falls just shy of Wall Street expectations. Analysts projected revenues totaling $1.68 billion. The company expects full-year 2022 revenues of $6.22 billion for a 9% increase over the previous year.

Shares of ISRG dipped 4.3% at $259.70 apiece in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 8.8%.

Worldwide procedures with the da Vinci surgical robot grew 18% compared to the fourth quarter of 2021. This occurred despite a COVID-19 res…