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The Da Vinci Xi robotic surgical procedure system. Intuitive continues to dominate the house. | Supply: Intuitive

Intuitive Surgical launched preliminary This fall outcomes that included a slight income miss, although the corporate expects da Vinci surgical robotic procedures to develop no less than 12% this yr.

The Sunnyvale, California-based surgical robotic developer expects fourth-quarter income to whole $1.66 billion. Whereas that represents a 7% enhance from the identical interval in 2021, it falls simply shy of Wall Road expectations. Analysts projected revenues totaling $1.68 billion. The corporate expects full-year 2022 revenues of $6.22 billion for a 9% enhance over the earlier yr.

Shares of ISRG dipped 4.3% at $259.70 apiece in early-morning buying and selling at this time. MassDevice’s MedTech 100 Index — which incorporates shares of the world’s largest medical gadget firms — rose 8.8%.

Worldwide procedures with the da Vinci surgical robotic grew 18% in comparison with the fourth quarter of 2021. This occurred regardless of a COVID-19 resurgence in China, which impacted process volumes within the space, in line with a information launch. The corporate additionally positioned fewer da Vinci techniques in comparison with the identical interval within the earlier yr (369 vs. 385). General placements decreased 6% from 1,347 in 2021 to 1,264 in 2022, Intuitive stated.

Regardless of fewer placements, Intuitive initiatives da Vinci procedures to extend by roughly 12–16% year-over-year in 2023.

COVID-19 headwinds out of China might show transitory

The corporate famous that the COVID-19 resurgence impacted da Vinci process volumes within the U.S. and Europe. Nonetheless, recoveries quickly adopted. The virus might proceed to adversely affect its process volumes, Intuitive stated.

“Our prospects continued to develop their adoption of our coaching, merchandise, and companies within the fourth quarter and for the total yr,” stated CEO Gary Guthart. “We stay centered on supporting our prospects’ drive to enhance the quadruple purpose in acute interventions.”

Analysts suppose the process quantity headwinds show transitory as they’ve with earlier COVID disruptions in China. They described Intuitive as one of many highest-quality development names in large-cap medtech.