Benzinga | Oct 20, 2021 05:58AM EDT

Intuitive's Q3 Earnings Slightly Edges Out Expectations

* Intuitive Surgical Inc (NASDAQ:ISRG) reported Q3 adjusted EPS of $1.19, slightly ahead of the consensus of $1.17.

* It reported revenues of $1.403 billion, +30% Y/Y, marginally ahead of Wall Street estimate of $1.39 billion.

* Related: Intuitive Surgical 3-For-1 Stock Split Goes Into Effect.

* Using Intuitive's da Vinci system, robotic surgery procedures increased about 20% worldwide over the third quarter of 2020, with COVID-19 pandemic disruptions significantly hurting volumes in both quarters.

* The company shipped 336 da Vinci Surgical Systems, +72% Y/Y, and the da Vinci Surgical System installed base reached 6,525 systems, up 11%.

* The Q3 earnings came out on the same day that Johnson & Johnson (NYSE:JNJ) announced a two-year delay in developing its Ottava soft-tissue surgical robot, its bid to compete against Intuitive in the space.

* Intuitive tightened its full-year 2021 guidance for procedure growth from 27% - 30% to 27% - 29%.

* Intuitive also announced changes in the ranks of its senior leadership.

* Dave Rosa, a 25-year veteran at Intuitive, will fill the new position of EVP and chief strategy and growth officer, while Henry Charlton will serve as a chief commercial officer.

* Marshall Mohr, who has served as CFO for 15 years, will take the new position of EVP for Global Business Services.

* Replacing Mohr at CFO is Jamie Samath, who has been with Intuitive since 2013 and oversaw most finance functions as SVP of finance.

* Price Action: ISRG shares are down 0.98% at $333.00 during the premarket session on the last check Wednesday.