Shares of Intuitive Surgical Inc. ISRG sank 4.6% toward a two-month low in midday trading Wednesday, after the surgical robotics company provided a revenue outlook that was slightly below expectations, as COVID resurgences impacted procedure volumes in China. The company expects fourth-quarter revenue to rise 7% from a year ago to $1.66 billion, which is shy of the FactSet consensus of $1.69 billion. The revenue outlook includes expectations for instruments and accessories revenue of $941 million, which is below the FactSet consensus of $946.1 million, and systems revenue of $451 million, which is below expectations of $458.3 million. Separately, the company said worldwide fourth-quarter procedures using its da Vinci surgical system rose 18% from a year ago, while da Vinci systems placed during the quarter fell 4.2% to 369. Despite the stock’s decline, the stock has still soared 39.3% over the past three months, while the SPDR Health Care Select Sector ETF XLV has gained 9.7% and the S&P 500 SPX has advanced 10.0%.
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