Why Shares Of Intuitive Surgical Are Lower On Friday

Shares of Intuitive Surgical, Inc. ISRG are trading lower Friday morning following a worse-than-expected Q2 earnings report.

Shares fell after the company failed to meet analyst estimates for the second quarter on both earnings per share and revenue. The company late Thursday reported EPS of $1.14, which missed the consensus estimate of $1.19. Revenue of $1.52 billion also missed the $1.56 billion consensus esimate

The company stated that second-quarter results in 2021 and 2022 reflected COVID-19 disruptions, which impacted procedures.

Piper Sandler maintained an Overweight rating on the stock but lowered its price target from $316 to $255 following the report. Raymond James maintained an Outperform rating but lowered its price target from $294 to $255.

Price Action: Shares are down 11.5% to $198.93 during today’s pre market session, according to data from Benzinga Pro.

Photo: Damien Walmsley from Flickr