Intuitive shares slide 11% after disappointing guidance
Intuitive Surgical shares fell more than 11 percent after the company slashed its 2013 sales forecast due to disappointing demand for its surgical robots and said U.S. regulators had issued a warning letter following a June inspection of its facilities.
The maker of the da Vinci Surgical System posted earnings of $3.90 a share on revenue of $579 million, falling short of expectations for $4.04 a share on sales of $622 million.
The company said it now expects 2013 revenue to be between flat and 7 percent higher. Three months ago, the company had predicted revenue growth at the higher end of its initial full-year forecast of 16 to 19 percent.
The company said it now expects the number of procedures using its surgical robots to grow by 15 percent to 18 percent this year, below its forecast in April at the lower end of its initial view of 20 percent to 23 percent growth.
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