Piper Sandler analyst Adam Maeder says Intuitive Surgical's initial procedure growth guidance for 2020 of 13%-16% compares to his estimate of 16%. The "conservative" initial outlook is not surprising given Intuitive's track record of conservative initial guidance, which is prudent at this stage of the year, Maeder tells investors in a research note. The analyst points out the company's preliminary Q4 revenue came in above consensus. He reiterates an Overweight rating on the shares with a $633 price target.
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Sees FY24 gross profit margin 67%-68%. Sees FY24 operating expense up 11%-15%. Sees FY24 capital expenditures 1B-$1.2B. Sees FY24 tax rate 22%-24%. Says five additional procedures will have reimbursement in Japan by June. Says saw particular strength in the U.S. and the U.K. Comments and guidance taken from Q1 earnings conference call.
Pre-earnings options volume in Intuitive Surgical is 2.0x normal with calls leading puts 10:9. Implied volatility suggests the market is anticipating a move near 4.9%, or $18.11, after results are released. Median move over the past eight quarters is 5.6%.