On July 17, Intuitive Surgical declined 10.25% in pre-market trading, trading at $364.5/share, with turnover of approximately $2.02 million.

On the news front, the company reported Q2 adjusted EPS of $2.80 versus the $2.50 consensus estimate, a 27.85% year-over-year increase. Revenue came in at $2.89 billion, exceeding the $2.83 billion estimate, driven by a 15% year-over-year increase in global da Vinci procedure volumes. Despite the across-the-board beat, the company merely maintained its full-year da Vinci procedure growth guidance of 13.5% to 15.5%, expecting results near the midpoint, without any upward revision.

Additionally, management noted that the China market environment remains challenging, citing intensifying domestic robot competition and policy-driven pricing pressure. With the stock previously trading at approximately a 31% discount to its three-year historical P/E multiple, the lack of a guidance raise directly triggered profit-taking among investors who had positioned ahead of earnings.

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