On October 21, Intuitive Surgical fell nearly 8% in Pre-Market Trading. The move followed an earnings-driven update: third-quarter adjusted EPS and revenue both beat market expectations, but management tightened its outlook for da Vinci procedure growth, saying global growth is now expected to land closer to the midpoint of the 14% to 15% range.

For the quarter, adjusted EPS was $3.00 versus expectations around $2.64 to $2.65, while revenue reached about $3.05 billion, ahead of the roughly $2.91 billion consensus. Even so, investors focused on growth quality: U.S. da Vinci procedures rose 10% in the quarter, while markets outside the U.S. grew 20%. Because the U.S. accounts for about 60% of the business and management had previously flagged some pressure from the expiration of enhanced Affordable Care Act subsidies, the softer U.S. trajectory appeared to outweigh the earnings beat.

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