Intuitive Predicts 2nd-Quarter Earnings Slump After Disappointing Sales of Robot, da Vinci Lawsuit Filings
Intuitive Surgical continues to defend the safety and effectiveness of a surgery robot named in a growing number of da Vinci lawsuit filings, but the negative publicity and rising FDA concern over the device may be starting to take its toll in the company’s financial sector, NASDAQ.com reports.
According to predictions published July 8th, Intuitive is expecting to earn 10% less in its second-quarter of 2013 than what analysts had previously estimated. The manufacturer of the da Vinci Surgical System, a remote-controlled robot used to aid in minimally-invasive procedures, says it predicts revenue to weigh in at $575 million and a net income of $160 million when officials release second-quarter results on July 18th. Intuitive’s expectations represent a shortfall compared to what analysts polled by Thompson Reuters recently expected to tap out at $178 million in earnings and revenue of $630 million.
Nasdaq.com also reports that the company’s stock is down 9.3% from last year.
The article states that Intuitive blames potentially lower earnings on fewer hospital visits and conservative practice from insurers. A spokesperson for Intuitive also said the decision from some hospitals to not buy the da Vinci Surgical System also played a key role in decreased sales. “While we are disappointed in our performance this quarter, particularly with respect to our capital sales in the U.S., overall procedure performance was solid in a difficult environment,” said the Chief Executive for Intuitive.
Da Vinci Lawsuit Filings Allege Surgical Burns, Organ Damage and Other Complications
This news comes as robotic surgery complications associated with the da Vinci continue to be named in adverse event reports filed with the U.S. Food and Drug Administration (FDA), which has prompted the agency to investigate the safety and effectiveness of the remote-controlled robot. Since entering the market in 2000, the da Vinci Surgical System has been used to aid in minimally-invasive gynecologic, urologic and laparoscopic procedures.
A June 14th report from NBC.com stated that the device has been involved in 200 bad robot surgery complications since 2007, and was involved in 400,000 surgeries last year. Among other operations, a growing number of hysterectomies, prostatectomies, gall bladder removals and gastric bypasses are now performed robotically. In recent years, more and more patients have opted to file da Vinci lawsuit claims alleging surgical burns and tears to arteries, organ damage, bowel injuries and even death stemming from a robotic procedure. According to a regulatory filing with the U.S. Securities and Exchange Commission on April 19th, 2013, Intuitive acknowledged it had been named in at least 26 lawsuits involving the da Vinci Surgical System.
Did You Undergo a Bad Robot Surgery? File a da Vinci Lawsuit.
For those who suffered the damaging side effects of a robotic procedure aided by the da Vinci Surgical System, the time is now to take action against the manufacturer. Contact the lawyers at Bernstein Liebhard LLP, who are actively investigating claims on behalf of individuals who suffered injuries that may have stemmed from the device. Call the Firm directly for a case evaluation at (877) 779-1414.