TERRRRIBLE Guidance... Overall sales growth for the year now expected to be 0-7% instead of 14% (and even higher before the pre-announcement).
On our last call, we projected full year 2013 procedures to grow towards the lower end of a range of between 20% and 23% from the base of approximately 450,000 procedures performed in 2012. Now, based upon moderating growth rates for U.S. benign gynecologic procedures, we are adjusting our projection for full year 2013 procedure growth to a range of between 15% and 18%.
Not so bad... But the margins will be slightly lower on sales that are a lot lower than expected.
Remember this: http://ab.typepad.com/my_own_analyst/2013/07/my-negative-view-on-isrg-was-correct.html
ISRG just pre-announced quite nasty... 440 is printing, support is 420-430. My one-year target of 500 is coming down. Don't touch it until below 400...
Well, now it is below 400 - the last trades were at the lows of the AH session and below 371. ISRG is a monopoly. This isn't it's finest moment, but it is already 2.33 units oversold at the 371 level. Looking at the chart, 360 should be very solid support - highs of 2010, lows of 2011. My target drops to 464 a year out. Selling puts might make some sense...