Intuitive Surgical Among 1st Big Medtech Companies to Warn of Costly Pandemic Disruptions
Intuitive said the disruptions it’s felt to date in China, Korea, Taiwan and Italy “do not represent a material portion of our current procedure volume.”
n Intuitive’s most critical U.S. market, infections are rising and rapid implementation of mitigation strategies more tangibly threatens the company’s goals for the year.
During its most recent earnings call in January, Intuitive forecast between 13% and 16% worldwide procedure growth for 2020. This past weekend, the U.S. Surgeon General echoed an American College of Surgeons recommendation that healthcare providers “thoughtfully review all scheduled elective procedures with a plan to minimize, postpone, or cancel electively scheduled operations, endoscopies, or other invasive procedures” until the outbreak is better under control.
Many of Intuitive’s general surgery, urology, and gynecology procedures could fall under that guidance.
“[W]e anticipate that the procedure volume and system placement disruption will expand as the COVID-19 outbreak intensifies globally,” the company said in the SEC filing.
Most major medtechs have been in wait-and-see mode since offering forecasts during January and February financial reports. At the time, several companies acknowledged possible supply chain disruptions and elective procedure cancellations in China, but they did not take into account a serious threat to core U.S. businesses.
Written by: Maria Rachal
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