In today’s briefing:
- Simply Returning Profits to Shareholders Will Increase Gap in Valuations Among Companies
- Intuitive Surgical (ISRG US): Q2 2022 Results Missed Expectations; Raised Procedure Growth Guidance
Simply Returning Profits to Shareholders Will Increase Gap in Valuations Among Companies
- It can be said that companies that do not specify cash allocation and only execute shareholder return, thus encouraging shareholders to find and invest in reinvestment targets on their own.
- Since the stock valuations of companies as a whole haven’t increased, investment capital has gone to a few companies with high profitability, raising gap between profitability and valuations among companies.
- If the information asymmetry between management and investors could be bridged, even changes in the capital structure could have an impact on stock prices.
Intuitive Surgical (ISRG US): Q2 2022 Results Missed Expectations; Raised Procedure Growth Guidance
- Intuitive Surgical (ISRG US) reported Q2 results, which missed expectations. Overall performance was impacted by COVID-19 resurgence and macro headwinds including inflation and supply chain constraint.
- Despite lockdowns in its second biggest market of China, the company reported worldwide da Vinci procedures growth of 14% y/y, in-line with earlier full-year guidance range of 12–16%.
- With China showing signs of recovery, Intuitive now expects worldwide da Vinci procedures to grow 14.0–16.5% in 2022. However, soft U.S. hospital capex remains an area of concern.
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