Intuitive Surgical shares surge 7% after Q3 earnings beat
Intuitive Surgical Inc (NASDAQ:ISRG), a leader in robotic-assisted surgery, saw its shares jump 7.2% after reporting third-quarter earnings that surpassed analyst expectations. The company's strong performance was driven by increased adoption of its da Vinci surgical systems and growth in procedure volumes.
For the quarter ended September 30, Intuitive Surgical reported adjusted earnings per share of $1.84, beating the analyst consensus of $1.64 by $0.20. Revenue came in at $2.04 billion, exceeding the estimated $2.01 billion and marking a 17% increase from $1.74 billion in the same quarter last year.
The company's da Vinci procedures grew approximately 18% YoY, while system placements increased to 379 units, up from 312 in the third quarter of 2023. Notably, 110 of these placements were the new da Vinci 5 systems. Intuitive's installed base of da Vinci systems reached 9,539, a 15% YoY increase.
Instruments and accessories revenue, a key indicator of surgical activity, rose 18% to $1.26 billion. Systems revenue also saw growth, reaching $445 million compared to $379 million in the prior-year quarter.
Gary Guthart, Intuitive's CEO, commented on the results: "Core measures of our business were healthy this quarter, and we are pleased by customer adoption of da Vinci 5. We remain focused on delivering the goals we share with our customers, centered on improving patient outcomes."
The company's strong financial position was underscored by its cash, cash equivalents, and investments balance of $8.31 billion at the quarter's end, an increase of $628 million during the period.
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