Key Takeaways

• Intuitive Surgical beat profit and sales forecasts on higher demand for its minimally invasive da Vinci surgical devices.

• The company reported an 18% year-over-year increase in da Vinci procedures worldwide.

• The news sent shares of da Vinci on pace to close at a record high.

Shares of Intuitive Surgical (ISRG) hit an all-time high Friday, a day after the medical device maker posted better-than-expected results on more use of its da Vinci minimally invasive surgical devices.

The company reported third-quarter adjusted earnings per share (EPS) of $1.84, with revenue advancing 17% year-over-year to $2.04 billion. Both exceeded consensus estimates of analysts polled by Visible Alpha.

The number of da Vinci procedures worldwide increased 18%, helping to drive instruments and accessories sales to $1.26 billion. Intuitive Surgical installed 379 da Vinci units in the quarter, 67 more than the same period a year ago, with 110 of those its new da Vinci 5.

CEO Says 'Core Measures' Healthy

Chief Executive Officer (CEO) Gary Guthart said the "core measures" of the company's business were healthy, and "we are pleased by customer adoption of da Vinci 5."

Intuitive Surgical shares surged more than 8% to $512.74 after touching a record $517.61 soon after markets opened Friday. They are up more than 50% year-to-date.

Read the original article on Investopedia.