Shares of Intuitive Surgical (ISRG) are up 6% after the medical device manufacturer reported third-quarter financial results that surpassed Wall Street forecasts.
The Sunnyvale, California-based company reported earnings per share (EPS) of $1.84 U.S., which beat the consensus forecast among analysts of $1.64 U.S.
Revenue for the quarter came in at $2.04 billion U.S., which topped estimates of $2.01 billion U.S.
On an earnings conference call, management attributed the strong results to growing sales of its robotic surgery equipment.
The company, which makes the minimally invasive da Vinci surgical system, said that the number of medical procedures carried out with its equipment rose 18% year-over-year in Q3.
Executives said Intuitive Surgical is benefitting from the unwinding of pent-up demand for its surgical equipment following the Covid-19 pandemic when many non-essential surgical procedures were canceled or delayed.
New sales of the da Vinci surgical system were particularly strong in Asia during Q3, and the company’s latest and most advanced da Vinci 5 system recently received regulatory approval in South Korea.
Intuitive Surgical ended the quarter with cash on hand of $8.31 billion U.S., an increase of $628 million U.S.
Prior to today (Oct. 18), Intuitive Surgical’s stock had risen 43% so far in 2024 and was trading at $473.73 U.S. per share.
