Intuitive Surgical Beats Forecasts as Procedures with Its Da Vinci Robot Rose
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Key Takeaways
Intuitive Surgical Inc. beat profit and sales estimates for the fourth quarter as it reported that procedures with its da Vinci surgical robot increased.
The company said it didn’t see COVID-19 disruptions in surgical procedures in the latest quarter as it did in China in the same quarter of 2022.
Intuitive Surgical has applied to U.S. regulators for approval of its next-generation da Vinci platform.
Shares of the rose t an all-time high in early trading Wednesday before giving back those gains.
Intuitive Surgical Inc. (
ISRG
), the maker of the da Vinci surgical robot, posted better-than-expected fourth-quarter results, with demand for non-invasive operations increasing.
Shares in the company, which also filed for regulatory approval of its next-generation platform, the da Vinci 5, jumped to a new record high of $384 in early trading Wednesday before giving back those gains. The stock was down 0.6% at $369.16 at around 2:25 p.m. ET.
Late Tuesday, Intuitive reported fourth-quarter
earnings per share (EPS)
of $1.60, with revenue gaining almost 17% to $1.93 billion. Both were above forecasts.
Intuitive noted that da Vinci procedures worldwide grew 21%, and it placed 415 of the systems in the quarter, up from 369 in the same quarter the year before. It had 8,606 installed as of Dec. 31, 2023, an increase of 14%
year-over-year (YOY)
.
The company said it didn’t experience any surgical disruptions caused by COVID-19 in the latest quarter, as it reported about the fourth-quarter
2022 outbreak in China
that reduced da Vinci procedures there then.
Chief Executive Officer Gary Guthart said in an earnings call with analysts that the past year “was a good one” for Intuitive, with da Vinci procedures growing by 22%, and that he is optimistic about 2024. However, Treasurer Brian King warned that a potential decline in bariatric procedures and “challenges” in
China
could affect results.
