Intuitive Surgical (NASDAQ:ISRG) Inc stock soared after the company posted first quarter results that beat Wall Street estimates handily, signaling a massive resurgence in the number of robotic surgical procedures.
For the period ended March 31, 2023, the Sunnyvale, California-based pioneer of robotic surgery, reported earnings of $1.23 per share, beating consensus earnings estimate of $1.20 per share.
Intuitive also delivered a strong revenue beat as revenue grew 14% during the quarter, compared with $1.49 billion in the first quarter of 2022. The consensus revenue estimate was $1.6 billion.
Investors reacted positively to the news, sending Intuitive shares up 12.1% to $302 on the Nasdaq.
The company said that it grew its da Vinci Surgical System installed base to 7,779 systems by the end March this year, an 12% increase, compared with 6,920 at the end of the first quarter of 2022.
The firm ended the quarter with $6.58 billion in cash, equivalents, and investments.
During 2022, COVID-19 resurgences had impacted da Vinci procedure volumes but things were now looking up.
“Our core business was lifted by positive surgical trends and continued interest in robotic-assisted surgery when compared with other surgical approaches,” Intuitive CEO Gary Guthart said in a statement.
“We continue our focus on increased adoption, pursuit of expanded indications and product launches…as we scale our business.”
Intuitive’s technologies include the da Vinci surgical system and the Ion endoluminal system.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive