Intuitive Surgical, Inc. (ISRG) delivered impressive third-quarter financial results, surpassing analysts’ expectations and igniting a surge in its stock price after hours. The company, renowned for its innovative robotic-assisted surgery systems, reported revenue of $2.04 billion, comfortably beating the consensus estimate of $2 billion. This marked a 17% year-over-year increase in revenue, highlighting the strong demand for its technology.
Contributing significantly to the company’s robust performance was the impressive growth in da Vinci procedures. Worldwide, these procedures saw an 18% year-over-year increase, demonstrating the continued adoption of Intuitive Surgical’s solutions by healthcare providers. The company’s da Vinci system installed base also saw a remarkable expansion, reaching 9,539 systems as of September 30, a 15% year-over-year increase. This expansion was driven by the placement of 379 da Vinci surgical systems in the third quarter, a significant increase compared to the 312 placed in the same period last year. Notably, 110 of these systems were Intuitive’s latest offering, the da Vinci 5, showcasing the strong adoption of its newest technology.
The company also reported robust financial health, ending the quarter with a substantial $8.31 billion in cash, cash equivalents, and investments, a $628 million increase from the previous quarter. Gary Guthart, CEO of Intuitive Surgical, expressed satisfaction with the company’s performance, stating, “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.”
Further solidifying its position in the global market, Intuitive Surgical secured regulatory clearance for its da Vinci 5 surgical system in South Korea in October. This expansion into new markets allows the company to expand its reach and impact more patients globally. The company’s latest surgical systems are now equipped to perform a wide range of procedures, including urologic, general, gynecologic, thoracoscopic, thoracoscopically-assisted cardiotomy, and transoral otolaryngology surgeries.
Intuitive Surgical’s strong third-quarter results and continued growth in its da Vinci system placements and procedures solidified its position as a leader in robotic-assisted surgery. The company’s commitment to innovation, expansion into new markets, and focus on improving patient outcomes positions it well for continued success in the future. Following the release of these positive results, Intuitive Surgical’s stock surged 6.39% in after-hours trading, reaching $505 per share, indicating strong investor confidence in the company’s future prospects.