SUNNYVALE, Calif.—Brian Edward Miller, Executive Vice President and Chief Digital Officer at Intuitive Surgical Inc . (NASDAQ:ISRG), has sold 2,553 shares of the company's common stock. The shares were sold at a price of $515.00 each, totaling approximately $1.31 million. Following the transaction on October 22, Miller retains ownership of 7,066 shares.
The sale was conducted under a prearranged trading plan that complies with SEC Rule 10b5-1, which allows company insiders to set up a predetermined plan for selling stocks. This plan is set to expire on December 9, 2024.
In other recent news, Intuitive Surgical has reported notable third-quarter results, surpassing Wall Street's expectations. The company's revenue reached $2 billion, marking a 17% year-over-year increase, driven by a significant 18% rise in DaVinci procedures. Piper Sandler, RBC Capital Markets, and Mizuho Securities have all adjusted their outlooks on Intuitive Surgical, raising their price targets following the strong earnings report. The company's latest DaVinci 5 system, launched in March 2024, has seen 188 installations and over 12,000 procedures completed. In terms of financial performance, Intuitive's net income rose to $669 million, or $1.84 per share, compared to $524 million, or $1.46 per share, in Q3 2023. Despite pricing pressures in China, Intuitive Surgical is preparing for a broad launch of DaVinci 5 by mid-2025 and is focusing on expanding the Ion system internationally, particularly in China and Europe. These are the recent developments for the company.
InvestingPro Insights
As Intuitive Surgical's Executive Vice President and Chief Digital Officer Brian Edward Miller executes a significant stock sale, it's worth examining the company's current financial position and market performance. According to InvestingPro data, Intuitive Surgical boasts a substantial market capitalization of $184.32 billion, reflecting its strong position in the medical devices industry.
The company's stock has shown remarkable performance, with a 1-year price total return of 89.85% as of the latest data. This aligns with an InvestingPro Tip indicating a "high return over the last year." Additionally, the stock is trading near its 52-week high, with the current price at 98.88% of that peak, suggesting robust investor confidence.
Intuitive Surgical's financial health appears solid, with revenue growth of 14.83% over the last twelve months and a strong gross profit margin of 66.98%. An InvestingPro Tip notes that "liquid assets exceed short term obligations," indicating a healthy balance sheet.
While these metrics paint a positive picture, investors should note that the stock is trading at a high P/E ratio of 83.45, which an InvestingPro Tip describes as "trading at a high earnings multiple." This valuation metric suggests that the market has high growth expectations for Intuitive Surgical.
For those seeking a more comprehensive analysis, InvestingPro offers 17 additional tips for Intuitive Surgical, providing deeper insights into the company's financial health and market position.
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