SUNNYVALE, Calif. - Intuitive Surgical, Inc. (NASDAQ:ISRG), a leader in robotic-assisted surgery, reported a robust second quarter, with adjusted earnings per share (EPS) and revenue surpassing analyst expectations.
The company's stock soared 6.6% following the announcement, indicating a positive market response to the earnings beat.
For the quarter ended June 30, 2024, Intuitive Surgical announced an adjusted EPS of $1.78, outperforming the analyst estimate of $1.54 by $0.24. Revenue for the quarter was also strong at $2.01 billion, exceeding the consensus estimate of $1.97 billion and marking a 14% increase from the $1.76 billion reported in the same quarter last year.
The company's financial health was underlined by a 17% growth in worldwide da Vinci procedures compared to the second quarter of 2023, contributing to the revenue surge. Intuitive also expanded its da Vinci surgical system installed base by 14%, reaching 9,203 systems. The second quarter saw the placement of 341 da Vinci surgical systems, which included 70 of the new da Vinci 5 systems.
The company's non-GAAP income from operations also saw a significant jump to $754 million from $618 million in 2023.
"Our business was healthy this quarter, and we are pleased by feedback on da Vinci 5 as well as the continued adoption of SP and Ion," said Gary Guthart, Intuitive CEO. "We remain focused on delivering the goals we share with our customers, centered on improving patient outcomes."
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