Key Takeaways
- Intuitive Surgical’s preliminary fourth-quarter results were above analysts’ estimates as the number of procedures using its surgical devices increased.
- The company said demand for procedures rose as China lifted its COVID-19 restrictions.
- Full-year total procedures were up on a jump in cancer surgeries.
Shares of Intuitive Surgical (ISRG) moved sharply higher Wednesday as the maker of the da Vinci robotic surgical device said it anticipates better-than-expected results on a rise in surgical procedures.
The company, in reporting preliminary fourth-quarter results, said revenue rose 17% to $1.93 billion, beating analysts forecasts. Full-year sales climbed 14% to $7.12 billion, also ahead of estimates.
Intuitive Surgical said that worldwide da Vinci procedures jumped 21% in the latest quarter, mainly because the easing of COVID-19 restrictions in China led to an increase in operations there.
For 2023, da Vinci procedures were 22% higher, boosted by 25% growth in U.S. general surgery procedures and a 27% jump in growth in international total procedures, primarily driven by cancer surgeries.
Intuitive Surgical said that it placed 419 da Vinci systems in the fourth quarter, up 12% from a year earlier.
The company is expected to report final results on January 23.
Intuitive Surgical shares were up 6.3% at $351.44 in late-morning trading, at their highest level since July.
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