Intuitive Surgical (ISRG) experienced a significant increase in stock value late Tuesday, following its third-quarter financial report. The robotic surgery leader reported adjusted earnings of $2.40 per share, which surpassed analysts’ expectations of $1.99 per share. Additionally, the company’s sales reached $2.51 billion, higher than the forecasted $2.41 billion.
Robotic Surgery Success
The number of procedures utilizing Intuitive Surgical’s da Vinci robotic system surged by 20%. This performance exceeded the predicted growth rate of 15.7%. In the same quarter last year, the company earned $1.84 a share on $2.04 billion in sales.
Annual Forecasts
Looking ahead, Intuitive Surgical anticipates a growth rate of 17% to 17.5% in the number of procedures performed with its robotic systems. This estimate contrasts with analysts’ expectations of a lower 16.4% growth rate for the year.
Market Response
In after-hours trading, Intuitive Surgical stock jumped over 13%, peaking at $525.97. The stock has been in a lengthy consolidation phase, with a current buy point set at $616, as reported by MarketSurge.
Technical Analysis
- Stock Performance: Retook its 50-day moving average.
- Comparison: Remains below the 200-day line.
Investors and analysts are keenly watching Intuitive Surgical’s developments as the stock market responds to its robust earnings and future growth outlook. For ongoing updates, follow Allison Gatlin on X/Twitter at @AGatlin_IBD.
