Intuitive Surgical (ISRG) on Tuesday reported a massive resurgence in robotic surgery procedures during the March quarter, and ISRG stock surged.
X
During the three months ended March 31, the number of procedures completed using Intuitive Surgical’s da Vinci system soared 26%. Procedure growth is an important metric for the robotic surgery behemoth. The more procedures performed, the stronger growth is from one-time instruments and accessories.
Even in the later stages of the Covid pandemic, procedure growth has been a sore point for ISRG stock. Quarterly growth last year ranged from 14% to 20%, according to the company’s press releases. In the first quarter, Covid still weighed on sales in China, negatively impacting procedure volumes in January.
“Our core business was lifted by positive surgical trends and continued interest in robotic-assisted surgery when compared with other surgical approaches,” Intuitive Surgical Chief Executive Gary Guthart said in a written statement.
In after-hours trading on today’s stock market, ISRG stock jumped 8.8% near 293. That pushed shares into breakout territory above a buy point at 285.19 out of a cup base, according to MarketSmith.com.
ISRG Stock: Surge In Instruments, Accessories
Overall revenue jumped 14% to $1.7 billion, beating expectations for $1.59 billion, according to FactSet. On an adjusted basis, the robotic surgery company earned $1.23 per share, topping forecasts by 3 cents and rising almost 9%.
Revenue from instruments and accessories climbed 22% to $986 million, driven by the strong increase in da Vinci procedures. Systems revenue — the sales Intuitive Surgical receives for selling or leasing da Vinci systems — was roughly flat year over year at $427 million.
Intuitive Surgical didn’t provide a full-year outlook in its earnings release. ISRG stock analysts currently predict adjusted income of $5.30 per share and $6.9 billion in sales.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
YOU MAY ALSO LIKE:
Bellus Health Soars 98% As GSK Joins Buyout Bonanza With $2 Billion Deal
Why Top 1% Biotech Madrigal Pharmaceuticals Just Surged Closer To A Breakout
Get Timely Buy & Sell Alerts With IBD Leaderboard
Looking For The Next Big Stock Market Winners? Start With These 3 Steps
Find Today’s Best Growth Stocks To Watch With IBD 50