- Medical equipment manufacturer Intuitive Surgical (ISRG) reported profit growth driven by its da Vinci robotic surgical system.
- The company also announced an increase in the customer base for its minimally invasive surgical system.
- Shares of Intuitive Surgical advanced over 10% in response to the strong first quarter earnings report.
Intuitive Surgical (ISRG) shares surged over 10% after its first quarter earnings report showed that the company grew its profits by expanding procedures of its robotic-assisted surgical equipment.
First quarter 2023 revenue grew 14% from the previous year to reach $1.7 billion, with a profit of $1.23 per share, both ahead of analyst estimates. Procedures for its da Vinci robotic surgical system were up 26%, while the company also announced a 12% increase from 2022 of its consumer base for its minimally invasive surgical system.
"Our core business was lifted by positive surgical trends and continued interest in robotic-assisted surgery when compared with other surgical approaches," said Gary Guthart, Intuitive's CEO.
Intuitive's strong first quarter 2023 results stand in contrast to disappointing earnings in the second and fourth quarters of 2022, when supply chain disruptions and lower hospital spending sent its shares lower.