Intuitive Surgical Stock Hits Record High as Demand for Its Robotic Devices Surges
- July 20, 2024
Key Takeaways
- Intuitive Surgical exceeded profit and sales for the second quarter on strong demand for its da Vinci robotic surgical device.
- Procedures using da Vince jumped 17%, and the company placed 341 in medical facilities during the quarter.
- Intuitive Surgical noted that more people are having medical procedures that they had delayed during the COVID-19 pandemic.
Intuitive Surgical ( ISRG ) shares traded at an all-time high Friday after the maker of robotic medical devices posted better-than-expected second-quarter results on soaring demand for its da Vinci surgical machine.
The company reported adjusted earnings per share of $1.46. Revenue increased 14.5% to $2.01 billion. Both exceeded forecasts.
Intuitive Surgical said worldwide procedures with its da Vinci system rose 17%, and it placed 341 in medical facilities, 10 more than in the same period last year. At the end of June it had a total of 9,203 in use, a 14% gain from the end of the first half of 2023.
People Having Surgeries Put Off During Pandemic
The company said that surgical procedures weren’t hurt by COVID-19, as they were in China during lockdowns there a year ago. The company said that more people are having procedures done that they had put off during the pandemic.
Intuitive Surgical shares were up 9% at $453.45 in recent trading, after hitting an all-time high of $456.81. The stock has gained 34% so far in 2024.
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