Intuitive Surgical (Nasdaq:ISRG) shares received a boost on third-quarter results that topped the consensus forecast.
Shares of ISRG skyrocketed after hours. They rose 11.4% to $215.85 apiece after the market closed. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished the day up 3.4%.
The Sunnyvale, California-based company surgical robot maker posted profits of $324 million, or 90¢ per share, on sales of $1.56 billion for the three months ended Sept. 30, 2022, for a 5.3% bottom-line gain on sales growth of 11%.
Adjusted to exclude one-time items, earnings per share were $1.19, 7¢ ahead of Wall Street. Intuitive topped revenue projections, too, as analysts were looking for sales of $1.52 billion.
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Worldwide procedures for the da Vinci surgical robot grew approximately 20% year-over-year. Intuitive noted that disruption caused by the COVID-19 pandemic impacted its procedures this time last year.
Progress for Intuitive’s Ion system
The company also reported progress for its Ion endoluminal system. It designed Ion for robotic-assisted, minimally invasive biopsy in the lung. Ion integrates with Siemens Healthineers’ Cios Spin mobile imaging system.
On the company’s third-quarter earnings call — transcribed by AlphaStreet — CEO Gary Guthart said Ion experienced increases in installs, procedures performed and annualized system utilization.
In the quarter, Ion placements grew to 50. That marks a rise from 28 this time last year and 41 in the previous quarter. Procedures grew 211% (approximately 6,400 total), Guthart said. The system is currently under EU MDR review, and the company submitted it in China.
CFO Jamie Samath added that the company’s growth in operating expenses is attributable to the support of Ion. The company also invested further in next-generation robotics capabilities, digital capabilities and infrastructure expansion.
He said the framework allows the company to continue to invest in its new platforms, including Ion.
“Intuitive’s core business strengthened this quarter despite a challenging macroeconomic environment and some lingering pandemic impacts,” said Gary Guthart, Intuitive CEO. “Our da Vinci installed base grew to meet procedure demand, and we also see a continued increase in system utilization, which is healthy for our customers and the business.”
The company did not provide financial guidance.
