Shares of Intuitive Surgical (NSDQ:ISRG) got a pre-market bump today after the robot-assisted surgery pioneer posted third-quarter results that beat the consensus forecast, despite lower profits, and upped its outlook on procedure growth for the year.
Sunnyvale, Calif.-based Intuitive posted profits of $292.5 million, or $2.45 per share, on sales of $920.9 million for the three months ended Sept. 30. That amounts to a -2.0% profit decline on top-line growth of 14.0% compared with Q3 2017.
Adjusted to exclude one-time items, earnings per share were $2.83, 17¢ ahead of the consensus on Wall Street, where analysts were looking for sales of $916.7 million.
“We are pleased with our strong third-quarter procedure growth, da Vinci system placements, and the financial results that follow. With our customers, we remain dedicated to the pursuit of our shared mission to improve the availability and quality of minimally invasive surgery,” president & CEO Gary Guthart said in prepared remarks.
Intuitive also increased its forecast for procedure growth this year, saying it now expects that figure to be 17% to 18%, up from 14.5% to 16.5% previously.
The news sent ISRG shares, which closed down -3.8% at $522.29 apiece yesterday, up 3.0% to $538 even today in pre-market trading.