Intuitive Surgical Inc. (NSDQ:ISRG) announced another expectation-defying quarter, reporting a 21 percent jump in sales and a 32 percent leap in profits for the second quarter ended June 30.
The Sunnyvale, Calif.-based company posted earnings of $117.4 million on $425.7 million in sales for the quarter, compared to $88.7 million on $350.7 million in sales during the same period last year. That translates into a 33 percent jump for diluted earnings per share, which rose to $2.91 from $2.19 during Q2 2010.
Intuitive attributed most of the growth to booming sales for its blockbuster da Vinci robotic surgery system, which drove a 35 percent increase in instruments and accessories sales during the quarter.
The strong results prompted the company to up its expectations for robotic surgery procedure growth this year (previously between 25 percent and 28 percent) to between 27 percent and 29 percent. Intuitive also raised its top-line growth forecast to between 19 percent and 21 percent for 2011, over previous estimates of 16 percent to 20 percent.
"We are pleased with our second quarter procedures, revenue, and earnings growth. Our results reflect the continued adoption of da Vinci surgery across a broad range of procedures," president & CEO Gary Guthart said in prepared remarks.
ISRG shares jumped more than 6 percent to a $397.47 close today, on the way passing an all-time high-water mark of $407.00.
Intuitive has been on a 10-year roll since winning a nod from the FDA for a prostate indication for the da Vinci robot in 2001. The company posted double-digit growth for FY 2010 in January, launched three new surgical products in the U.S. this year, landed CE Mark approval in the European Union and filed for 510(k) clearance for a surgical irrigation instrument, Guthart said during the company’s earnings conference call.
