Intuitive Surgical (NSDQ:ISRG) shares gained after it posted preliminary financial results for the 4th quarter, beating analysts’ expectations on Wall Street.
The Sunnyvale, Calif.-based company said it expects a total revenue of $757 million for Q4, up from $677 million in the same period last year. Analysts were looking for sales of $739.7 million in Q4. Intuitive also said it anticipates a full-year revenue of $2.7 billion, compared to the Street’s $2.4 billion consensus.
“We are pleased by our 4th quarter results and encouraged by our future opportunities,” president & CEO Gary Guthart said in prepared remarks. “In 2017, we look forward to advancing several key product development innovations targeted towards further improving patient outcomes and expanding the number of patients that can derive the benefits of robotically assisted minimally invasive therapies around the world. We anticipate accelerating up to $80 million of research, development, and clinical investment into 2017.”
ISRG shares were trading at $674.89 apiece in afternoon trading, up +1.9%.
In mid-December, the company said its board of directors increased the authorized amount available under its share repurchase program to $3 billion. The timing and total amount of stock repurchases will vary depending on market conditions, Intuitive said, and may be made in open market purchases, private transactions and otherwise.
In November, Intuitive and Johnson & Johnson (NYSE:JNJ) subsidiary Ethicon agreed to bury the hatchet regarding a former Ethicon representative’s non-compete agreement. Intuitive sued Ethicon in a California federal court in August 2016 and claimed that Ethicon was using “intricate legal gymnastics” to go around the state’s restrictions on non-competes.
