Intuitive Surgical rises on Q4, 2018 prelim beats

January 9, 2019 By Brad Perriello Leave a Comment

Intuitive Surgical (NSDQ:ISRG) shares are up today after the robot-assisted surgery pioneer said its fourth-quarter and 2018 sales would top the consensus forecast on Wall Street, as procedure volumes and shipments of its da Vinci device both surged.

Sunnyvale, Calif.-based Intuitive said it expects to post Q4 sales of $1.05 billion and annual sales of $3.72 billion, compared with The Street’s outlook for $1.03 billion and $3.71 billion, respectively. Full results are slated to be released Jan. 24, the company said.

Procedure volumes spiked 19% during the fourth quarter and rose 18% for the full year, topping the 1 million mark for the first time, Intuitive said, noting that shipments rose 35.4% to 926 during 2018.

“We are pleased with our fourth-quarter procedure growth, system placements and the financial results that follow. We are committed to advancing intelligent minimally invasive care through the combination of human understanding, smart systems and instruments, and digital insights,” president & CEO Gary Guthart said in prepared remarks.

Intuitive also said that its joint venture with Shanghai Fosun Pharmaceutical (SHA:600196) to develop robotic-assisted catheter-based medical devices launched direct operations for da Vinci this month; direct operations in Taiwain kicked off in December.

The company also said it put $25 million into its newly established Intuitive Foundation during the fourth quarter, saying the foundations mission is to “reduce the global burden of disease and suffering through research, education, and philanthropy aimed at better outcomes for patients around the globe.”

ISRG shares were up 5.6% to $509.84 apiece today in mid-day trading.

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