The Sunnyvale, Calif.-based company posted profits of $313.9 million, or $2.60 per share, on sales of $630.6 million for the three months ended Sept. 30, 2020, for a massive bottom-line gain from $68 million in profits this time last year on sales growth of 36.8%.
Adjusted to exclude one-time items, earnings per share were $2.77, 70¢ ahead of Wall Street, where analysts were looking for sales of $971.97 million.
The maker of the da Vinci surgical robot said in a news release that worldwide sales of the product increased by 7% compared to the third quarter of 2019, reflecting a partial recovery from disruptions caused by the COVID-19 pandemic.
“We are pleased with procedure results in the third quarter and the concerted efforts of our team across our business,” Intuitive CEO Gary Guthart said in the release. “We remain focused on supporting our customers and on product and process innovation now and in the long term.”
Intuitive Surgical said the uncertainties caused by the pandemic mean that it can not currently make estimates for its future earnings as the surgical robotic market remains disrupted.
ISRG shares were up 0.7% at $745.86 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.8%.