Intuitive Surgical Inc. (NSDQ:ISRG) crushed Wall Street earnings estimates during the third quarter on its way to posting significant top- and bottom-line boosts.
The Sunnyvale, Calif.-based robotic surgery system maker’s Q3 results sent its stock on a tear today, driving share prices up more than 10 percent to $421.14 as of about 12:45 p.m.
Intuitive reported profits of $122 million, or $3.05 per diluted share, on sales of $447 million for the three months ended Sept. 30. That compares with profits of $87 million, or $2.91 diluted EPS, on sales of $344 million during the same period last year.
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The revenue growth "was driven by continued robotic procedure adoption and higher da Vinci Surgical System sales," according to a press release. Sales of instruments and accessories used with ISRG’s flagship da Vinci robotic surgery system rose 38 percent to $176 million during the quarter.
"The growth in instruments and accessories revenue was primarily driven by growth in da Vinci surgical procedures of approximately 30 percent," according to the release.
Intuitive sold 28 more da Vinci systems during the quarter than it did during Q3 2010, boosting system sales by 25 percent to $199 million.
The company is sitting on a huge chunk of change as well, ending the quarter with $1.89 billion in cash, equivalents and investments.
