Intuitive Surgical (NASDAQ:ISRG) saw its shares climb by more than 8% after reporting third-quarter earnings that exceeded analyst projections. The company’s strong results were fueled by the increasing adoption of its da Vinci surgical systems and a notable rise in procedure volumes.
For the quarter, Intuitive Surgical posted adjusted earnings per share of $1.84, beating the Street estimate of $1.64. Revenue reached $2.04 billion, surpassing expectations of $2.01 billion and marking a 17% increase from the $1.74 billion reported during the same period last year.
The company reported an 18% year-over-year increase in da Vinci procedures, while system placements rose to 379 units, up from 312 in Q3 2023. Among these, 110 were the new da Vinci 5 systems, reflecting the growing demand for advanced surgical technology. Intuitive’s installed base of da Vinci systems expanded to 9,539 units, a 15% year-over-year growth.
Revenue from instruments and accessories, a key indicator of surgical activity, surged 18% to $1.26 billion. Systems revenue also saw an increase, reaching $445 million compared to $379 million in the prior-year quarter.