SUNNYVALE, Calif. – Intuitive Surgical (NASDAQ:), a leader in robotic-assisted surgery technology, saw its shares rise 4.7% as the company reported second-quarter earnings and revenue that surpassed analyst expectations. The company announced an adjusted EPS of $1.78, which was $0.24 higher than the analyst estimate of $1.54. Revenue for the quarter was also strong, coming in at $2.01 billion against the consensus estimate of $1.97 billion.
The company’s performance was underpinned by a 17% increase in worldwide da Vinci procedures compared to the second quarter of 2023. Intuitive placed 341 da Vinci surgical systems, up from 331 in the same period last year, which contributed to a 14% year-over-year (YoY) revenue growth from $1.76 billion in the second quarter of 2023. This growth reflects the continued adoption of the company’s cutting-edge surgical systems, including the new da Vinci 5 systems, and a robust increase in the installed base.
“Our business was healthy this quarter, and we are pleased by feedback on da Vinci 5 as well as the continued adoption of SP and Ion,” said Gary Guthart, Intuitive CEO. “We remain focused on delivering the goals we share with our customers, centered on improving patient outcomes.”
Intuitive’s financial health was further evidenced by the end-of-quarter cash, cash equivalents, and investments totaling $7.68 billion, marking a $360 million increase during the quarter. This financial strength was primarily driven by cash generated from operations, offset slightly by capital expenditures.
The positive earnings news comes after a period in which the COVID-19 pandemic did not cause noticeable disruptions to procedure volumes in the first half of 2024. This contrasts with the first quarter of 2023, when resurgences of the virus impacted da Vinci procedure volumes in China.
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