Intuitive stock jumps 9% in wake of preliminary sales report, outlook (NASDAQ:ISRG)

Intuitive (NASDAQ:ISRG) stock jumped 9% in afternoon trading Wednesday, the day after the company released its preliminary 2023 sales report and said it expects procedures using its da Vinci robotic surgical system to increase by 13% to 16% in 2024.

The Sunnyvale, Calif.-based maker of robotic surgical systems said late Tuesday that it expects to report Q4 revenue of approximately $1.93B and 2023 revenue of around $7.12B, up 17% and 14%, respectively, from 2022.

Analysts, on average, were expecting Q4 revenue of $1.93B and 2023 revenue of $7.09B.

Intuitive attributed the Q4 year-over-year gains in part to volume growth for da Vinci procedures and higher pricing, which was partially offset by “customer buying patterns,” the company said.

The company said da Vince procedures grew by 21% worldwide in Q4 2023 from 2022, noting that the prior year’s quarter had been hurt by a resurgence of COVID-19 in China. Procedures increased by 22% worldwide in 2023 compared over 2022.

Intuitive also said that it placed 415 da Vinci systems in Q4, 12% more than in the 2022 period. For 2023, placements increased 8% year-over-year to 1,370.

The company was expected to make an investor presentation at 12:00 p.m. ET at the annual JP Morgan Healthcare Conference in San Francisco on Wednesday.