Intuitive Surgical (ISRG) beat earnings views late Tuesday, helped by strong growth in the number of procedures that use its robotic surgery system. ISRG stock rallied in late trades.
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During the December quarter, the company saw a 21% increase in the number of procedures using its da Vinci system. This led to a 22% jump in sales of one-time use instruments and accessories. But the robotic surgery giant could see a pullback in 2024. It projects just 13% to 16% growth in procedures this year.
Total fourth-quarter sales popped 17% to $1.93 billion, in line with Intuitive Surgical’s preannouncement earlier this month. Adjusted earnings came out to $1.60 per share, an increase of 30% year over year.
Analysts who follow ISRG stock projected a lower $1.89 billion in sales and adjusted profit of $1.48 per share, according to FactSet.
Intuitive Surgical didn’t provide an earnings or sales outlook for 2024. The Street currently expects $6.42 earnings per share and $8.08 billion in sales. Analysts also forecast procedure growth of 14.8%.
In after-hours trading on today’s stock market, ISRG stock rose more than 6% to 395, following a 1.2% drop during the regular session. Shares broke out of a cup-with-handle base with a buy point at 318.26 last month. Intuitive Surgical stock has been approaching a profit-taking zone, 20% to 25% above that entry, according to MarketSmith.com.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
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