Robotic surgery giant Intuitive Surgical (ISRG) crushed first-quarter estimates on Tuesday, helping ISRG stock to reclaim its breakout.
The company also reported a return to double-digit growth for procedures using its da Vinci robotic surgery system. Last summer, Intuitive Surgical was among a barrage of companies facing pressure as patients delayed elective procedures.
“Our performance reflects customers choosing Intuitive as Covid eases,” Intuitive Surgical Chief Executive Gary Guthart said in a written statement.
In after-hours trading on today’s stock market, ISRG stock jumped 3.6% near 840. During the regular session, shares closed about flat at 811.11. The late action helped Intuitive shares to top a buy point at 812.89 out of a double-bottom base, according to MarketSmith.com.
ISRG Stock Pops On Quarterly Beat
During the first quarter ended March 31, Intuitive Surgical earned $3.52 per share on $1.29 billion in sales. Earnings surged 30.9% and sales increased 18% year over year.
Both measures easily topped the average estimate of ISRG stock analysts polled by FactSet for profit of $2.64 per share and $1.11 billion in sales. Importantly, procedures using robotic surgery system da Vinci grew 16%.
The first quarter also saw 14% growth in the use of one-time accessories, and instruments to use the da Vinci system.
Intuitive Surgical also shipped 298 da Vinci Surgical Systems, up 26% year over year. That helped grow the installed base of da Vinci systems to 6,142, an increase of 8%.
ISRG stock is currently trading near all-time highs.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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