Intuitive Surgical‘s (ISRG) Covid recovery continued Tuesday as the robotic surgery giant crushed Wall Street’s quarterly forecasts, leading ISRG stock to near $1,000.
The company reported triple-digit earnings growth and a double-digit increase in sales. The number of procedures using Intuitive Surgical’s most notable robotic surgery system, dubbed da Vinci, popped 68%. All three measures benefited from a poor year-earlier comparison as patients delayed elective procedures at the height of the Covid pandemic.
“We are pleased with our second-quarter procedure growth and financial results, which reflect both the demand for high-quality minimally invasive procedures as well as a return to surgeries deferred during the pandemic,” Chief Executive Gary Guthart said in a written statement.
In after-hours trading on the stock market today, ISRG stock jumped 2.6% near 980.20. Shares recently broke out of a flat base with a buy point at 893.89, according to MarketSmith.com. The stock hit a record high during the regular session at 955.05.
ISRG Stock Pops On Earnings Beat
During the second quarter, Intuitive Surgical earned $3.92 per share — minus some items — on $1.46 billion in sales. Earnings surged 253% and sales rocketed 72%. On a compounded annual basis, sales grew 15% from the second quarter of 2019 to 2021.
Importantly for ISRG stock, the number of procedures using Intuitive’s da Vinci systems grew 68% year over year. The more procedures, the more opportunities Intuitive Surgical has to sell one-time use instruments and tools.
On a compound annual rate basis, procedure growth was 16.5% from the second quarter of 2019 to 2021. Generally, Intuitive reports quarterly procedure growth that’s in the high teens, percentage-wise.
Meanwhile, sales of instruments and accessories soared 73% to $796 million during the second quarter. The company also shipped 328 da Vinci systems, compared with 178 in the year-earlier period.
Intuitive Surgical didn’t offer an outlook for 2021. ISRG stock analysts called for adjusted profit of $13.40 per share and $5.33 billion in sales.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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