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Intuitive Surgical Beats Q2 Earnings Expectations; Shares Rise

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Intuitive Surgical, Inc. (ISRG) reported stronger-than-expected Q3 results, topping earnings estimates and meeting revenue expectations. Shares of the manufacturer of robotic products designed for minimally invasive surgery gained 1.2% to close at $336.30 on October 19.

The beat was driven by strong growth in da Vinci procedures and system placements, as robotic procedures rebounded after being negatively impacted due to the COVID-19 pandemic.

Adjusted earnings of $1.19 per share beat analyst expectations of $1.17 per share. The company reported earnings of $0.92 per share in the prior-year period. (See ISRG stock charts on TipRanks)

Revenues of $1.4 billion met consensus estimates and jumped 30% year-over-year to $1.4 billion, implying a 2-year compound annual growth rate (CAGR) of 15% from 2019.

During the quarter, 336 da Vinci Surgical Systems were shipped, reflecting an increase of 72%, versus 195 systems shipped in the prior-year quarter. Further, worldwide da Vinci procedures increased 20% year-over-year.

Intuitive shareholders approved a 3-for-1 stock split, which began trading on a split-adjusted basis on October 5, 2021.

Intuitive CEO Gary Guthart commented, “We are pleased with our team’s performance in a complex environment, and we are building upon the robust clinical and technological foundation created over the past 26 years through investment in innovation to drive continued growth.”

Following the Q3 results, BTIG analyst Ryan Zimmerman reiterated a Hold rating on the stock.

Consensus among analysts is a Moderate Buy based on 5 Buys and 11 Holds. The average Intuitive Surgical price target of $340.87 implies 1.4% upside potential to current levels.

ISRG scores an 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.

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