Intuitive Surgical, the California-based robotic surgery company, announced a rise in profit for the third quarter of this year. The increase was primarily driven by a significant surge in procedures utilizing its advanced robotic-surgery system.
In the past quarter, Intuitive Surgical reported a profit of $415.7 million, equivalent to $1.16 per share. This marks a notable improvement from the $324 million profit and 90 cents per share reported during the same period last year. Adjusted for one-time items, the company’s earnings came in at $1.46 per share, surpassing analyst expectations of $1.42 per share.
Revenue Growth and Outlook
Intuitive Surgical’s revenue increased by 12% to reach $1.74 billion, falling slightly short of the projected $1.77 billion outlined by industry analysts. Notably, the company experienced a substantial boost in Instruments and Accessories revenue, which rose by 23% to $1.07 billion. This growth can be attributed to a 19% increase in procedures utilizing the da Vinci system, along with higher prices.
Expanding User Base
Intuitive Surgical’s installed base of da Vinci systems now stands at an impressive 8,285, signifying a remarkable 13% growth compared to the same period last year.