Shares of Intuitive Surgical Inc. climbed Wednesday after the maker of surgical robots reported second-quarter results well above analyst expectations and raised its sales growth forecast for the full year.
The stock jumped $48.19, or 17.2 percent, to $328.42 in morning trading. Shares of Intuitive Surgical have ranged from $185.10 to $359.59 over the past year.
The Sunnyvale, Calif.-based company raised its full-year revenue growth projection to a range of 45 percent to 47 percent, up from 42 percent. The company's new outlook implies revenue of $871.2 million to $883.2 million.
According to Thomson Financial, analysts expect $873.5 million in revenue.
Intuitive Surgical cited strong sales of its da Vinci Surgical System. While the da Vinci system is best known for its use in treating prostate cancer, its use in treating other pelvic ailments has increased.
Intuitive also raised its forecasts for growth in instrument and accessory revenue, and it expects better growth in total procedures performed with da Vinci systems.
Deutsche Bank analyst Tao Levy noted that sales of da Vinci systems have grown in the U.S. in spite of credit market concerns, which have caused hospitals to trim their spending.
"Business clearly continues to be immune to the credit crunch," he said.
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