Intuitive Surgical (ISRG 0.84%), a leader in minimally invasive robotic-assisted surgery, announced its first-quarter results yesterday. The company surpassed analyst expectations, showing substantial year-over-year growth in revenue and earnings per share (EPS). The quarter marked a continued trajectory of success, characterized by technological innovation and expanded reach.
| Metric | Q1 2024 Result | Analyst Estimate | Q1 2023 Result | % Change (YOY) |
|---|---|---|---|---|
| Earnings per share (non-GAAP) | $1.50 | $1.40 | $1.23 | 22% |
| Revenue | $1.89 billion | $1.87 billion | $1.70 billion | 11% |
| Installed base of da Vinci systems | 8,887 | - | 7,779 | 14% |
YOY = Year over year. GAAP = Generally accepted accounting principles.
About Intuitive Surgical
At its core, Intuitive Surgical focuses on making surgery less invasive and more effective. With its flagship da Vinci surgical systems, the company has revolutionized the operating room. These systems offer 3D high-definition views of the surgical area and allow surgeons to perform complex procedures with increased precision and control.
Recently, the company has been emphasizing technological innovations. For example, Intuitive received regulatory nods for its da Vinci single-port system in Europe and its next-generation da Vinci 5 in the U.S.
Highlights from the quarter
Intuitive Surgical's latest earnings release reflects a company at the forefront of surgical technology. The introduction of the da Vinci 5 system and CE mark certification for the da Vinci single-port system open doors to new procedures and markets.
Moreover, the company's financials are strong. Revenue growth of 11% year-over-year and a 22% increase in EPS highlight robust operational efficiency. A roughly 16% jump in the number of procedures performed by da Vinci machines also demonstrates the success the company is having.
The company installed one more machine in this quarter than it did in the year-ago period, and while revenue from systems dropped 2% YOY in the quarter, revenue from instruments and accessories jumped 17.6% and services revenue rose 10.7%.
Looking forward
Without explicit financial guidance from the earnings release, investors can focus on Intuitive Surgical's strategic direction, its emphasis on technological advancement, getting regulatory approvals, and expanding its products' reach.
Investors in Intuitive Surgical should watch for the ongoing adoption of new systems like the da Vinci 5 and the global expansion of the da Vinci single-port system. These factors, combined with Intuitive's strong financial position and a track record of innovation, suggest a promising outlook.
