What happened
Shares of Intuitive Surgical (ISRG 1.06%) climbed 10% Wednesday after the maker of advanced surgical systems delivered strong first-quarter financial results.
So what
Intuitive Surgical's revenue rose 18% year over year to $1.3 billion. The gains were fueled by a 26% jump in da Vinci Surgical System shipments and a 16% increase in procedures.
The medical device maker ended the quarter with an installed base of 6,142 da Vinci systems, up 8% from the year-ago period.
Investors bid up Intuitive Surgical's stock price following its Q1 earnings release. Image source: Getty Images.
Intuitive Surgical's profits were also impressive. Its operating income soared 47% to $417 million.
"We are pleased with this quarter's performance," CEO Gary Guthart said in a press release. "Our performance reflects customers choosing Intuitive as COVID eases."
Now what
Hospitals were forced to delay surgeries during the early stages of the coronavirus pandemic as they prioritized the treatment of COVID-19 patients. With vaccinations ramping up and case counts plateauing in many locations, medical facilities now appear to be resuming elective procedures at a faster rate than many investors expected. This, plus a backlog of deferred surgeries, bodes well for Intuitive Surgical's sales and profits in the coming quarters.
