The company reported adjusted earnings of $3.00 per share, comfortably beating the $2.65 consensus estimate from analysts polled by FactSet. Revenue climbed 22% to $3.05 billion, outpacing projections of $2.91 billion. This growth was underpinned by a 15% increase in worldwide procedures, with the company’s Ion platform seeing a notable 31% jump in volume.
In section Market Quotes
Intuitive Surgical Profit Sinks Under Litigation Costs
A heavy litigation charge overshadowed Intuitive Surgical’s third-quarter gains, causing net income to slide to $522.8 million from $704.4 million a year ago. Despite the bottom-line pressure, the robotics giant outperformed market expectations on revenue, fueled by a surge in global surgical procedures and robust system placements.
Operational momentum remained strong, as the company installed 546 da Vinci surgical systems, up from 427 in the same period last year. Of those, 315 were the newer da Vinci 5 models. Chief Executive Dave Rosa noted that customers averaged over 10,000 procedures daily across the company's various platforms. Looking forward, management projects full-year growth in da Vinci procedures to land between 14% and 15%. Investors reacted sharply to the litigation-related dip, sending shares down 10.6% to $391.40 in after-hours trading.
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