Intuitive Surgical Stock Jumps After Company Reports Strong Preliminary Q4 Results

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Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Published January 10, 2024
Intuitive Surgical's da Vinci surgical system on display at an expo in Shanghai, China.
Intuitive Surgical's da Vinci surgical system on display at an expo in Shanghai, China. .

Xu Congjun / Feature China / Future Publishing / Getty Images

Key Takeaways

  • Intuitive Surgical's preliminary fourth-quarter results were above analysts' estimates as the number of procedures using its surgical devices increased.
  • The company said demand for procedures rose as China lifted its COVID-19 restrictions.
  • Full-year total procedures were up on a jump in cancer surgeries.

Shares of Intuitive Surgical (ISRG) moved sharply higher Wednesday as the maker of the da Vinci robotic surgical device said it anticipates better-than-expected results on a rise in surgical procedures.

The company, in reporting preliminary fourth-quarter results, said revenue rose 17% to $1.93 billion, beating analysts forecasts. Full-year sales climbed 14% to $7.12 billion, also ahead of estimates.

Intuitive Surgical said that worldwide da Vinci procedures jumped 21% in the latest quarter, mainly because the easing of COVID-19 restrictions in China led to an increase in operations there. 

For 2023, da Vinci procedures were 22% higher, boosted by 25% growth in U.S. general surgery procedures and a 27% jump in growth in international total procedures, primarily driven by cancer surgeries.

Intuitive Surgical said that it placed 419 da Vinci systems in the fourth quarter, up 12% from a year earlier. 

The company is expected to report final results on January 23.

Intuitive Surgical shares were up 6.3% at $351.44 in late-morning trading, at their highest level since July.

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  1. Intuitive Surgical. "Intuitive Announces Preliminary Fourth Quarter and Full Year 2023 Results."

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