Intuitive Surgical Stock Nears $1,000 As The Covid Recovery Continues

Intuitive Surgical‘s (ISRG) Covid recovery continued Tuesday as the robotic surgery giant crushed Wall Street’s quarterly forecasts, leading ISRG stock to near $1,000.


The company reported triple-digit earnings growth and a double-digit increase in sales. The number of procedures using Intuitive Surgical’s most notable robotic surgery system, dubbed da Vinci, popped 68%. All three measures benefited from a poor year-earlier comparison as patients delayed elective procedures at the height of the Covid pandemic.

“We are pleased with our second-quarter procedure growth and financial results, which reflect both the demand for high-quality minimally invasive procedures as well as a return to surgeries deferred during the pandemic,” Chief Executive Gary Guthart said in a written statement.

In after-hours trading on the stock market today, ISRG stock jumped 2.6% near 980.20. Shares recently broke out of a flat base with a buy point at 893.89, according to The stock hit a record high during the regular session at 955.05.

ISRG Stock Pops On Earnings Beat

During the second quarter, Intuitive Surgical earned $3.92 per share — minus some items — on $1.46 billion in sales. Earnings surged 253% and sales rocketed 72%. On a compounded annual basis, sales grew 15% from the second quarter of 2019 to 2021.

Importantly for ISRG stock, the number of procedures using Intuitive’s da Vinci systems grew 68% year over year. The more procedures, the more opportunities Intuitive Surgical has to sell one-time use instruments and tools.

On a compound annual rate basis, procedure growth was 16.5% from the second quarter of 2019 to 2021. Generally, Intuitive reports quarterly procedure growth that’s in the high teens, percentage-wise.

Meanwhile, sales of instruments and accessories soared 73% to $796 million during the second quarter. The company also shipped 328 da Vinci systems, compared with 178 in the year-earlier period.

Intuitive Surgical didn’t offer an outlook for 2021. ISRG stock analysts called for adjusted profit of $13.40 per share and $5.33 billion in sales.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.


Drug Stocks Pop On Reports Of $26 Billion Settlement In Opioid Fight

IBD Stock Of The Day Elanco Flashes Possible Buy Signal As Pet Trends Bolster Shares

Get Stock Ideas From IBD Experts Each Morning Before The Open

Want More IBD Insights? Subscribe To Our Investing Podcast!

Learn How To Time The Market With IBD’s ETF Market Strategy

Roy Walsh

Roy Walsh

Related post