Intuitive Surgical first-quarter sales, profit top expectations

Reuters News
Posted: Apr 18, 2017 4:49 PM

(Reuters) - Intuitive Surgical Inc <IRSG.O> on Tuesday reported higher-than-expected first-quarter revenue and profit on increased sales of its da Vinci surgical robots and double-digit growth in procedures using the expensive machines.

Intuitive shares rose 4 percent to $790 in extended trading.

Worldwide da Vinci procedures rose almost 18 percent, driven by growth in general surgery in the United States and urologic procedures elsewhere.

“We are pleased with broad-based da Vinci procedure growth during the first quarter and are encouraged by trends in key global markets and our U.S. general surgery business," Chief Executive Gary Guthart said in a statement.

Intuitive has forecast 2017 procedure growth of 9 percent to 12 percent but may now update that on a call with analysts later on Tuesday.

The company, which has virtually no competition for its surgical robots, sold 133 da Vinci systems at about $1.5 million each in the first quarter, up from 110 in the year-ago period.

Excluding items, Intuitive earned an adjusted $5.09 per share, beating analysts' average estimate by 12 cents, according to Thomson Reuters I/B/E/S.

Net profit rose to $180 million, or $4.67 per share, from $136 million, or $3.54 per share, a year ago.

Revenue for the quarter rose 13 percent to $674 million, topping Wall Street's estimate of $666.5 million.

(Reporting by Bill Berkrot; Editing by Richard Chang and Steve Orlofsky)