Intuitive Surgical Up 12% As Quarterly Earnings Top Estimates

(RTTNews) - Shares of Intuitive Surgical, Inc. (ISRG) are rising more than 12% Wednesday morning after reporting better-than-expected earnings in the first quarter.

Profit for the first quarter was $355 million, or $1.00 per share, compared with $366 million, or $1.00 per share a year ago.

Net income in the latest quarter included excess tax benefits of $23 million, or $0.06 per share, compared with $53 million, or $0.14 per diluted share, in the first quarter of 2022.

Excluding one-time items, earnings were $437 million or $1.23 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $1.20 per share.

First-quarter 2023 revenue was $1.70 billion, an increase of 14% from $1.49 billion last year, driven by growth in da Vinci procedure volume.

ISRG is at $302.35 currently. It has traded in the range of $180.07-$308.00 in the last 1 year.