2024-01-09 16:58:15 ET
Shares of Intuitive ( NASDAQ: ISRG ) on Tuesday jumped more than 5% in extended trading after the medical device maker issued preliminary Q4 and FY 2023 revenue figures above estimates.
ISRG stock added 5.7% to $349.39 after hours.
Intuitive ( ISRG ) sees Q4 revenue rising 17% Y/Y to about $1.93B, compared to a consensus of $1.88B. Full-year 2023 revenue is anticipated to grow 14% Y/Y to $7.12B, versus a consensus of $7.07B.
ISRG said the increase in both quarterly and full-year revenue was driven by strong demand for procedures using the company's flagship da Vinci robotic surgical systems. Higher pricing for instruments and accessories was another contribution.
Q4 worldwide da Vinci procedures jumped ~21% Y/Y, while FY 2023 procedures gained ~22% Y/Y. ISRG expects procedures to increase around 13% to 16% in 2024 as compared to 2023.
Intuitive ( ISRG ) said the uptake in surgical procedure volume was largely due to a 25% climb in U.S. general surgery procedures. A decrease in COVID-19 infections and hospitalizations over 2023 also played a part in recovery of procedure volume.
Intuitive ( ISRG ) added that it placed 415 da Vinci surgical systems in Q4 and 1.37K systems in 2023. In the year-ago period, the company had placed 369 systems and 1.264K systems, respectively.
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Intuitive prelim results beat as surgical procedures recover, stock +5% after hours