2023-07-19 14:42:43 ET
Intuitive Surgical ( NASDAQ: ISRG ) is set to release its Q2 results for 2023 on Thursday after the closing bell, while Wall Street expects the medical device maker to replicate its strong Q1 performance for the rest of the year.
The company behind the da Vinci Surgical System has added ~31% this year, including a ~11% gain in April driven by notable beats in the top and bottom lines.
During the earnings call, ISRG raised its full-year outlook for procedure growth to 18%–21% from 12%–16% despite concerns related to pandemic and macroeconomic risks. The full-year pro forma gross profit margin was kept unchanged at 68% and 69%.
In recent comments on the healthcare sector, Goldman Sachs cited positive investor sentiment related to the MedTech sector, noting a normalization of surgical and elective procedure volumes following a COVID- driven slump in demand.
Over the past three months, Wall Street analysts have made 11 and 15 upward revisions to ISRG’s earnings and revenue estimates for Q2 2023, along with five and two downward revisions, respectively.
Over the last two years, Intuitive Surgical ( ISRG ) has exceeded Wall Street’s estimates for earnings per share and revenue by 75% of the time, and the consensus for the company’s Q2 2023 EPS and revenue stands at $1.33 and $1.74B, respectively.
However, Seeking Alpha analysts and SA’s Quant System indicate a Hold rating for Intuitive Surgical ( ISRG ), while Wall Street continues to back its prospects with 17 Buy ratings and 11 Hold or Sell ratings.
More on Intuitive Surgical
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- Intuitive Surgical: Aggressive Wealth Compounding In Healthcare
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Intuitive Surgical’s YTD rally in focus ahead of Q2 2023 results