Rising demand for robotic-assisted medical interventions underpinned a jump in Intuitive Surgical’s (ISRG) second-quarter results after markets closed on Thursday as shipments of the company’s flagship da Vinci System advanced.
The Sunnyvale, Calif.-based company, which is a pioneer in minimally invasive surgeries, reported revenue of $1.10 billion in the three months ended June 30, up approximately 21% from the corresponding quarter of the prior year. The result also surpassed the consensus estimate of analysts polled by Capital IQ for $1.03 billion.
Supporting the jump was an increase in sales of instruments and accessories to $578.5 million from $476.1 million. Sales of systems came in at $343.8 million, up from $277.4 million and sales from services rose to $176.6 million from $155.8 million.
The company shipped 273 da Vinci Surgical Systems — robot-assisted instruments with three-dimensional high definition cameras for surgeons to perform minimally invasive procedures — an increase of 24% compared with 220 in the second quarter of 2018.
Global da Vinci procedures grew approximately 17% compared with the second quarter of 2018, driven primarily by growth in US general surgery procedures and worldwide urologic procedures, the company added.
Adjusted earnings per share also beat the Street’s estimate of $2.87, coming in at $3.25, which was also up from from the prior year’s $2.76.