Intuitive Surgical, Inc. (NASDAQ:ISRG) stock fell 2.53% (As on July 21, 11:44:21 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the second quarter of FY 23, boosted by a rise in total procedures volume of its surgical robot da Vinci. Second quarter 2023 instruments and accessories revenue increased by 20% to $1.08 billion, compared with $0.90 billion in the second quarter of 2022. The increase in instruments and accessories revenue was primarily driven by approximately 22% growth in da Vinci procedure volume. Second quarter 2023 systems revenue was $393 million, compared with $375 million in the second quarter of 2022. The Company placed 331 da Vinci surgical systems in the second quarter of 2023, compared with 279 systems in the second quarter of 2022. The second quarter 2023 da Vinci surgical system placements included 164 systems placed under operating lease arrangements, of which 91 systems were placed under usage-based operating lease arrangements, compared with 117 systems placed under operating lease arrangements, of which 50 systems were placed under usage-based operating lease arrangements in the second quarter of 2022. Second quarter 2023 non-GAAP income from operations increased to $618 million, compared with $531 million in the second quarter of 2022.

Further, during the second quarter of 2022, the Company’s procedure volumes were negatively impacted by COVID-19 cases and increased hospitalizations and government interventions impacting parts of Asia, particularly China. The compound annual growth rate between the second quarter of 2019 and the second quarter of 2023 was approximately 17%.

ISRG in the second quarter of FY 23 has reported the adjusted earnings per share of $1.42, beating the analysts’ estimates for the adjusted earnings per share of $1.32, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 15 percent to $1.76 billion in the second quarter of FY 23, beating the analysts’ estimates for revenue by 1.35%. The higher second quarter revenue was driven by growth in da Vinci procedure volume and an increase in the installed base of systems. Second quarter 2023 non-GAAP net income attributable to Intuitive Surgical, Inc. was $507 million, compared with $415 million in the second quarter of 2022.

The Company ended the second quarter of 2023 with $7.13 billion in cash, cash equivalents, and investments, an increase of $553 million during the quarter, primarily driven by cash generated from operations, partially offset by capital expenditures.