Intuitive Surgical, Inc. (NASDAQ:ISRG) stock rallies 12.27% (As on April 19, 11:15:30 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 23 as the surgical robot maker recorded a rise in total procedure volumes. As pandemic-induced staffing shortages ease, the healthcare industry sees a recovery in medical procedures that could help boost the demand of surgical devices in the United States. The medical device maker posted a 26% growth in procedure volumes of its surgical robot da Vinci in the first quarter through March from a year earlier. Intuitive has been a market leader, while larger rival Medtronic Plc attempts to compete in the space, with its robotic surgical system Hugo, which is currently in clinical trials in the U.S.

Moreover, the Company placed 312 da Vinci Surgical Systems, compared with 311 in the first quarter of 2022. The Company grew its da Vinci Surgical System installed base to 7,779 systems as of March 31, 2023, an increase of 12% compared with 6,920 as of the end of the first quarter of 2022. First quarter 2023 non-GAAP net income attributable to Intuitive was $437 million, compared with $413 million, in the first quarter of 2022. In March 2023, the Company obtained European certification for its Ion endoluminal system. The Company plans to initially focus on the UK market and on the collection of clinical data in support of its European reimbursement strategy.

ISRG in the first quarter of FY 23 has reported the adjusted earnings per share of $1.23, beating the analysts’ estimates for the adjusted earnings per share of $1.20. The company had reported the adjusted revenue growth of 14 percent to $1.7 billion in the first quarter of FY 23, beating the analysts’ estimates for revenue of $1.6 billion, according to IBES Refinitiv data. First quarter 2023 instruments and accessories revenue increased by 22% to $986 million, compared with $810 million in the first quarter of 2022. The increase in instruments and accessories revenue was primarily driven by approximately 26% growth in da Vinci procedure volume, partially offset by customer buying patterns and foreign currency impacts. First quarter 2023 systems revenue was $427 million, compared with $428 million in the first quarter of 2022. First quarter 2023 non-GAAP income from operations increased to $535 million, compared with $533 million in the first quarter of 2022. The Company ended the first quarter of 2023 with $6.58 billion in cash, cash equivalents, and investments, a decrease of $163 million during the quarter, primarily driven by share repurchases of $350 million and capital expenditures, partially offset by cash generated from operations.