Intuitive Surgical, Inc. (NASDAQ:ISRG) stock rose 6.35% (As on July 19, 11:09:56 AM UTC-4, Source: Google Finance) after the company beat estimates for second-quarter profit and revenue on growing demand for its surgical robots used in minimally invasive procedures. Second quarter 2024 instruments and accessories revenue increased by 16% to $1.24 billion, compared with $1.08 billion in the second quarter of 2023. The increase in instruments and accessories revenue was primarily driven by approximately 17% growth in da Vinci procedure volume and approximately 82% growth in Ion procedure volume, partially offset by customer buying patterns. Second quarter 2024 systems revenue was $448 million, compared with $393 million in the second quarter of 2023. The Company placed 341 da Vinci surgical systems, including 70 da Vinci 5 systems, in the second quarter of 2024, compared with 331 systems in the second quarter of 2023. The second quarter 2024 da Vinci surgical system placements included 175 systems placed under operating lease arrangements, of which 92 systems were placed under usage-based operating lease arrangements, compared with 164 systems placed under operating lease arrangements, of which 91 systems were placed under usage-based operating lease arrangements in the second quarter of 2023. Second quarter 2024 non-GAAP income from operations increased to $754 million, compared with $618 million in the second quarter of 2023. Second quarter 2024 non-GAAP net income attributable to Intuitive Surgical, Inc. was $641 million compared with $507 million, in the second quarter of 2023.

ISRG in the second quarter of FY 24 has reported the adjusted earnings per share of $1.78, beating the analysts’ estimates for the adjusted earnings per share of $1.54, according to LSEG data. The company had reported the adjusted revenue growth of 14 percent to $2.01 billion in the second quarter of FY 24, beating the analysts’ estimates for revenue of $1.97 billion. The rise in revenue was driven in part by growth in the procedure volume from the company’s surgical robots called da Vinci. Worldwide da Vinci procedure volumes rose about 17%, from a year ago. The Company ended the second quarter of 2024 with $7.68 billion in cash, cash equivalents, and investments, an increase of $360 million during the quarter, primarily driven by cash generated from operations, partially offset by capital expenditures.

On the other hand, the company announced that the U.S. Food and Drug Administration (FDA) cleared a labeling revision for da Vinci X and Xi specific to radical prostatectomy.