Intuitive Surgical, Inc. (NASDAQ:ISRG) stock rallies 10.85% (As on October 19, 11:46:40 AM UTC-4, Source: Google Finance) after the company’s earnings came in at $324.0 million compared with $380.5 million, in last year’s third quarter. Worldwide da Vinci procedures grew approximately 20% compared with the third quarter of 2021. The third quarter of 2021 reflected disruption caused by the COVID-19 pandemic, which impacted our procedures. The compound annual growth rate between the third quarter of 2019 and the third quarter of 2022 was approximately 16%. The Company placed 305 da Vinci Surgical Systems, a decrease of 9% compared with 336 in the third quarter of 2021. The third quarter 2022 system placements included 113 systems placed under operating lease and usage-based arrangements, compared with 139 systems in the third quarter of 2021. The Company grew its da Vinci Surgical System installed base to 7,364 systems as of September 30, 2022, an increase of 13% compared with 6,525 as of the end of the third quarter of 2021. Third quarter 2022 non-GAAP income from operations decreased to $555 million, compared with $570 million in the third quarter of 2021.

ISRG in the third quarter of FY 22 has reported the adjusted earnings per share of $1.19, beating the analysts’ estimates for the adjusted earnings per share of $1.12, according to figures compiled by Thomson Reuters. The company had reported the adjusted revenue growth of 11.4 percent to $1.56 billion in the third quarter of FY 22. The higher third quarter revenue was driven by growth in da Vinci procedure volume, partially offset by a decline in system placements. On a constant currency basis, third quarter 2022 revenue increased 15% compared to the third quarter of 2021. The Company ended the third quarter of 2022 with $7.39 billion in cash, cash equivalents, and investments, a decrease of $783 million during the quarter, primarily driven by share repurchases of $1 billion and capital expenditures, as well as unrealized losses on interest-bearing debt securities classified as available for sale, partially offset by cash generated from operations. The Company repurchased $1 billion of common stock in the third quarter of 2022.

On the other hand, in September 2022, Japan’s Ministry of Health, Labour and Welfare cleared the da Vinci SP Surgical System for use in general surgeries, thoracic surgeries (excluding cardiac procedures and intercostal approaches), urologic surgeries, gynecological surgeries, and trans-oral head and neck surgeries.