Intuitive Surgical, Inc. (NASDAQ:ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, stock rose 0.12% (As on Oct 20, 11:51:34 AM UTC-4, Source: Google Finance) after the company’s earnings came in at $380.5 million compared with $313.9 million, in last year’s third quarter. Worldwide da Vinci procedures rose approximately 20% compared with the third quarter of 2020. The third quarter of 2020 showed significant disruption caused by the COVID-19 pandemic, and the third quarter of 2021 reflected a COVID-19 resurgence, which also significantly impacted the procedures. The compound annual growth rate between the third quarter of 2019 and the third quarter of 2021 was 13%.The Company shipped 336 da Vinci Surgical Systems, which represents an increase of 72% compared with 195 in the third quarter of 2020. The Company has ended the third quarter of 2021 with $8.2 billion in cash, cash equivalents, and investments, an increase of $485 million during the quarter, primarily driven by cash generated from operations. Third quarter 2021 non-GAAP income from operations increased to $570 million, compared with $402 million in the third quarter of 2020.

Meanwhile, the Company’s stockholders have approved a three-for-one split of the Company’s issued and outstanding common stock, which began trading on a split-adjusted basis on October 5, 2021.

ISRG in the third quarter of FY 21 has reported the adjusted earnings per share of $1.19, beating the analysts’ estimates for the adjusted earnings per share of 92 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 30 percent to $1.4 billion in the third quarter of FY 21, beating the analysts’ estimates for revenue by 0.73%. Higher third quarter revenue was driven by growth in da Vinci system placements and procedures. However, in conjunction with the Company’s 2020 COVID-19 Customer Relief Program, third quarter 2020 revenue was reduced by $23 million for service fee credits provided to customers.

Moreover, the third quarter 2021 instruments and accessories revenue increased by 20% to $755 million, mainly due to approximately 20% growth in da Vinci procedure volume. The third quarter 2021 systems revenue increased by 55% to $415 million, compared with $268 million in the third quarter of 2020.

On the other hand, starting January 1st, 2022, the company’s Executive Vice President and Chief Business Officer, Dave Rosa, will take on an important new role of Executive Vice President and Chief Strategy and Growth Officer