Intuitive Surgical, Inc. (NASDAQ:ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, stock fell 1.80% (As on January 24, 11:22:47 AM UTC-4, Source: Google Finance) after the company posted a profit of $606.2 million, or $1.69 a share, in the quarter ended Dec. 31, compared with $324.9 million, or 91 cents a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $1.30. Intuitive Surgical’s instruments and accessories revenue increased 22% in the period on the back of 21% growth in procedure volume from its da Vinci systems and a pricing benefit. The Company placed 415 da Vinci surgical systems, compared with 369 in the fourth quarter of 2022. The Company grew its da Vinci surgical system installed base to 8,606 systems as of December 31, 2023, an increase of 14% compared with 7,544 as of the end of the fourth quarter of 2022. Fourth quarter 2023 non-GAAP net income attributable to Intuitive was $574 million, compared with $439 million in the fourth quarter of 2022. The Company ended the fourth quarter of 2023 with $7.34 billion in cash, cash equivalents, and investments, a decrease of $177 million during the quarter, primarily driven by capital expenditures, partially offset by cash generated from operations. Fourth quarter 2023 non-GAAP income from operations increased to $621 million, compared with $530 million in the fourth quarter of 2022.

Further, in January 2024, the Company obtained CE mark certification for the da Vinci single-port (SP) surgical system for use in endoscopic abdominopelvic, thoracoscopic, transoral otolaryngology, transanal colorectal, and breast surgical procedures. The Company plans to commercialize the SP system in select major European countries throughout 2024 as part of a measured rollout strategy.

ISRG in the fourth quarter of FY 23 has reported the adjusted earnings per share of $1.60, beating the analysts’ estimates for the adjusted earnings per share of $1.48 forecast by analysts, according to FactSet. The company had reported the adjusted revenue growth of 17 percent to $1.93 billion in the fourth quarter of FY 23, beating the analysts’ estimates for revenue of $1.89 billion. The higher fourth quarter revenue was driven by growth in da Vinci procedure volume and an increase in the installed base of systems. Fourth quarter 2023 systems revenue was $480 million, compared with $451 million in the fourth quarter of 2022.