Intuitive Surgical, Inc. (NASDAQ:ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery,  stock rose 8.78% (As on October 18, 11:31:56 AM UTC-4, Source: Google Finance) after the company reported third-quarter earnings that surpassed analyst expectations driven by increased adoption of its da Vinci surgical systems and growth in procedure volumes. The company’s da Vinci procedures grew approximately 18% YoY, while system placements increased to 379 units, up from 312 in the third quarter of 2023. Notably, 110 of these placements were the new da Vinci 5 systems. Intuitive’s installed base of da Vinci systems reached 9,539, a 15% YoY increase. Instruments and accessories revenue, a key indicator of surgical activity, rose 18% to $1.26 billion. The increase in instruments and accessories revenue was primarily driven by approximately 18% growth in da Vinci procedure volume and approximately 73% growth in Ion procedure volume. Systems revenue also saw growth, reaching $445 million compared to $379 million in the prior-year quarter. The Company placed 379 da Vinci surgical systems, of which 110 were da Vinci 5 systems, in the third quarter of 2024, compared with 312 systems in the third quarter of 2023.

Further, the company’s strong financial position was underscored by its cash, cash equivalents, and investments balance of $8.31 billion at the quarter’s end, an increase of $628 million during the period. Third quarter 2024 non-GAAP net income attributable to Intuitive was $669 million, or $1.84 per diluted share, compared with $524 million, or $1.46 per diluted share, in the third quarter of 2023.

Meanwhile, in October 2024, the Company obtained regulatory clearance in South Korea for the da Vinci 5 surgical system for use in urologic, general, gynecologic, thoracoscopic, thoracoscopically-assisted cardiotomy, and transoral otolaryngology surgical procedures.

ISRG in the third quarter of FY 24 has reported the adjusted earnings per share of $1.84, beating the analysts’ estimates for the adjusted earnings per share of $1.65, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 17 percent to $2.04 billion in the third quarter of FY 24, beating the analysts’ estimates for revenue by 1.17%. The higher third quarter revenue was driven by growth in da Vinci procedure volume and an increase in the installed base of systems. Third quarter 2024 non-GAAP income from operations increased to $755 million, compared with $624 million in the third quarter of 2023.