Intuitive Surgical, Inc. ISRG shares are trading higher by 8.17% to $209.55 during Tuesday’s after-hours session after the company reported better-than-expected third-quarter adjusted EPS and sales results.
What Happened?
Intuitive Surgical reported quarterly earnings of $1.19 per share, which beat the analyst consensus estimate of $1.12. This is unchanged from the same period last year.
The company also reported quarterly sales of $1.56 billion, which beat the analyst consensus estimate of $1.52 billion by 3%. This is an 11% increase over sales of $1.40 billion in the same period last year.
Intuitive Surgical says 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.
“Intuitive’s core business strengthened this quarter despite a challenging macroeconomic environment and some lingering pandemic impacts,” said Gary Guthart, Intuitive CEO.
“Our da Vinci installed base grew to meet procedure demand, and we also see a continued increase in system utilization, which is healthy for our customers and the business,” Guthart stated.
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According to data from Benzinga Pro, Intuitive Surgical has a 52-week high of $369.69 and a 52-week low of $180.07.
Image and article originally from www.benzinga.com. Read the original article here.