Friday - Intuitive Surgical (NASDAQ:ISRG) has had its price target increased by Stifel from $475.00 to $525.00, retaining a Buy rating on the stock. The company is on track to potentially reach 10,000 robots installed by the end of 2024, up from the current count of 9,539. This year, Intuitive Surgical is also expected to surpass 2.5 million annual procedures, with new guidance suggesting around 2.6 million.
The company's third-quarter performance was notably strong, with an installed base growth rate of 15.1%, marking one of its fastest in recent years. Intuitive Surgical's third-quarter results were bolstered by the placement of 110 da Vinci 5 (DV5) systems, surpassing the anticipated 75 systems. Additionally, the company achieved approximately 18% growth in procedures, exceeding the estimated 17%.
Sales for the third quarter were reported at $2.04 billion, a 17% year-over-year increase, which topped the Stifel and consensus estimate of approximately $2.01 billion. The robust sales figures contributed to significant operating leverage, which in turn led to earnings per share (EPS) that outperformed consensus estimates. Intuitive Surgical posted an EPS of $1.84, compared to the Stifel and consensus projections of $1.63 and $1.64, respectively.
These financial achievements highlight Intuitive Surgical's strong position in the market as it approaches the year's end. The company's consistent performance and the upward revision of its price target reflect confidence in its continued growth and market presence.
In other recent news, Intuitive Surgical has been making significant strides in the medical technology sector. The company's third-quarter revenue and earnings per share (EPS) growth exceeded expectations, with a substantial boost in U.S. system sales and a stronger than anticipated increase in procedures. Truist Securities maintained its Buy rating and $570.00 price target for the company, emphasizing the early success of the Da Vinci model 5 system and the potential for accelerated growth into 2025.
InvestingPro Insights
Intuitive Surgical's robust performance, as highlighted in the article, is further supported by real-time data from InvestingPro. The company's market capitalization stands at an impressive $168.4 billion, reflecting its strong position in the medical technology sector. ISRG's revenue growth of 13.62% over the last twelve months and 14.47% in the most recent quarter aligns with the article's mention of the company's 17% year-over-year sales increase.
InvestingPro Tips indicate that Intuitive Surgical is trading near its 52-week high, which corroborates the positive outlook presented in the article. The company's high return over the last year, with a one-year price total return of 71.94%, underscores its strong market performance. Additionally, ISRG's profitability over the last twelve months supports the article's discussion of the company's financial achievements.
For investors seeking a deeper understanding of Intuitive Surgical's financial health and market position, InvestingPro offers 13 additional tips, providing a comprehensive analysis to inform investment decisions.
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