Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Intuitive Surgical Inc (NASDAQ:ISRG) reported better-than-expected results for its first quarter on Thursday.
Intuitive Surgical reported first-quarter revenue of $1.89 billion, which beat the consensus estimate of $1.87 billion, according to Benzinga Pro. The robotic-assisted surgery company's top-line results were up 11% on a year-over-year basis. Intuitive Surgical reported quarterly adjusted earnings of $1.50 per share, which beat analyst estimates of $1.41 per share.
Intuitive Surgical's da Vinci surgical system installed base totaled 8,887 systems as of March 31, up 14% on a year-over-year basis. The company ended the quarter with $7.32 billion in cash, equivalents and investments.
"The core measures of our business remained healthy this quarter, as we reached meaningful milestones across several parts of our business," said Gary Guthart, CEO of Intuitive Surgical. "We are pleased by feedback from our measured da Vinci 5 launch as well as the continued adoption of SP and Ion, and we remain focused on delivering the goals we share with our customers, including improving patient outcomes."
Intuitive Surgical shares fell 0.4% to close at $372.63 on Thursday.
These analysts made changes to their price targets on Intuitive Surgical following earnings announcement.
- Baird cut the price target on Intuitive Surgical from $440 to $436. Baird analyst Mike Polark maintained an Outperform rating.
- Jefferies raised the price target on Intuitive Surgical from $365 to $375. Jefferies analyst David Windley maintained a Hold rating.
Read More: Netflix, Procter & Gamble And 3 Stocks To Watch Heading Into Friday
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.