After-Hours Action: Why Intuitive Surgical Shares Are Surging

Intuitive Surgical Inc ISRG shares are rising in extended trading Tuesday after the company reported better-than-expected financial results. 

• Q1 Revenue: $1.7 billion beat estimates of $1.59 billion
• Q1 EPS: $1.23 beat estimates of $1.20

Worldwide da Vinci procedures grew approximately 26% year-over-year despite continued disruptions from COVID-19 in China, which the company said negatively impacted procedure volumes in January. 

Intuitive Surgical placed 312 da Vinci surgical systems in the quarter, compared to 311 in the first quarter of 2022. The company grew its da Vinci surgical system installed base to 7,779 systems as of the end of March.

Intuitive Surgical ended the quarter with $6.58 billion in cash, equivalents and investments. 

"Our core business was lifted by positive surgical trends and continued interest in robotic-assisted surgery when compared with other surgical approaches," said Gary Guthart, CEO of Intuitive Surgical.

"We continue our focus on increased adoption, pursuit of expanded indications and product launches, excellence in supply and product quality, and increased productivity as we scale our business."

See Also: What's Going On With Western Alliance Stock After Hours?

ISRG Price Action: Intuitive Surgical shares were up 8.07% after hours at $291 at time of publication, according to Benzinga Pro.

Photo: courtesy of Intuitive Surgical.