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Intuitive Surgical Surges After Robotic Surgery Company Beats Estimates

The Street logo The Street 10/18/2019 Scott Van Voorhis
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Shares of Intuitive Surgical surged Friday as the fast-growing robotic surgery company rides a wave of investor enthusiasm following strong third-quarter numbers.

Intuitive Surgical's stock price jumped 6.54% to $564 a share following the release Thursday of quarterly numbers that beat analysts' expectations on both earnings and revenue.

It was the biggest move by shares of Intuitive since Jan. 9, when the company released of its fourth-quarter 2018 results, Bloomberg reported.

Intuitive Surgical reported earnings per share of $3.43 a share in the third quarter, beating the estimate of analysts surveyed by Zacks Investment Research, who had predicted EPS of $2.96.

On an adjusted basis, Intuitive Surgical posted a 21.2% gain in EPS during the third quarter compared to the same period a year ago, according to Zacks.

The robotic surgery firm also reported a 22.5% rise in revenue during the quarter compared to the year before, hitting $1.13 billion. That also beat the estimate of analysts polled by Zacks, who had pegged third quarter revenue at a lower $1.06 billion.

Intuitive Surgical's instruments and accessories and systems units led the way, both posting year-over-year growth of well over 20%.

"Intuitive Surgical ended the third quarter on a solid note," Zacks noted, adding that "management continues to expect strong procedure growth in 2019."

This article was originally published by TheStreet.

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