Intuitive Surgical, Inc. (NASDAQ:ISRG) this morning offered a very bullish outlook for its fourth quarter sales, sending its shares sharply higher in early trading.
The Sunnyvale, CA-based maker of advanced medical devices forecast Q4 revenues of $757 million, which is much higher than the consensus Wall Street estimate of $739.68 million.
Intuitive Surgical cited a solid uptick in usage rates of its da Vinci Surgical System for the bullish view. It said that in 2016, around 753,000 surgical procedures were completed with da Vinci, which was up 15% from the prior year. U.S. general surgery procedures and worldwide urologic procedures led the push higher last year.
Looking ahead, the company expects total da Vinci procedures to rise between 9% and 12% in 2017.
ISRG commented via press release:
“We are pleased by our fourth quarter results and encouraged by our future opportunities. In 2017, we look forward to advancing several key product development innovations targeted towards further improving patient outcomes and expanding the number of patients that can derive the benefits of robotically assisted minimally invasive therapies around the world. We anticipate accelerating up to $80 million of research, development, and clinical investment into 2017.”
Intuitive Surgical, Inc. shares was trading at $684.59 per share on Wednesday morning, up $22.39 (+3.38%). Year-to-date, ISRG has gained 7.95%, versus a 1.44% rise in the benchmark S&P 500 index during the same period.