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Intuitive Surgical Inc (NASDAQ:ISRG) shares are trading higher Wednesday after the company reported better-than-expected financial results. Multiple analysts also raised price targets following the print.
- Q1 Revenue: $1.7 billion beat estimates of $1.59 billion
- Q1 EPS: $1.23 beat estimates of $1.20
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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.
"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.
See Also: Nasdaq, S&P Futures Falter As Mixed Earnings Weigh Down On Sentiment
Analyst Assessment:
- Citigroup analyst Joanne Wuensch maintained Intuitive Surgical with a Buy and raised the price target from $305 to $317.
- Raymond James analyst Jason Bednar maintained Intuitive Surgical with an Outperform and raised the price target from $270 to $323.
- Wells Fargo analyst Larry Biegelsen maintained Intuitive Surgical with an Overweight and raised the price target from $289 to $310.
- Mizuho analyst Anthony Petrone maintained Intuitive Surgical with a Neutral and raised the price target from $250 to $300.
- BofA Securities analyst Travis Steed maintained Intuitive Surgical with a Buy and raised the price target from $300 to $315.
- Truist Securities analyst Richard Newitter maintained Intuitive Surgical with a Buy and raised the price target from $300 to $325.
ISRG Price Action: Intuitive Surgical has a 52-week high of $307.70 and a 52-week low of $180.34.
The stock was up 8.26% at $291.50, according to Benzinga Pro.
Photo: courtesy of Intuitive Surgical.
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