Shares of Intuitive Surgical hit an all-time high Wednesday morning after the maker of the da Vinci surgery robot reported first-quarter earnings and sales that beat Street estimates.
The California-based company said Tuesday that it had adjusted earnings per share of $5.09 on sales of $674 million for the quarter, topping Thomson Reuters estimates for $4.93 on revenue of $669.7 million.
Intuitive Surgery had adjusted profit of $4.42 per share and revenue of $595 million a year earlier.
Important to Wall Street, Intuitive Surgical said Tuesday that it shipped 133 of its da Vinci surgical systems in the first quarter of 2017, compared with 110 robots delivered in the same period a year ago.
The stock traded up more than 7 percent, peaking at $811.89 per share Wednesday, and was on track for its best day since July 2015 when shares gained near 9 percent. Intuitive Surgical’s shares reached a low of $6 in 2001.
The stock closed up over 6 percent on Wednesday.
The company’s robotic device was approved by the Food and Drug Administration in 2000 and is designed to facilitate complex surgery using a minimally invasive approach.
“We are pleased with broad-based da Vinci procedure growth during the first quarter and are encouraged by trends in key global markets and our U.S. general surgery Business,” Chief Executive Dr. Gary Guthart said in a statement Tuesday.
Global da Vinci procedures’ nearly 18 percent increase over the year was driven primarily by growth in U.S. general surgery procedures and worldwide urologic procedures, the company added.
Intuitive Surgery has been criticized in the past, though, as patients have claimed they were scarred after undergoing procedures involving the high-tech da Vinci robot.
With Wednesday’s gains, shares of Intuitive Surgical have climbed more than 29 percent from one year ago, and the stock is up about 27 percent year to date.
Source : CNBC