Investing.com -- Shares in Intuitive Surgical Inc (O:ISRG) surged more than 7% in after-hours trading after the manufacturer of robotic-assisted systems used in minimally invasive surgeries beat analysts' forecasts with its revenues and earnings last quarter.
During the company's third quarter, which ended in late-September, Intuitive Surgical reported earnings of $167.3 million or 4.40 per share, up from net profits of $123.7 million or 3.35 per share in the same quarter last year. It came as the number of procedures for the company's Da Vinci Surgical System rose by roughly 15% on a yearly basis, driven primarily by growth in U.S. general surgery procedures and broad-based procedure growth in Asia.
In addition, the Sunnyvale, California based company shipped 117 Da Vinci systems over the three-month period, up from 11 during the same quarter last year. Approved by the U.S. Food and Drug Administration in 2000, the system is commonly used for the treatment of prostate and hysterectomy removals.
On average, the "Si version," or most advanced platform of the surgical system can cost a hospital upwards of $1.5 million per unit.
“We are pleased with our third quarter procedure growth and financial results," Dr. Gary Guthart, president and CEO of Intuitive Surgical said in a statement. 'We believe our customers benefit from a large community of users and our technology ecosystem.”
On a GAAP basis, Intuitive Surgical's revenue for the quarter grew by 7% to $590 million, amid a considerable increase in sales among its instrument and accessory division. Non-GAAP revenue, which excludes the proceeds from the Da Vinci Xi system trade-out offers, increased by roughly 10% for the period.
Moving forward, the company awaits approval on applications regarding its Single-Site instruments and 30mm EndoWrist stapler products for the da Vinci Xi Surgical System, after filing for 510(k) clearances with the FDA earlier in the third quarter.
Shares in Intuitive Surgical soared 35.99 or 7.61% in after-hours trading to 509.00.