Shares of Intuitive Surgical Inc (NASDAQ:ISRG) rose in early trading on Wednesday after the company reported upbeat first-quarter results.
The company’s Procedure and System revenues outperformed expectations, despite a challenging macro, according to BTIG.
The Intuitive Surgical Analyst: Analyst Ryan Zimmerman reiterated a Buy rating and price target of $574.
The Intuitive Surgical Thesis: The company, which is a leader in the robotic surgery space, reported revenues of $2.770 billion and adjusted earnings of $2.50 per share, topping consensus estimates of $2.618 billion and $2.12 per share, respectively,Zimmermansaid in the note.
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Procedure revenues grew by a healthy 17%, versus Street expectations of around 14.6%, while System revenues “drove the bulk of the revenue upside,” with around 16% Dv procedure growth and 39% …