Intuitive Surgical Q3 Earnings Beat, Procedures Robust

Core Viewpoint - Intuitive Surgical reported strong third-quarter 2024 results, with adjusted earnings per share (EPS) of $1.84, exceeding estimates and showing significant year-over-year growth [1][7] Revenue Details - The company generated revenues of $2.04 billion, reflecting a 17% increase from the previous year and surpassing consensus estimates by 1.2% [2] Segmental Details - Instruments & Accessories: Revenues reached $1.26 billion, an 18% year-over-year increase, driven by an 18% growth in da Vinci procedure volume and a 73% increase in Ion procedures [3] - Systems: This segment reported revenues of $445 million, up 17.4% year over year, with 341 da Vinci Surgical Systems shipped [3] - Services: Revenues amounted to $328.9 million, a 3.7% increase from the prior year [4] Margins - Adjusted gross profit was $1.41 billion, up 17.3% year over year, with a gross margin of 69.1% [5] - Adjusted operating income totaled $754.9 million, reflecting a 21% year-over-year increase, with an operating margin of 37% [5] Financial Position - The company ended the quarter with cash, cash equivalents, and investments totaling $8.31 billion, an increase from $7.68 billion in the previous quarter [6] - Total assets rose to $17.74 billion from $16.65 billion a year ago [6] Market Performance - Intuitive Surgical's shares gained 6.1% in after-hours trading following the earnings report, and the stock has risen 40.4% year to date, outperforming the industry [7][9]