Intuitive Surgical Q2 Profit Beats Estimates; Shares Surge

(RTTNews) - Intuitive Surgical, Inc. (ISRG) reported second quarter 2016 non-GAAP net income of $220 million, or $5.62 per share, compared to $173 million, or $4.57 per share, prior year. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $4.97 for the quarter. Analysts' estimates typically exclude special items.

Second quarter 2016 GAAP net income was $185 million, or $4.71 per share, compared with $135 million, or $3.56 per share, for the second quarter of 2015.

Second quarter 2016 revenue was $670 million, an increase of approximately 14% compared with $586 million in the second quarter of 2015. The company said its higher second quarter revenue was driven by growth in recurring instrument, accessory, and service revenue, and higher systems revenue. Analysts expected revenue of $640.69 million, for the quarter.

Intuitive Surgical shipped 130 da Vinci Surgical Systems in the second quarter of 2016, compared with 118 in the second quarter of 2015. Worldwide da Vinci procedures grew nearly 16% compared with the second quarter of 2015 driven primarily by growth in U.S. general surgery procedures and worldwide urologic procedures.

Shares of Intuitive Surgical were up more than 6% after hours.