bullish
Intuitive Surgical (ISRG US): Better-Than-Expected Q3 2022 Results; Raised Procedure Growth Guidance
176 Views19 Oct 2022 22:52
SUMMARY
- Despite challenging macroeconomic environment, Intuitive Surgical (ISRG US) reported stellar Q3 results, with revenue growing 11% y/y to $1.56 billion, mainly driven by da Vinci procedure growth of 20%.
- Q3 procedure growth reflected U.S. and OUS procedures growth of 18% and 24%, respectively. Management has raised 2022 da Vinci procedure growth guidance to 17–18% from 14.0–16.5% earlier.
- System placement improved 9% q/q to 305 placements, with system ASP remaining at $1.5 million, consistent with last quarter. As of 3Q22, installed base grew 13% y/y to 7,364 systems.
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Tina Banerjee
Global Healthcare Analyst
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