Shares of medical robotics manufacturer Intuitive Surgical (NASDAQ: ISRG) increased in pre-market trading following its preliminary Q4 and FY23 results. The company generated preliminary Q4 revenues of $1.93 billion, up by 17% year-over-year and above consensus estimates of $1.87 billion. In addition, preliminary FY23 revenues increased 14% year-over-year to $7.12 billion.
In the fourth quarter, Intuitive Surgical’s da Vinci procedures worldwide rose 21% year-over-year despite increasing COVID-19 cases in China, negatively impacting procedure volumes within the country. In FY23, the company’s da Vinci surgical procedures worldwide increased by around 22% year-over-year. Intuitive expects worldwide da Vinci surgical procedures to grow in the range of 13% to 16% year-over-year in FY24.
The company placed 415 da Vinci surgical systems in the fourth quarter, an increase of 12% year-over-year, while 1,370 da Vinci surgical systems were placed in FY23, up 8% year-over-year. Intuitive Surgical is expected to announce its fourth-quarter results on January 23.
What is the Future of ISRG Stock?
Analysts remain bullish about ISRG stock with a Strong Buy consensus rating based on 17 Buys and four Holds. ISRG stock has gone up by more than 20% over the past year, and the average ISRG price target of $337.47 implies an upside potential of 2.1% at current levels.
