Categories Analysis, Health Care
Intuitive Surgical (ISRG): Here’s the main theme behind Q1 results and for the year ahead
For the full year of 2021, Intuitive expects procedure growth within a range of 22-26%
Shares of Intuitive Surgical Inc. (NASDAQ: ISRG) were up over 10% on Wednesday. The stock has gained 74% over the past 12 months and 9% since the beginning of this year. The company kicked off 2021 on a strong note by reporting strong earnings results for the first quarter a day ago.
The main highlight of the quarterly report was the increase in surgical procedures and the use of the company’s products which indicated a recovery as the effects of the COVID-19 pandemic wanes. This trend is anticipated to continue through the year as the pandemic eases with the help of vaccine distribution.
In the first quarter of 2021, procedure growth was 16% year-over-year compared to 10% in the same quarter a year ago. The US witnessed a growth of 14%, with a steady recovery after January in line with a drop in COVID cases. The OUS segment saw a growth of 23% in the quarter.
Intuitive benefited from a rise in general surgery in the US, driven by bariatric surgery, cholecystectomy and hernia. The growth in bariatrics and cholecystectomy was helped by the company’s advanced instrument portfolio and the expansion of robotic procedures by general surgeons throughout their total practice.
Gynecology procedures grew double-digits in the US during Q1 compared to the prior-year. Meanwhile, procedure growth outside the US was driven by urology, earlier stage growth in general surgery, gynecology and thoracic procedures. In terms of markets outside the US, the company saw strong procedure growth in China and France. While growth moderated in Japan due to pandemic-related restrictions, UK remained challenged due to COVID-19.
For the full year of 2021, Intuitive expects procedure growth within a range of 22-26%, driven by US general surgery and procedures outside the US. The high end of the range assumes a decline in COVID-19 cases and the impact on da Vinci procedures throughout the year. It also assumes that vaccine rollouts will continue at the current pace and that the recovery of patients will progress.
Click here to read the full transcript of Intuitive Surgical Q1 2021 earnings conference call
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
What to expect when Signet Jewelers (SIG) reports Q1 earnings
Shares of Signet Jewelers Limited (NYSE: SIG) were over 3% on Monday. The stock has dropped 13% over the past 3 months. The jewelry retailer is set to report its
MDB Infographic: Highlights of MongoDB’s Q1 2024 earnings report
Software company MongoDB, Inc. (NASDAQ: MDB) has announced financial results for the first quarter of 2024, posting an increase in revenues and adjusted profit. The company reported a 29% increase
Campbell Soup to report Q3 results Wednesday. Here’s what to expect
Campbell Soup Company (NYSE: CPB) is coming out of a rough patch after the packaged food company's sales and earnings got affected by the pandemic, due to the widespread movement