Medical device company Intuitive Surgical, Inc. (NASDAQ: ISRG) announced operating results for the first quarter of 2023, reporting higher revenues and adjusted profit.
First-quarter net profit, excluding one-off items, increased 9% from last year to $1.23 per share. Unadjusted profit, meanwhile, declined to $355.3 million from $365.6 million last year. On a per-share basis, unadjusted earnings remained unchanged at $1.00 per share.
The company reported net revenues of $1.70 billion for the first quarter, which is up 14% from the year-ago period. Instruments & Accessories revenues and Services revenues increased in double digits, while Systems revenue remained unchanged.
“Our core business was lifted by positive surgical trends and continued interest in robotic-assisted surgery when compared with other surgical approaches. We continue our focus on increased adoption, pursuit of expanded indications and product launches, excellence in supply and product quality, and increased productivity as we scale our business,” said Gary Guthart, Intuitive’s CEO.