Investing.com -- Intuitive (NASDAQ:ISRG) stock climbed 3.5% after the company reported preliminary fourth quarter and full year 2024 results that surpassed consensus estimates. The technology leader in minimally invasive care and pioneer of robotic-assisted surgery announced its financial achievements ahead of its presentation at the 43rd Annual J.P. Morgan Healthcare Conference.
For the fourth quarter, Intuitive achieved a revenue of approximately $2.41 billion, marking a 25% increase from $1.93 billion in the same quarter last year and topping the consensus estimate of $2.2 billion. The full year 2024 revenue also showed significant growth, with preliminary figures at approximately $8.35 billion, up 17% from $7.12 billion in 2023 and slightly above the consensus forecast of $8.14 billion. This revenue boost is primarily attributed to the growth in da Vinci (EPA:SGEF) and Ion procedure volume and customer buying patterns.
The company also reported an 18% increase in worldwide da Vinci procedures in the fourth quarter compared to the previous year. Throughout 2024, the number of procedures grew by approximately 17%, and the company expects this growth to continue at a rate of 13% to 16% in 2025. Additionally, Intuitive placed 493 da Vinci surgical systems in the fourth quarter of 2024, a 19% increase from the fourth quarter of 2023, indicating sustained demand for its products.
The robust performance in system placements and procedure volumes reflects the company's resilience and growth despite the challenges posed by the COVID-19 pandemic in previous years. The company did not experience significant disruptions due to COVID-19 in 2024, suggesting a return to normalcy and possibly the resolution of patient backlogs from the pandemic period.
Intuitive's CEO, Gary Guthart, commented on the results, expressing satisfaction with the customer adoption of da Vinci 5, Ion, and SP systems and reiterated the company's commitment to improving patient outcomes alongside its customers.
The preliminary financial results are subject to final closing procedures and an annual independent audit, indicating that the reported figures may be adjusted. However, the positive preliminary data provided a boost to Intuitive's stock, reflecting investor confidence in the company's growth trajectory and market leadership in robotic-assisted surgical solutions.
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