Bloomberg News

Intuitive Surgical Rises as Third-Quarter Beats Estimates

October 19, 2011

(Updates shares in the second paragraph.)

Oct. 19 (Bloomberg) -- Intuitive Surgical Inc., maker of a robotic system to perform surgery, climbed to a record high after raising its revenue forecast and reporting third-quarter profit that beat analyst estimates.

The stock rose 9.2 percent to $417.88 at 4:01 p.m. New York time, the highest price since the Sunnyvale, California-based company first sold shares in June 2000.

Third-quarter earnings were $3.05 a share, Intuitive said in a statement yesterday, beating estimates of $2.76. The company sees revenue growth of as much as 23 percent this year, compared with an earlier target of as much as 21 percent.

Intuitive “continues to defy the difficult macroeconomic and utilization conditions,” wrote Rick Wise, an analyst for Leerink Swann, in a note to investors today.

The company makes the da Vinci system, which converts a doctor’s hand motions into micro-movements inside a patient during surgery.

--Editors: Chris Staiti, Bruce Rule

To contact the reporter on this story: Elizabeth Lopatto in New York at elopatto@bloomberg.net.

To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net.


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