Yet Another Robust Quarter for Intuitive, Raising Our FVE; Shares Overvalued
Intuitive's second-quarter results surprised us once again, particularly on the procedure growth side. Following the 18% procedure growth in the first quarter, Intuitive delivered 16% growth in the second quarter, enabling it to raise its procedure guidance for the second time this year. We are slightly upgrading our total procedure growth for the year, with a corresponding increase in instruments and services revenue, as we had underestimated the firm's growth trajectory in the U.S. We're raisi...Intuitive Surgical develops, manufactures, and markets the da Vinci? Surgical System and the Ion? endoluminal system. The systems consist of a surgeon console or consoles, a patient-side cart, a vision system, and proprietary instruments and accessories. The company's technology is designed to provide surgeons with a range of motion analogous to the motions of a human wrist, while filtering out the tremors inherent in a surgeon's hands. The company's primary platform for robotic-assisted surgery is its family of da Vinci Surgical Systems. The da Vinci Surgical System allows surgeons to operate while seated at an ergonomic console viewing a three-dimensional image of the surgical field.
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