SUNNYVALE, Calif. -Robotic surgical device maker Intuitive Surgical Inc. said Tuesday its profit climbed 38 percent in the first quarter. The results surpassed Wall Street's expectations.
Intuitive, based in Sunnyvale, Calif., said procedures performed with its minimally invasive, robotic da Vinci system increased 29 percent during the quarter. In the U.S., most of the procedure growth came from general surgery and gynecology. In other markets use of da Vinci grew in urology procedures. The company said it sold 140 of the systems during the first quarter, up from 120 a year ago.
Intuitive's profit rose to $143.5 million, or $3.50 per share, from $104.1 million, or $2.59 per share, in the first quarter of 2011. Revenue rose 28 percent, to $495.2 million from $388.1 million.
Analysts expected the company to report a profit of $3.09 per share and $466.7 million in revenue, according to FactSet.
Intuitive said revenue from sales of instruments and accessories grew 32 percent to $207.8 million and system revenue rose 24 percent to $206.6 million. Service revenue picked up 27 percent to $80.8 million.
Shares of Intuitive Surgical rose $4.44 to $545.53 on Tuesday. They added $31.48, or 5.8 percent, to $577.01 in aftermarket trading.
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