Surgical robotics giant Intuitive Surgical (NSDQ:ISRG) shares have risen over 5% today after it posted preliminary earnings for the fourth quarter and full fiscal year 2017 that beat Wall Street analyst consensus.
The Sunnyvale, Calif.-based company said it expects to post sales of $892 million for the fourth quarter, up 18% compared to sales during the same quarter during the previous year.
For the full year, Intuitive said it expects to post sales of $3.1 billion, which are up 16% over the numbers it reported for 2016.
Preliminary fourth quarterly earnings handily topped the $845.5 million consensus on Wall Street. Intuitive also met the $3.1 billion consensus on The Street for its full fiscal year 2017.
The robotic surgical platform maker said that procedures during the fourth quarter were up 17%, and that for the full year a total of 877,000 surgical procedures were performed with its da Vinci system. That’s up 16% from the 753,000 procedures reported the year prior, the company said.
For the coming year, Intuitive Surgical said it expects procedures to grow between 11% and 15%.
“We are pleased with the progress our team made in supporting our customers in 2017. In 2018, we will continue to invest in the new technologies and services that are important to surgeons, patients and hospitals, and core to our mission,” CEO Dr. Gary Guthart said in a press release.
Shares in Intuitive Surgical have risen 6.8% so far today, at $424.50 as of 11:47 a.m. EST.
Last month, Intuitive Surgical said it paid $274 million to Goldman Sachs to close a nearly year-long buyback of its common stock.