Intuitive Surgical Inc

ISRG: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$944.00	Jcjyg	Pyhvblrg

Intuitive Surgical Earnings: Procedures Growth in Q1 Is Remarkable

Alex Morozov

Apr 19, 2023

While we were expecting solid midteens growth in procedures for fiscal 2023, Intuitive Surgical's first-quarter results easily surpassed our expectations with 26% growth globally. This allowed the company to raise its procedures guidance materially, from 12%-16% to 18%-21%. We are updating our model to account for this massive surprise on the upside and expect a modest increase in our $204 fair value estimate for this wide-moat business.

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