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BTIG's Ryan Zimmerman raised their price target on Intuitive Surgical (NASDAQ: ISRG) by 2.2% from $412 to $421 on 2024/04/19. The analyst maintained their Strong Buy rating on the stock.

Calling Intuitive Surgical's 2024/04/18-dated earnings a "beat," Zimmerman noted that BTIG "already saw the Street as too low on Systems, thinking that hospitals would hold off ahead of Dv5. However, with the option to upgrade and a healthy Capex environment, system demand proved more robust."

Looking ahead, the analyst argued that the print "should still take a backseat to a focus on Dv5, with most investors looking to FY 2025 and FY 2026 EPS estimates potentially moving higher as the company optimizes its supply chain ahead of the broader Dv5 launch."

Earnings Report

For Q1 2024, Intuitive Surgical reported:

• EPS of $1.50, which beat the Zacks Consensus Estimate of $1.40 and, by 22%, Q1 2023's $1.23.
• Revenue of $1.89B, which beat the Zacks Consensus Estimate by 1.6% and Q1 2023's $1.7B by 11.2%.

Management did not provide financial guidance in its press release of earnings call presentation.

CEO Gary Guthart commented: “The core measures of our business remained healthy this quarter, as we reached meaningful milestones across several parts of our business.

“We are pleased by feedback from our measured da Vinci 5 launch as well as the continued adoption of SP and Ion, and we remain focused on delivering the goals we share with our customers, including improving patient outcomes.”