Intuitive Surgical Hits $100 Billion Market Cap On Earnings Beat, Upgrade By

© Reuters.

By Dhirendra Tripathi – Intuitive Surgical (NASDAQ:) hit a market capitalization of $100 billion in Wednesday’s trade as an upgrade by Baird followed an earnings beat.

The share touched a 52-week high of $890.61 before cooling off a little. It still traded up more than 8%, valuing the surgical-robotics equipment company at $96 billion.

First quarter 2021 revenue was $1.29 billion, an increase of 18% compared with $1.1 billion in the first quarter of 2020, driven by growth in its proprietary robotic-assisted da Vinci procedures and system placements.

Net income was $427 million, or $3.52 per diluted share, compared with $323 million, or $2.69 per diluted share, in the first quarter of 2020.

The performance led Baird analyst Mike Polark to upgrade shares to outperform with a $925 target, an upside of 5% from the stock’s current level.


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