SUNNYVALE, Calif.—Mark Brosius, Senior Vice President and Chief Manufacturing and Supply Chain Officer at Intuitive Surgical Inc . (NASDAQ:ISRG), has sold shares worth approximately $1.1 million, according to a recent filing with the Securities and Exchange Commission.
The transactions, executed on October 22, 23, and 24, involved the sale of a total of 2,172 shares of common stock at prices ranging from $510.79 to $515.00 per share. Following these sales, Brosius retains direct ownership of 229 shares.
These sales were conducted as part of a pre-established trading plan in compliance with SEC Rule 10b5-1, which allows insiders to set up a predetermined plan for selling stocks. This plan remains effective until June 13, 2025.
In addition to the sales, Brosius also exercised options to acquire 2,106 shares at a price of $76.9989 per share, further demonstrating his involvement in the company's equity plans.
In other recent news, Intuitive Surgical has reported strong third-quarter results with an 18% growth in DaVinci procedures and robust system placements. The company's revenue reached $2 billion, marking a 17% year-over-year increase. The installed base of DaVinci systems has grown to approximately 9,300 multi-port systems globally, with 379 systems placed in Q3. The company has raised its full-year 2024 procedure growth forecast to a range of 16% to 17%.
Analysts from Piper Sandler, RBC Capital Markets, and Mizuho Securities have all adjusted their outlooks on Intuitive Surgical, raising their price targets following the company's strong earnings report. Despite facing pricing pressures in China, Intuitive Surgical anticipates a broad launch of DaVinci 5 by mid-2025 and is focusing on expanding the Ion system internationally, particularly in China and Europe. These are the recent developments for the company.
InvestingPro Insights
The recent stock sales by Intuitive Surgical's Senior VP Mark Brosius come at a time when the company's stock is performing exceptionally well. According to InvestingPro data, Intuitive Surgical has seen a significant 84.44% price return over the past year, with a 36.43% increase in just the last six months. This strong performance is reflected in the company's robust market capitalization of $182.61 billion.
InvestingPro Tips highlight that Intuitive Surgical is trading near its 52-week high, with the current price at 97.76% of that peak. This aligns with the timing of Brosius's stock sales, potentially indicating a strategic decision to capitalize on the stock's strong performance.
The company's financial health appears solid, with revenue growth of 14.83% over the last twelve months and a gross profit margin of 66.98%. These figures suggest that Intuitive Surgical is maintaining its market position and profitability in the competitive medical devices sector.
It's worth noting that while the stock is performing well, it is trading at a high P/E ratio of 80.81, which InvestingPro Tips flag as a high earnings multiple. This valuation metric could be a point of consideration for investors analyzing the stock's future potential.
For readers interested in a deeper dive into Intuitive Surgical's financials and market position, InvestingPro offers 17 additional tips, providing a comprehensive view of the company's investment profile.
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