Cantor Fitzgerald analyst Craig Bijou raised his price target for Intuitive Surgical to $690 from $620 saying the company posted another quarter of strong procedure growth and system placement. The "impressive" Q4 revenue and procedure volume growth demonstrate that Intuitive's underlying fundamentals remain strong, Bijou tells investors in a research note. He reiterates an Overweight rating on the shares.
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Sees FY24 gross profit margin 67%-68%. Sees FY24 operating expense up 11%-15%. Sees FY24 capital expenditures 1B-$1.2B. Sees FY24 tax rate 22%-24%. Says five additional procedures will have reimbursement in Japan by June. Says saw particular strength in the U.S. and the U.K. Comments and guidance taken from Q1 earnings conference call.
Pre-earnings options volume in Intuitive Surgical is 2.0x normal with calls leading puts 10:9. Implied volatility suggests the market is anticipating a move near 4.9%, or $18.11, after results are released. Median move over the past eight quarters is 5.6%.