Intuitive Surgical (NASDAQ:ISRG) shares jumped more than 10% today after the company reported its Q1 results, with EPS coming in at $1.23, better than the Street estimate of $1.19. Revenue was $1.7 billion, beating the Street estimate of $1.59 billion, due to strong procedure volumes (up 26% year-over-year) and higher system placements.

The company raised its fiscal 2023 procedure volume guidance (to 18–21% from 12–16%), with the low end assuming continued choppiness with Covid hospitalizations, uncertainty regarding the timing of the capital quota in China for the remainder of the year, macroeconomic challenges impacting hospital procedure volumes, and moderation in procedures from elevated levels experienced in January and February this year.