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Intuitive Surgical Results Beat on Growing Demand for Surgical Robots

Representation photo: Employees work at the office of humanoid robots developer Ex-Robots in Dalian, Liaoning province, China June 6, 2024. REUTERS/Florence Lo
Representation photo: Employees work at the office of humanoid robots developer Ex-Robots in Dalian, Liaoning province, China June 6, 2024. REUTERS/Florence Lo
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Intuitive Surgical Results Beat on Growing Demand for Surgical Robots

Representation photo: Employees work at the office of humanoid robots developer Ex-Robots in Dalian, Liaoning province, China June 6, 2024. REUTERS/Florence Lo
Representation photo: Employees work at the office of humanoid robots developer Ex-Robots in Dalian, Liaoning province, China June 6, 2024. REUTERS/Florence Lo

Intuitive Surgical on Thursday beat estimates for second-quarter profit and revenue on growing demand for its surgical robots used in minimally invasive procedures, sending its shares up 6.7% after the bell.
Investor expectations around medical device makers have grown lately on hopes of elevated demand for surgical procedures as people, especially older adults, opt for medical procedures deferred during the pandemic, Reuters said.
On an adjusted basis, Intuitive earned $1.78 per share for the quarter ended June 30, beating analysts' estimates of $1.54 per share, according to LSEG data.
The company reported quarterly revenue of $2.01 billion, compared with analysts' estimates of $1.97 billion.
The rise in revenue was driven in part by growth in the procedure volume from the company's surgical robots called da Vinci. Worldwide da Vinci procedure volumes rose about 17%, from a year ago, the company said.
Industry bellwether Johnson & Johnson on Wednesday posted a 2.2% rise in second quarter sales at its medical technology business, but fell short of analysts' estimates.
Larger peer Abbott Laboratories also raised its annual profit forecast, helped by double-digit growth in sales of its glucose monitors and strong demand for heart devices.

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Saudi Arabia: CST, SSA Launch SpaceUp Competition to Develop Innovative Space-Based Solutions

The SpaceUp Competition targets global and local entrepreneurs, startups, and SMEs through six challenge tracks
The SpaceUp Competition targets global and local entrepreneurs, startups, and SMEs through six challenge tracks
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Saudi Arabia: CST, SSA Launch SpaceUp Competition to Develop Innovative Space-Based Solutions

The SpaceUp Competition targets global and local entrepreneurs, startups, and SMEs through six challenge tracks
The SpaceUp Competition targets global and local entrepreneurs, startups, and SMEs through six challenge tracks

The Communications, Space and Technology Commission (CST) and the Saudi Space Agency (SSA) have launched the global SpaceUp Competition, in partnership with Neo Space Group (NSG), which aims to promote Space entrepreneurship, support local companies specializing in Space-based solutions, attract global entrepreneurs, startups and Small and Medium Enterprises (SMEs), and encourage the adoption of Space-based solutions by entities operating across various vital sectors.
According to a CST statement issued Monday, the SpaceUp Competition targets global and local entrepreneurs, startups, and SMEs through six challenge tracks to develop Space-based solutions for challenges in vital sectors by linking the supply with the demand.
The competition presents about $28 Million contractual opportunities across all competition tracks, in addition to providing direct access with end-users, localization, and connecting with end-users to implement the proposed solutions.
The statement highlighted that the competition includes six challenge tracks supporting various sectors. The first track, “Monitoring Date Palms Pest and Disease,” sponsored by the Ministry of Environment, Water, and Agriculture and the Weqaa Center, focuses on providing Space-based solutions to monitor palm farms and detect pests. The second, “Improving City Livability by Monitoring Urban Heat Islands,” by the Quality of Life Program, aims at solving the problem of rising temperatures in crowded cities. The third is “Monitoring the Impact of Infrastructure Development” by Riyadh Infrastructure Projects Center to promote infrastructure projects and traffic management.
The fourth and fifth tracks are the “Optimizing Urban Road Assets” track which aims to provide solutions to detect urban road damage and elevate its maintenance, and “Mapping of Urban Trees” which aims to monitor and maintain urban green spaces, both sponsored by the Ministry of Municipalities and Housing. The sixth, “Greening Saudi Arabia,” seeks to monitor tree growth and support sustainability efforts related to the Saudi Green Initiative.
"The SpaceUp Competition extends the efforts of CST and the SSA in enhancing investment opportunities in the Saudi Space sector and stimulating research and innovation," the statement added.