Shares of Intuitive Surgical Inc. significantly rose after the company published its first-quarter report, which showed better results than expected. The success was due to the elimination of COVID-19 related delays and effective handling of backlogged orders.

By noon in New York on Thursday, the company’s shares had increased by 23%, significantly raising its market valuation. The latest share price was $824 each, giving the company a market valuation of approximately $92 billion.

Intuitive Surgical successfully overcame challenges related to the pandemic and demonstrated the resilience of its business, reaffirming its position in the medical technology market.