Despite ongoing concerns about a rich valuation, shares of healthcare robotics and artificial intelligence (AI) stock Intuitive Surgical (NASDAQ: ISRG) had a stellar 2023. In fact, management just provided preliminary fourth-quarter 2023 earnings, as well as a first look at expectations for 2024, and investors were pleased. Intuitive stock just hit fresh all-time highs, and rallied nearly 40% over the last 12-month stretch.

The company believes it has ample opportunities left to address critical issues in healthcare: improving patient care, and labor shortages due to an aging population. AI and robotics are getting increasing attention in the 2020s as solutions to these problems, putting Intuitive in prime position to benefit. But is the stock really a good buy for 2024, or is it all just hype?

Intuitive just reported preliminary results for Q4 2023, indicating that worldwide procedures performed with its da Vinci robotic surgery system increased 21% from 2022, and were up 22% for full-year 2023. In part, the stellar growth was due to lapping depressed results from the resurgence of COVID-19 in China at the end of last year.

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Source Fool.com