My favorite company, Intuitive Surgical Inc. (NASDAQ: ISRG), the maker of the da Vinci Surgical System reported earnings Tuesday afternoon that creamed Street guesstimates by 10 cents per share. Intuitive posted earnings per share of $1.28 versus analyst consensus of $1.18.

For the 23rd quarter in a row, just like clockwork and without missing a beat, Intuitive's top and bottom line growth simply ignored the global economy, blazing its own trail. I wonder how ISRG would have done if the economy was not in the dumps?

Overall, second quarter revenue shot up 56% from $142.2 million to $219.2 million. Instruments and accessories revenue increased 61% to $73.6 million from $45.8 million. Training revenue increased 44% to $29.4 million from $20.3 million during the second quarter of 2007.

Lonnie Smith, Chairman and CEO of Intuitive Surgical, said, "We are pleased with our second quarter revenue and earnings growth. These results reflect the continued adoption of the da Vinci Surgical System platform across a broadening group of surgical procedures."

He should be a lot more than pleased; I am. Besides top and bottom line growth along all revenue streams, the company also ended the second quarter of 2008 with cash, cash equivalents and investments of $740 million, up $104 million from December 31, 2007.

I have recommended ISRG many times, but looking back to last July for some of my rationale would be worth a gander if you missed it: Intuitive Surgical jumps over 32% - where's the ceiling? At the time, the stock was trading under $200 per share even after the big increase.

I still think this stock belongs on your watch list and that there is no reason why it will not double in size in the next few years. I have no timetable but I do not see anything getting in its way. Of course, that is possible, but it seems to hold all of the patents and have the scale, experience and partnerships to hold the court for a long time.

Before the earnings report ISRG closed at $280.23. Afterwards, in extended hours trading, it was changing hands at $332.77 a share. It opened today at $313.495 and traded 16% higher at around $325 by 9:52 am. After Market Update: Closing price $331.13, +$50.90 (+18.16%)

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money. DISCLOSURE: I currently own shares of ISRG.