Intuitive Surgical, Inc. Announces Fourth Quarter Earnings

SUNNYVALE, Calif., Jan. 22, 2015 (GLOBE NEWSWIRE) -- Intuitive Surgical, Inc. (Nasdaq:ISRG), the industry leader in robotic-assisted surgery, today announced financial results for the quarter ended December 31, 2014. Reported revenue and procedures were consistent with the January 13^th press release.

Q4 Highlights

• Worldwide da Vinci procedures grew approximately 10% over the fourth quarter of 2013, driven by growth in U.S. general surgery procedures and worldwide urologic procedures.
• The Company placed 137 da Vinci Surgical Systems, compared to 138 in the fourth quarter of 2013 and 111 in the third quarter of 2014.
• Non-GAAP* revenue of $601 million for the quarter grew approximately 4% compared with $576 million last year.
• Fourth quarter 2014 non-GAAP* net income was $184 million, or $4.92 per diluted share, compared with $193 million, or $4.98 per diluted share, for the fourth quarter of 2013.
• The Company increased sales of the recently introduced da Vinci Xi System to 97 in the fourth quarter of 2014, compared to 59 in the third quarter of 2014, and 50 during the second quarter of 2014, the quarter of launch.
• The Company received regulatory clearance and began to sell the da Vinci Xi System in Korea in the fourth quarter of 2014.
• The Company launched its wristed Single Site needle driver in the fourth quarter of 2014.

Q4 Financial Summary

Revenue, gross profits, income from operations, net income, and net income per share are reported on a GAAP and non-GAAP basis. The non-GAAP measures are described below and are reconciled to the corresponding GAAP measures at the end of this release.

Revenue in the fourth quarter of 2014 was $605 million, an increase of approximately 5% compared with $576 million in the fourth quarter of 2013. Non-GAAP revenue in the fourth quarter was $601 million, an increase of approximately 4% compared with $576 million in the fourth quarter of 2013. Non-GAAP revenue excludes $4 million of net revenue associated with da Vinci Xi System trade-out offers.

Fourth quarter 2014 instrument and accessory revenue increased by approximately 5% to $281 million compared with $268 million for the fourth quarter of 2013. Instrument and accessory revenue on a non-GAAP basis increased to $280 million in the fourth quarter of 2014 compared to $268 million in the fourth quarter of 2013. Non-GAAP instrument and accessory revenue excludes $1 million of net revenue associated with da Vinci Xi System trade-out offers.

Systems revenue increased to $214 million in the fourth quarter of 2014, compared with $205 million for the fourth quarter of 2013. Systems revenue on a non-GAAP basis increased to $211 million in the fourth quarter of 2014, compared with $205 million for the fourth quarter of 2013. Non-GAAP systems revenue excludes $3 million of net revenue associated with da Vinci Xi System trade-out offers. Intuitive Surgical placed 137 da Vinci Surgical Systems in the fourth quarter of 2014, compared with 138 in the same period last year.