SUNNYVALE, Calif., Oct. 21, 2014 (GLOBE NEWSWIRE) -- Intuitive Surgical, Inc. (Nasdaq:ISRG), the industry leader in robotic-assisted surgery, today announced financial results for the quarter ended September 30, 2014.
Q3 Highlights
- Worldwide da Vinci procedures grew nearly 10% over the third quarter of 2013.
- The Company placed 111 da Vinci Surgical Systems, compared to 101 in the third quarter of 2013 and 96 in the second quarter of 2014.
- The Company increased da Vinci Xi System sales from 50 during the second quarter of 2014, the quarter of launch, to 59 in the third quarter of 2014.
- The Company’s Firefly fluorescence imaging product was cleared by the FDA for use with da Vinci Xi.
- The Company’s wristed Single-Site needle driver was cleared by the FDA for use on benign hysterectomy, cholecystectomy, and salpingo-oophorectomy procedures.
Q3 Financial Summary
Revenue, gross profits, income from operations, net income, and earnings 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.
GAAP revenue in the third quarter of 2014 was $550 million, an increase of approximately 10% compared with $499 million in the third quarter of 2013. Non-GAAP revenue in the third quarter was $534 million, an increase of approximately 7% compared with $499 million in the third quarter of 2013. Non-GAAP revenue excludes $16 million of net revenue associated with da Vinci Xi trade-out offers.
Third quarter 2014 GAAP instrument and accessory revenue increased by approximately 14% to $273 million compared with $239 million for the third quarter of 2013. The increase in revenue was driven by approximately 10% higher da Vinci procedure volume and timing of customer orders. Higher procedure volume was driven by growth in U.S. general surgery procedures and worldwide urologic procedures.
Systems revenue on a GAAP basis increased to $169 million in the third quarter of 2014, compared with $159 million for the third quarter of 2013. Systems revenue on a non-GAAP basis decreased to $154 million in the third quarter of 2014, compared with $159 million for the third quarter of 2013. Intuitive Surgical shipped 111 da Vinci Surgical Systems during the three months ended September 30, 2014, compared with 101 in the same period last year.
Third quarter 2014 services revenue increased approximately 7% to $109 million, compared with $101 million for the third quarter of 2013, reflecting growth in the installed base of da Vinci Surgical Systems. GAAP and non-GAAP service revenue was the same in both quarters.
Third quarter 2014 GAAP income from operations decreased to $159 million, compared with $174 million in the third quarter of 2013. Third quarter 2014 non-GAAP income from operations decreased to $197 million, compared with $230 million in the third quarter of 2013.
Third quarter 2014 GAAP net income was $124 million, or $3.35 per diluted share, compared with $157 million, or $3.99 per diluted share, for the third quarter of 2013. Third quarter 2014 non-GAAP net income was $145 million, or $3.92 per diluted share, compared with $194 million, or $4.94 per diluted share, for the third quarter of 2013.
Intuitive Surgical ended the third quarter of 2014 with $2.3 billion in cash, cash equivalents, and investments, an increase of $219 million during the quarter, primarily driven by cash generated from operations.
Commenting on the announcement, Dr. Gary Guthart, President and CEO of Intuitive Surgical, said, “We are pleased with our third quarter procedure and da Vinci system placement growth, the positive surgeon response to our da Vinci Xi System, and our progress in expanding our international business.”
Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at: http://phx.corporate-ir.net/phoenix.zhtml?c=122359&p=irol-IRHome
Webcast and Conference Call Information
Intuitive Surgical will hold a teleconference at 1:30 p.m. PDT today to discuss the third quarter 2014 financial results. The call is being webcast by NASDAQ OMX and can be accessed at Intuitive Surgical’s website at www.intuitivesurgical.com or by dialing (800) 230-1092; or (612) 288-0337.
About Intuitive Surgical, Inc.
Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale, Calif., is the global leader in robotic-assisted, minimally invasive surgery. Intuitive Surgical develops, manufactures and markets the da Vinci Surgical System. Intuitive Surgical’s mission is to extend the benefits of minimally invasive surgery to those patients who can and should benefit from it.
About the da Vinci Surgical System
The da Vinci Surgical System is a surgical platform designed to enable complex surgery using a minimally invasive approach. The da Vinci Surgical System consists of an ergonomic surgeon console or consoles, a patient-side cart with three or four interactive arms, a high-performance vision system and proprietary EndoWrist® instruments. Powered by state-of-the-art technology, the da Vinci Surgical System is designed to scale, filter and seamlessly translate the surgeon’s hand movements into more precise movements of the EndoWrist instruments. The net result is an intuitive interface with improved surgical capabilities. By providing surgeons with superior visualization, enhanced dexterity, greater precision and ergonomic comfort, the da Vinci Surgical System makes it possible for skilled surgeons to perform more minimally invasive procedures involving complex dissection or reconstruction. For more information about clinical evidence related to da Vinci Surgery, please visit www.intuitivesurgical.com/company/clinical-evidence/
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