Intuitive Surgical Announces First Quarter Earnings
GlobeNewswire• April 17, 2018
SUNNYVALE, Calif., April 17, 2018 (GLOBE NEWSWIRE) --
Intuitive Surgical, Inc. (“Intuitive”) ( ISRG), a global technology leader in robotic-assisted, minimally invasive surgery, today announced financial results for the quarter ended March 31, 2018.
Q1 Highlights
Worldwide da Vinci procedures grew approximately 15% compared with the first quarter of 2017, driven primarily by growth in U.S. general surgery procedures and worldwide urologic procedures.The Company shipped 185 da Vinci Surgical Systems compared with 133 in the first quarter of 2017.First quarter 2018 revenue of $848 million grew approximately 25% compared with $680 million for the first quarter of 2017. Foreign currency changes contributed approximately three percentage points to the revenue growth. First quarter 2017 revenue also reflected a $23 million revenue deferral.First quarter 2018 GAAP net income was $288 million, or $2.44 per diluted share, compared with $181 million, or $1.57 per diluted share, for the first quarter of 2017.First quarter 2018 non-GAAP* net income was $288 million, or $2.44 per diluted share, compared with $197 million, or $1.71 per diluted share, for the first quarter of 2017.In Japan, 12 da Vinci procedures within the specialties of general surgery, gynecology, and cardiothoracic surgery were granted national reimbursement status in Japan effective April 1, 2018 and our da Vinci X system was approved on April 4, 2018.
Q1 Financial Summary
Gross profit, income from operations, net income (loss), net income (loss) per diluted share, and diluted shares 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.
Effective in the first quarter 2018, the Company adopted a new revenue standard using the full retrospective method and all historical information has been restated accordingly. As a result, first quarter 2017 total revenue increased by $5 million and GAAP and non-GAAP* net income increased by $1 million, or $0.01 per diluted share.
First quarter 2018 revenue was $848 million, an increase of approximately 25% compared with $680 million in the first quarter of 2017. First quarter 2017 results reflected the deferral of $23 million of revenue associated with a customer trade-out program.
First quarter 2018 instrument and accessory revenue increased by approximately 21% to $460 million, compared with $381 million for the first quarter of 2017, primarily driven by approximately 15% growth in da Vinci procedure volume.
First quarter 2018 systems revenue increased by approximately 46% to $235 million, compared with $161 million for the first quarter of 2017. The Company shipped 185 da Vinci Surgical Systems in the first quarter of 2018, compared with 133 in the first quarter of 2017. The first quarter 2018 system shipments included 43 systems shipped under operating lease arrangements, compared with 21 during the first quarter of 2017. First quarter 2017 systems revenue also reflected the impact of the trade-out program revenue deferral noted above. First quarter 2018 service revenue increased by approximately 11% to $153 million, compared with $138 million for the first quarter of 2017.
First quarter 2018 GAAP income from operations increased to $277 million, compared with $193 million in the first quarter of 2017. First quarter 2018 non-GAAP* income from operations increased to $346 million, compared with $266 million in the first quarter of 2017.
First quarter 2018 GAAP net income was $288 million, or $2.44 per diluted share, compared with $181 million, or $1.57 per diluted share, for the first quarter of 2017.
First quarter 2018 non-GAAP* net income was $288 million, or $2.44 per diluted share, compared with $197 million, or $1.71 per diluted share, for the first quarter of 2017.
The Company ended the first quarter of 2018 with $4.1 billion in cash, cash equivalents, and investments, an increase of $222 million during the quarter, primarily driven by cash generated from operations.
Commenting on the announcement, Gary Guthart, President and CEO of Intuitive Surgical, said, “We are pleased with our customers’ continued adoption of Intuitive’s products into their minimally invasive surgery programs. We remain deeply focused on meeting their clinical, workflow, and economic needs.”
Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive Surgical website at: globenewswire.com.
Webcast and Conference Call Information
Intuitive Surgical will hold a teleconference at 1:30 p.m. PDT today to discuss the first quarter 2018 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) 230-1059 or (612) 234-9960.
About Intuitive Surgical, Inc.
Intuitive Surgical, Inc. ( ISRG), headquartered in Sunnyvale, California, is a global technology leader in robotic-assisted, minimally invasive surgery. Intuitive Surgical develops, manufactures, and markets robotic technologies designed to improve clinical outcomes and help patients return more quickly to active and productive lives. The Company’s mission is to extend the benefits of minimally invasive surgery to the broadest possible base of patients. Intuitive Surgical - Taking surgery beyond the limits of the human hand™. |
