Intuitive Surgical Announces Second Quarter Earnings GlobeNewswire•July 19, 2018
SUNNYVALE, Calif., July 19, 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 June 30, 2018.
Q2 Highlights
Worldwide da Vinci procedures grew approximately 18% compared with the second quarter of 2017, driven primarily by growth in U.S. general surgery procedures and worldwide urologic procedures.
The Company shipped 220 da Vinci Surgical Systems compared with 166 in the second quarter of 2017.
Second quarter 2018 revenue of $909 million grew approximately 20% compared with $759 million for the second quarter of 2017.
Second quarter 2018 GAAP net income was $255 million, or $2.15 per diluted share, compared with $223 million, or $1.94 per diluted share, for the second quarter of 2017.
Second quarter 2018 non-GAAP* net income was $327 million, or $2.76 per diluted share, compared with $230 million, or $2.00 per diluted share, for the second quarter of 2017.
The Company received U.S. Food and Drug Administration clearance for the Vessel Sealer Extend, the da Vinci SP Surgical System for use in certain urology procedures, and the SureForm 60, a single-patient use 60mm stapler, in April 2018, May 2018, and July 2018, respectively.Q2 Financial Summary
Gross profit, income from operations, net income, net income 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.
Second quarter 2018 revenue was $909 million, an increase of approximately 20% compared with $759 million in the second quarter of 2017.
Second quarter 2018 instrument and accessory revenue increased by approximately 20% to $476 million, compared with $398 million for the second quarter of 2017, primarily driven by approximately 18% growth in da Vinci procedure volume.
Second quarter 2018 systems revenue increased by approximately 25% to $277 million, compared with $221 million for the second quarter of 2017. The Company shipped 220 da Vinci Surgical Systems in the second quarter of 2018, compared with 166 in the second quarter of 2017. The second quarter 2018 system shipments included 44 systems shipped under operating lease arrangements, compared with 27 during the second quarter of 2017.
Second quarter 2018 service revenue increased by approximately 11% to $156 million, compared with $140 million for the second quarter of 2017.
Second quarter 2018 GAAP income from operations increased to $277 million, compared with $260 million in the second quarter of 2017. Second quarter 2018 GAAP income from operations included the previously announced pre-tax litigation charge of $43 million. Second quarter 2018 non-GAAP* income from operations increased to $389 million, compared with $315 million in the second quarter of 2017.
Second quarter 2018 GAAP net income was $255 million, or $2.15 per diluted share, compared with $223 million, or $1.94 per diluted share, for the second quarter of 2017.
Second quarter 2018 non-GAAP* net income was $327 million, or $2.76 per diluted share, compared with $230 million, or $2.00 per diluted share, for the second quarter of 2017.
The Company ended the second quarter of 2018 with $4.3 billion in cash, cash equivalents, and investments, an increase of $191 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’ increased use of da Vinci in the second quarter and the financial results that follow. We remain dedicated to working with our customers to deliver superior programs, while continuing to build on our record of innovation - including the recent clearances of our SP surgical system and 3rd generation stapling platform.”
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 second quarter 2018 financial results. The call is being webcast by Nasdaq OMX and can be accessed at Intuitive Surgical’s website at www.intuitivesurgical.comor by dialing (800) 230-1085 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™.
About the da Vinci Surgical System
There are several models of the da Vinci surgical system. The da Vinci surgical systems are designed to help surgeons perform minimally invasive surgery. Da Vinci systems offer surgeons high-definition 3D vision, a magnified view, and robotic and computer assistance. They use specialized instrumentation, including a miniaturized surgical camera and wristed instruments (i.e., scissors, scalpels and forceps) that are designed to help with precise dissection and reconstruction deep inside the body.
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