22-Jul-14 16:15 ET In Play Intuitive Surgical reports Q1 results, beats on revs (392.16 +3.44) : Reports Q2 (Jun) GAAP earnings of $2.77 per share, $0.03 worse than the Capital IQ Consensus Estimate of $2.80; revenues decreased 11.5% year/year to $512.2 mln vs the $505.6 mln consensus. Non-GAAP earnings were $3.73 per share, may not compare to the $2.84 Capital IQ Consensus Estimate. Non-GAAP revs were $507 mln, which excludes $6 million of net revenue associated with da Vinci Xi trade-out offers.
Worldwide procedures grew 9% over the second quarter of 2013, up 8% sequentially over the first quarter of 2014.
The Company shipped 96 systems during the second quarter, compared with 87 systems shipped in the first quarter of 2014. (vs single analyst estimate for 128 system sales)
Second quarter 2014 GAAP instrument and accessory revenue decreased by approximately 1% to $262 million compared with $265 million for the second quarter of 2013.
Systems revenue on a GAAP basis decreased to $144 million in the second quarter of 2014, compared with $216 million for the second quarter of 2013.
Second quarter 2014 services revenue increased approximately 9% to $107 million, compared with $98 million for the second quarter of 2013, reflecting growth in the installed base of da Vinci Surgical Systems.
Dr. Gary Guthart, President and CEO of Intuitive Surgical, said, "I am encouraged by several trends in the quarter. First, global procedures grew 8% on a sequential basis and 9% year over year. We launched our newest platform, the da Vinci Xi Surgical System and the market reception for it has been very positive. Also during the quarter, we strengthened our direct presence in both Japan and Europe." |
