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Intuitive: The Company Shipped 117

The following excerpt is from the company's SEC filing.

da Vinci

Surgical Systems, compared with 111 in the third quarter of 2014 and 118 in the second quarter of 2015.

Non-GAAP* revenue of $590 million for the quarter grew approximately 10% compared with $534 million for the third quarter of 2014.

Third quarter 2015 non-GAAP* net income was $199 million, or $5.24 per diluted share, compared with $145 million, or $3.92 per diluted share, for the third quarter of 2014. The Company’s third quarter 2015 income tax expense benefited by approximately $29 million, or $0.77 per diluted share, relating to certain tax benefits recorded in the quarter.
< br>During the third quarter 2015 the Company filed for FDA 510(k) clearances in the U.S. for

Single-Site

instruments and 30mm

EndoWrist

stapler products for the

da Vinci Xi

Surgical System.

Q3 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.

Third quarter 2015 revenue was $590 million, an increase of approximately 7% compared with $550 million in the third quarter of 2014. Third quarter 2015 non-GAAP revenue was equal to GAAP revenue and increased by approximately 10%, compared with $534 million in the third quarter of 2014. Third quarter 2014 non-GAAP revenue excluded $16 million of net revenue associated with

System trade-out offers.

Third quarter 2015 instrument and accessory revenue increased by approximately 9% to $298 million, compared with $273 million for the third quarter of 2014 driven by approximately 15% growth in

procedure volume. Third quarter 2015 non-GAAP instrument and accessory revenue was equal to GAAP instrument and accessory revenue and increased by approximately 10%, compared with $272 million in the third quarter of 2014. Third quarter 2014 non-GAAP instrument and accessory revenue excluded $1 million of net revenue associated with

System trade-out offers.

Third quarter 2015 systems revenue increased by approximately 3% to $174 million, compared with $169 million for the third quarter of 2014. Third quarter 2015 non-GAAP systems revenue was equal to GAAP systems revenue and increased by approximately 13%, compared with $154 million in the third quarter of 2014. Third quarter 2014 non-GAAP systems revenue excluded $15 million of net revenue associated with

System trade-out offers. Intuitive Surgical shipped 117

Surgical Systems in the third quarter of 2015, compared with 111 in the same period last year.

Third quarter 2015 service revenue increased by approximately 8% to $117 million, compared with $109 million for the third quarter of 2014. GAAP and non-GAAP service revenue were the same in both quarters.

Third quarter 2015 income from operations increased to $190 million, compared with $159 million in the third quarter of 2014. Third quarter 2015 non-GAAP income from operations increased to $240 million, compared with $197 million in the third quarter of 2014.

Third quarter 2015 GAAP net income was $167 million, or $4.40 per diluted share, compared with $124 million, or $3.35 per diluted share, for the third quarter of 2014. Third quarter 2015 non-GAAP net income was $199 million, or $5.24 per diluted share, compared with $145 million, or $3.92 per diluted share, for the third quarter of 2014. Third quarter 2015 GAAP and non-GAAP* net income benefited by approximately $29 million, or $0.77 per diluted share, relating to certain tax benefits recorded during the quarter.

Intuitive Surgical ended the third quarter of 2015 with $3.1 billion in cash, cash equivalents, and investments, an increase of $257 million during the quarter, primarily driven by cash generated from operations and proceeds from employee stock option exercises.

Commenting on the announcement, Dr. Gary Guthart, President and CEO of Intuitive Surgical, said, “We are pleased with our third quarter procedure growth and financial results. We believe our customers benefit from a large community of users and our technology ecosystem.”

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=iro...

Webcast and Conference Call Information

Intuitive Surgical will hold a teleconference at 1:30 p.m. PDT today to discuss the third quarter 2015 financial results. The call is being webcast by...


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