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Intuitive Surgical Announces First Quarter Earnings

SUNNYVALE, Calif., Apr 19, 2016 (GLOBE NEWSWIRE via COMTEX) --

Intuitive Surgical, Inc. ISRG, -0.35% the industry leader in robotic-assisted surgery, today announced financial results for the quarter ended March 31, 2016.

Q1 Highlights

  • Worldwide da Vinci procedures grew nearly 17% compared with the first quarter of 2015, driven primarily by growth in U.S. general surgery procedures and worldwide urologic procedures.

  • The Company shipped 110 da Vinci Surgical Systems, compared with 99 in the first quarter of 2015.

  • First quarter 2016 revenue of $595 million grew approximately 12% compared with $532 million for the first quarter of 2015.

  • First quarter 2016 non-GAAP* net income was $170 million, or $4.42 per diluted share, compared with $135 million, or $3.57 per diluted share, for the first quarter of 2015.

  • In March 2016, the Company received FDA 510(k) clearances in the U.S. for Single-Site instruments and the 30mm EndoWrist stapler products for the da Vinci Xi Surgical System.

Q1 Financial Summary

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.

First quarter 2016 revenue was $595 million, an increase of approximately 12% compared with $532 million in the first quarter of 2015. Higher first quarter revenue was driven by growth in recurring instrument, accessory, and service revenue, and higher systems revenue.

First quarter 2016 instrument and accessory revenue increased by approximately 16% to $322 million, compared with $277 million for the first quarter of 2015, primarily driven by nearly 17% growth in da Vinci procedure volume. First quarter 2016 service revenue increased by approximately 9% to $125 million, compared with $114 million for the first quarter of 2015.

First quarter 2016 systems revenue increased by approximately 5% to $148 million, compared with $141 million for the first quarter of 2015. Intuitive Surgical shipped 110 da Vinci Surgical Systems in the first quarter of 2016, compared with 99 in the first quarter of 2015. A total of 19 of the first quarter 2016 da Vinci Surgical Systems were shipped under operating lease arrangements, compared with 9 during the first quarter of 2015.

First quarter 2016 income from operations increased to $179 million, compared with $130 million in the first quarter of 2015. First quarter 2016 non-GAAP income from operations increased to $229 million, compared with $185 million in the first quarter of 2015.

First quarter 2016 GAAP net income was $136 million, or $3.54 per diluted share, compared with $97 million, or $2.57 per diluted share, for the first quarter of 2015. First quarter 2016 non-GAAP net income was $170 million, or $4.42 per diluted share, compared with $135 million, or $3.57 per diluted share, for the first quarter of 2015.

Intuitive Surgical ended the first quarter of 2016 with $3.8 billion in cash, cash equivalents, and investments, an increase of $453 million during the quarter, primarily driven by proceeds from common stock issued and cash generated from operations.

Commenting on the announcement, Dr. Gary Guthart, President and CEO of Intuitive Surgical, said, "Our first quarter strength in total procedure growth and general surgery shows continued expansion of high-quality minimally invasive surgical options around the world. We are pleased that da Vinci technology remains a driver for improved surgical outcomes, building value for hospitals, surgeons and their patients and payers."

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 first quarter 2016 financial results. The call is being webcast by NASDAQ OMX and can be accessed at Intuitive Surgical's website at http://www.intuitivesurgical.com/ or by dialing (800) 700-7860 or (612) 332-7516.

About Intuitive Surgical, Inc.
Intuitive Surgical, Inc. ISRG, -0.35% headquartered in Sunnyvale, Calif., is the industry leader in robotic-assisted, minimally invasive surgery. Intuitive Surgical develops, manufactures, and markets the da Vinci Surgical System.

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...


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