Apr 16 2010
Intuitive Surgical, Inc. (Nasdaq:ISRG), the industry leader in surgical robotics, today reported first quarter of 2010 revenue of $329 million, up from $188 million for the first quarter of 2009. First quarter of 2010 revenue growth was driven by continued robotic procedure adoption and higher da Vinci Surgical System sales. For comparison purposes, as previously reported, first quarter 2009 revenue was reduced by a total of $20 million related to revenue deferred in association with the introduction of the da Vinci Si system, $18 million from systems revenue and $2 million from accessory revenue.
First quarter of 2010 instruments and accessories revenue increased to $123 million from $80 million in the first quarter of 2009. The growth in instruments and accessories revenue was primarily driven by growth in da Vinci surgical procedures of approximately 37% and higher initial instrument and accessory stocking orders associated with higher da Vinci Surgical System sales. First quarter of 2010 systems revenue was $155 million, compared to $70 million during the first quarter of 2009. 104 da Vinci Surgical Systems were sold during the first quarter of 2010 compared to 66 sold during the first quarter of 2009. First quarter of 2010 service revenue increased 29% to $51 million from $39 million during the first quarter of 2009, reflecting growth in the installed base of da Vinci Surgical Systems.
First quarter of 2010 operating income increased to $130 million from $45 million during the first quarter of 2009. First quarter 2009 operating income was reduced by $20 million related to the revenue deferrals described above. Operating results for the first quarter of 2010 included $27 million of non-cash stock-based compensation expense compared with $23 million for the first quarter of 2009.
First quarter of 2010 net income was $85 million, or $2.12 per diluted share, compared with $28 million, or $0.72 per diluted share for the first quarter of 2009. The first quarter 2009 revenue deferral reduced net income for the period by approximately $12 million, or $0.30 per diluted share.
Commenting on the announcement, Gary Guthart, President and CEO of Intuitive Surgical, said, "We are pleased with our first quarter performance as we continue to extend the benefits of da Vinci surgery to patients worldwide."
The Company will also announce these results at a conference call today at 1:30 pm PDT. The dial-in numbers for the call are 877-909-3508 for participants located in the United States and 517-645-6051 for participants located outside the United States. The passcode is ISRG and the meeting leader is Mr. Gary Guthart. To access financial information that will be discussed on the call, please visit Intuitive Surgical's website at www.intuitivesurgical.com.
Source: Intuitive Surgical, Inc.