Posted by Joe Baker | Posted in BioTech News, General, Industry News, Medical Device News, Press Release | Posted on 22-10-2014
Intuitive Surgical, Inc. (Nasdaq:ISRG), the industry leader in robotic-assisted surgery, today announced financial results for the quarter ended September 30, 2014.
- Worldwide da Vinci procedures grew nearly 10% over the third quarter of 2013.
- The Company placed 111 da Vinci Surgical Systems, compared to 101 in the third quarter of 2013 and 96 in the second quarter of 2014.
- The Company increased da Vinci Xi System sales from 50 during the second quarter of 2014, the quarter of launch, to 59 in the third quarter of 2014.
- The Company’s Firefly fluorescence imaging product was cleared by the FDA for use with da Vinci Xi.
- The Company’s wristed Single-Site needle driver was cleared by the FDA for use on benign hysterectomy, cholecystectomy, and salpingo-oophorectomy procedures.
Q3 Financial Summary
Revenue in the third quarter of 2014 was $550 million, an increase of approximately 10% compared with $499 million in the third quarter of 2013.
Third quarter 2014 GAAP instrument and accessory revenue increased by approximately 14% to $273 million compared with$239 million for the third quarter of 2013. The increase in revenue was driven by approximately 10% higher da Vinci procedure volume and timing of customer orders. Higher procedure volume was driven by growth in U.S. general surgery procedures and worldwide urologic procedures.
Systems revenue increased to $169 million in the third quarter of 2014, compared with $159 million for the third quarter of 2013. Systems revenue decreased to $154 million in the third quarter of 2014, compared with $159 million for the third quarter of 2013. Intuitive Surgical shipped 111 da Vinci Surgical Systems during the three months ending September 30, 2014, compared with 101 in the same period last year.
Intuitive Surgical ended the third quarter of 2014 with $2.3 billion in cash, cash equivalents, and investments, an increase of$219 million during the quarter, primarily driven by cash generated from operations.
Commenting on the announcement, Dr. Gary Guthart, President and CEO of Intuitive Surgical, said, “We are pleased with our third quarter procedure and da Vinci system placement growth, the positive surgeon response to our da Vinci Xi System, and our progress in expanding our international business.”