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Intuitive Announces Q2 Earnings

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Intuitive has announced financial results for the quarter ended June 30, 2023.

Q2 Highlights

  • Worldwide da Vinci procedures grew approximately 22% compared with the second quarter of 2022. During the second quarter of 2022, the Company’s procedure volumes were negatively impacted by COVID-19 cases and increased hospitalizations and government interventions impacting parts of Asia, particularly China. The compound annual growth rate between the second quarter of 2019 and the second quarter of 2023 was approximately 17%.
  • The Company placed 331 da Vinci surgical systems, compared with 279 in the second quarter of 2022.
  • The Company grew its da Vinci surgical system installed base to 8,042 systems as of June 30, 2023, an increase of 13% compared with 7,135 as of the end of the second quarter of 2022.
  • Second quarter 2023 revenue of $1.76 billion increased 15% compared with $1.52 billion in the second quarter of 2022.
  • Second quarter 2023 GAAP net income attributable to Intuitive was $421 million, or $1.18 per diluted share, compared with $308 million, or $0.85 per diluted share, in the second quarter of 2022.
  • Second quarter 2023 non-GAAP* net income attributable to Intuitive was $507 million, or $1.42 per diluted share, compared with $415 million, or $1.14 per diluted share, in the second quarter of 2022.

Q2 Financial Summary

Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., and net income per diluted share attributable to Intuitive Surgical, Inc. 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.

Second quarter 2023 revenue was $1.76 billion, an increase of 15% compared with $1.52 billion in the second quarter of 2022. The higher second quarter revenue was driven by growth in da Vinci procedure volume and an increase in the installed base of systems.

Second quarter 2023 instruments and accessories revenue increased by 20% to $1.08 billion, compared with $0.90 billion in the second quarter of 2022. The increase in instruments and accessories revenue was primarily driven by approximately 22% growth in da Vinci procedure volume.

Second quarter 2023 systems revenue was $393 million, compared with $375 million in the second quarter of 2022. The Company placed 331 da Vinci surgical systems in the second quarter of 2023, compared with 279 systems in the second quarter of 2022. The second quarter 2023 da Vinci surgical system placements included 164 systems placed under operating lease arrangements, of which 91 systems were placed under usage-based operating lease arrangements, compared with 117 systems placed under operating lease arrangements, of which 50 systems were placed under usage-based operating lease arrangements in the second quarter of 2022.

Second quarter 2023 GAAP income from operations increased to $463 million, compared with $398 million in the second quarter of 2022. Second quarter 2023 GAAP income from operations included share-based compensation expense of $148 million, compared with $127 million in the second quarter of 2022. Second quarter 2023 non-GAAP* income from operations increased to $618 million, compared with $531 million in the second quarter of 2022.

Second quarter 2023 GAAP net income attributable to Intuitive Surgical, Inc. was $421 million, or $1.18 per diluted share, compared with $308 million, or $0.85 per diluted share, in the second quarter of 2022. Second quarter 2023 GAAP net income attributable to Intuitive Surgical, Inc. included excess tax benefits of $42 million, or $0.12 per diluted share, compared with $9 million, or $0.03 per diluted share, in the second quarter of 2022.

Second quarter 2023 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $507 million, or $1.42 per diluted share, compared with $415 million, or $1.14 per diluted share, in the second quarter of 2022.

The Company ended the second quarter of 2023 with $7.13 billion in cash, cash equivalents, and investments, an increase of $553 million during the quarter, primarily driven by cash generated from operations, partially offset by capital expenditures.

Source: Intuitive

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