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Intuitive Announces Q4 Earnings

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Intuitive announces financial results for the quarter ended December 31, 2023.

Q4 Highlights

  • Worldwide da Vinci procedures grew approximately 21% compared with the fourth quarter of 2022.
  • The Company placed 415 da Vinci surgical systems, compared with 369 in the fourth quarter of 2022.
  • The Company grew its da Vinci surgical system installed base to 8,606 systems as of December 31, 2023, an increase of 14% compared with 7,544 as of the end of the fourth quarter of 2022.
  • Fourth quarter 2023 revenue of $1.93 billion increased 17% compared with $1.66 billion in the fourth quarter of 2022.
  • Fourth quarter 2023 GAAP net income attributable to Intuitive was $606 million, or $1.69 per diluted share, compared with $325 million, or $0.91 per diluted share, in the fourth quarter of 2022.
  • Fourth quarter 2023 non-GAAP* net income attributable to Intuitive was $574 million, or $1.60 per diluted share, compared with $439 million, or $1.23 per diluted share, in the fourth quarter of 2022.
  • Fourth quarter 2023 expenses included a $40 million contribution to the Intuitive Foundation.
  • In January 2024, the Company obtained CE mark certification for the da Vinci single-port (SP) surgical system for use in endoscopic abdominopelvic, thoracoscopic, transoral otolaryngology, transanal colorectal, and breast surgical procedures. The Company plans to commercialize the SP system in select major European countries throughout 2024 as part of a measured rollout strategy.

Q4 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.

Fourth quarter 2023 revenue was $1.93 billion, an increase of 17% compared with $1.66 billion in the fourth quarter of 2022. The higher fourth quarter revenue was driven by growth in da Vinci procedure volume and an increase in the installed base of systems.

Fourth quarter 2023 instruments and accessories revenue increased by 22% to $1.14 billion, compared with $0.94 billion in the fourth quarter of 2022. The increase in instruments and accessories revenue was primarily driven by approximately 21% growth in da Vinci procedure volume and higher pricing, partially offset by customer buying patterns.

Fourth quarter 2023 systems revenue was $480 million, compared with $451 million in the fourth quarter of 2022. The Company placed 415 da Vinci surgical systems in the fourth quarter of 2023, compared with 369 systems in the fourth quarter of 2022. The fourth quarter 2023 da Vinci surgical system placements included 201 systems placed under operating lease arrangements, of which 109 systems were placed under usage-based operating lease arrangements, compared with 154 systems placed under operating lease arrangements, of which 70 systems were placed under usage-based operating lease arrangements in the fourth quarter of 2022.

Fourth quarter 2023 GAAP income from operations increased to $450 million, compared with $373 million in the fourth quarter of 2022. Fourth quarter 2023 GAAP income from operations included share-based compensation expense of $152 million, compared with $129 million in the fourth quarter of 2022. Fourth quarter 2023 non-GAAP* income from operations increased to $621 million, compared with $530 million in the fourth quarter of 2022.

Fourth quarter 2023 GAAP net income attributable to Intuitive Surgical, Inc. was $606 million, or $1.69 per diluted share, compared with $325 million, or $0.91 per diluted share, in the fourth quarter of 2022. Fourth quarter 2023 GAAP net income attributable to Intuitive Surgical, Inc. included excess tax benefits of $22 million, or $0.06 per diluted share, compared with $18 million, or $0.05 per diluted share, in the fourth quarter of 2022. Fourth quarter 2023 GAAP net income attributable to Intuitive Surgical, Inc. also included income tax benefits arising from the re-measurement of our Swiss deferred tax assets of $67 million, or $0.19 per diluted share, and the receipt of certain tax assets by our Swiss entity of $92 million, or $0.26 per diluted share. These benefits are excluded from non-GAAP net income.

Fourth quarter 2023 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $574 million, or $1.60 per diluted share, compared with $439 million, or $1.23 per diluted share, in the fourth quarter of 2022. Fourth quarter 2023 GAAP and non-GAAP* net income included a discrete tax benefit of $23 million, or $0.06 per diluted share, arising from the release of unrecognized tax benefits due to statute expiration in various jurisdictions.

The Company ended the fourth quarter of 2023 with $7.34 billion in cash, cash equivalents, and investments, a decrease of $177 million during the quarter, primarily driven by capital expenditures, partially offset by cash generated from operations.

Source: Intuitive

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