Intuitive Surgical Announces $19.4 Million Second Quarter Revenue -- Up 52% Over Prior Year
Total second quarter 2002 systems sales were $15.6 million, instruments and accessories $2.7 million, and service revenue $1.1 million. The following table compares second quarter and year-to-date 2002 revenue and da Vinci(TM) Surgical System placements to the prior year.
Second Quarter Year-to-Date
--------------- ------------
2002 2001 Incr. 2002 2001 Incr.
------ ------ ----- ------ ------ ------
Revenue ($ Millions)
--------------------
da Vinci(TM)
Surgical Systems $15.6 $10.9 $4.7 $ 27.3 $21.8 $5.5
Instruments/Accys $ 2.7 $ 1.4 $1.3 $ 4.4 $ 2.3 $2.1
Service $ 1.1 $ 0.4 $0.7 $ 2.1 $ 0.7 $1.4
------ ------ ----- ------ ------ ------
$19.4 $12.7 $6.7 $ 33.8 $24.8 $9.0
System Population
-----------------
Placements 16 12 4 29 24 5
Cumulative
Placements 118 64 54 118 64 54
Intuitive's gross margin for the second quarter of 2002 was 52%, compared with
48% for the second quarter of 2001. Gross margin improvement resulted largely
from increased sales and a higher average da Vinci(TM) Surgical System selling
price.
Net loss for the second quarter of 2002 was $3.7 million, compared to a net loss of $4.2 million for the second quarter of 2001. Basic and diluted net loss per share was $0.10, compared to a net loss per share of $0.12 for the second quarter of 2001.
Commenting on the announcement, Lonnie Smith, President and CEO of Intuitive Surgical said: "We enjoyed a strong financial performance during the second quarter. We are very pleased with the continued revenue growth in all product areas. We are particularly upbeat about the improvement that we have made in gross margin, surpassing 50% for the first time."
The company will also announce these results at a conference call today at 1:30 p.m. PT. The dial-in numbers for this call are 877/909-3508 for U.S. calls and 484/630-4228 for international calls. The passcode is ISRG and the meeting leader is Mr. Lonnie Smith.
About the da Vinci(TM) Surgical System:The da Vinci(TM) Surgical System consists of a surgeon's viewing and control console having an integrated, high-performance InSite(TM) 3-D vision system, a patient-side cart consisting of three robotic arms that position and precisely maneuver endoscopic instruments and an endoscope, and a variety of articulating EndoWrist(TM) Instruments. By integrating computer-enhanced technology with surgeons' technical skills, Intuitive believes that its System enables surgeons to perform better surgery in a manner never before experienced. The da Vinci(TM) Surgical System seamlessly and directly translates the surgeon's natural hand, wrist and finger movements on instrument controls at the surgeon's console outside the patient's body into corresponding micro-movements of the instrument tips positioned inside the patient through small puncture incisions, or ports.
The statements contained in this release may be deemed to contain "forward-looking statements." Such statements are indicated by words or phrases such as "anticipate," "estimate," "projects," "believes," "intends," "expects" and similar words and phrases. Actual results may differ materially from those expressed or implied in any forward-looking statement as a result of certain risks and uncertainties, including, without limitation, competition and market acceptance of the Company's products, ability to obtain regulatory approvals and third-party reimbursement, ability to raise additional capital and other risks and uncertainties detailed in the Company's Securities and Exchange Commission filings. Prospective investors are cautioned not to place undue reliance on such forward-looking statements.
Note to Editors: Intuitive(R), da Vinci(TM), InSite(TM), and EndoWrist(TM) are trademarks of Intuitive Surgical, Inc.
INTUITIVE SURGICAL, INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Three months ended
---------------------
June 30, June 30,
2002 2001
--------- ---------
Sales $ 19,387 $ 12,720
Cost of sales 9,225 6,659
--------- ---------
Gross profit 10,162 6,061
Operating costs and expenses:
Research and development 4,645 3,336
Selling, general and administrative 9,784 7,666
--------- ---------
Total operating costs and expenses 14,429 11,002
Loss from operations (4,267) (4,941)
Other income/(expense) 527 697
--------- ---------
Net loss $ (3.740) $ (4,244)
========= =========
Weighted average shares outstanding
used to compute net loss per share 36,383 35,655
Loss per share - basic and diluted $ (0.10) $ (0.12)
INTUITIVE SURGICAL, INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Six months ended
---------------------
June 30, June 30,
2002 2001
--------- ---------
Sales $ 33,796 $ 24,799
Cost of sales 16,732 13,222
--------- ---------
Gross profit 17,064 11,577
Operating costs and expenses:
Research and development 8,877 6,567
Selling, general and administrative 18,569 14,500
--------- ---------
Total operating costs and expenses 27,446 21,067
Loss from operations (10,382) (9,490)
Other income/(expense) 1,025 1,840
--------- ---------
Net loss $ (9,357) $ (7,650)
========= =========
Weighted average shares outstanding
used to compute net loss per share 36,345 35,528
Loss per share - basic and diluted $ (0.26) $ (0.22)
INTUITIVE SURGICAL, INCORPORATED
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(Unaudited)
June 30, December 31,
2002 2001 (a)
---------- -----------
Assets
Current assets:
Cash, cash equivalents
and short-term investments $ 55,371 $ 66,661
Accounts receivable, net 15,213 13,248
Inventories, net 7,230 6,182
Prepaid expenses 1,699 3,128
---------- -----------
Total current assets 79,513 89,219
Property and equipment, net 11,104 7,834
Other assets 2,918 3,308
---------- -----------
Total assets $ 93,535 $ 100,361
========== ===========
Liabilities and stockholders' equity
Current Liabilities:
Accounts payable $ 8,033 $ 8,300
Accrued compensation and
employee benefits 3,506 2,537
Warranty provision 2,194 1,831
Accrued liabilities 3,575 3,128
Deferred revenue 3,706 3,870
Current portion of notes payable 1,022 1,631
---------- -----------
Total current liabilities 22,036 21,297
Notes payable 971 771
Stockholders' equity
Common stock 36 36
Additional paid-in capital 190,050 188,962
Deferred compensation (491) (886)
Accumulated deficit (119,727) (110,370)
Accumulated other comprehensive income 660 551
---------- -----------
Total stockholders' equity 70,528 78,293
---------- -----------
Total liabilities and stockholders' equity $ 93,535 $ 100,361
========== ===========
(a) - Derived from the audited financial statements included in our annual
report on Form 10-K for the fiscal year ended December 31, 2001.
CONTACT: Intuitive Surgical, Inc.
Ben Gong, 408/523-2175
Sarah Norton, 408/523-2161
URL: http://www.businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2002 Business Wire. All rights reserved.