Intuitive Surgical Announces First Quarter Earnings
First quarter 2009 instruments and accessories revenue increased to
First quarter 2009 systems revenue of
Three Months Ended
March 31,
----------------------------
Revenue ($Millions) 2009 2008 Incr/(Decr)
------------------ ------ ------ ----------
Instruments/Accessories $ 79.6 $ 61.9 $ 17.7
Systems 69.5 99.1 (29.6)
Service 39.3 27.2 12.1
----------------------------
$188.4 $188.2 $ 0.2
----------------------------
First quarter 2009 operating income of
First quarter 2009 net income was
During the first quarter 2009 Intuitive entered into a
Commenting on the announcement,
The Company will also announce these results at a conference call today at
About Intuitive's Products
About the da Vinci(r) Surgical System
The da Vinci(r) System is a breakthrough surgical platform designed to enable complex surgery using a minimally invasive approach. The da Vinci(r) System consists of an ergonomic surgeon console, a patient-side cart with four interactive robotic arms, a high-performance vision system and proprietary EndoWrist(r) instruments. Powered by state-of-the-art robotic and computer technology, the da Vinci(r) System is designed to scale, filter and seamlessly translate the surgeon's hand movements into more precise movements of the EndoWrist(r) instruments. The net result is an intuitive interface with breakthrough surgical capabilities. By providing surgeons with superior visualization, enhanced dexterity, greater precision and ergonomic comfort, the da Vinci Surgical System makes it possible for more surgeons to perform minimally invasive procedures involving complex dissection or reconstruction. This ultimately has the potential to raise the standard of care for complex surgeries, translating into numerous potential patient benefits, including less pain, a shorter recovery and quicker return to normal daily activities.
Intuitive(r), da Vinci(r), da Vinci(r) S(tm), da Vinci(r) Si(tm), InSite(r) and EndoWrist(r) are trademarks or registered trademarks of
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are necessarily estimates reflecting the best judgment of our management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These forward-looking statements should, therefore, be considered in light of various important factors, including the following: the impact of the global economic recession and tightening credit market and related impact on health care spending; timing and success of product development and market acceptance of developed products; regulatory approvals, clearances and restrictions; guidelines and recommendations in the health care and patient communities; intellectual property positions and litigation; competition in the medical device industry and in the specific markets of surgery in which
INTUITIVE SURGICAL, INC.
UNAUDITED QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Three months ended
-----------------------------
March 31, Dec. 31, March 31,
2009 2008 2008
-------- -------- ---------
Revenue:
Instruments & Accessories $ 79,528 $ 81,575 $ 61,841
Systems 69,522 113,752 99,110
Services 39,322 36,218 27,243
-------- -------- --------
Total revenue 188,372 231,545 188,194
Cost of revenue:
Products 45,266 51,669 44,852
Services 14,402 14,536 13,535
-------- -------- --------
Total cost of revenue (1) 59,668 66,205 58,387
Gross profit 128,704 165,340 129,807
Operating expenses:
Selling, general and administrative 62,366 61,739 48,634
Research and development (2) 21,312 20,864 16,301
-------- -------- --------
Total operating expenses (1) 83,678 82,603 64,935
Income from operations 45,026 82,737 64,872
Interest and other income, net 5,016 5,525 8,541
-------- -------- --------
Income before income taxes 50,042 88,262 73,413
Provision for income taxes 21,900 37,504 28,632
-------- -------- --------
Net lncome $ 28,142 $ 50,758 $ 44,781
======== ======== ========
Earnings per share:
Basic $ 0.72 $ 1.30 $ 1.16
======== ======== ========
Diluted $ 0.72 $ 1.27 $ 1.12
======== ======== ========
Shares used in computing earnings per
share:
Basic 38,883 39,138 38,582
======== ======== ========
Diluted 39,336 39,837 39,847
======== ======== ========
(1) Includes stock compensation expense of $3.3 million ,$3.1 million
and $2.2 million in total cost of revenue and $19.4 million ,
$18.3 million and $12.3 million in total operating expenses for
the three months ended March 31, 2009 , December 31, 2008 and
March 31, 2008 , respectively.
(2) Includes amortization of purchased intellectual property of $3.4
million , $3.2 million and $1.2 million in research and development
expenses for the three months ended March 31, 2009 , December 31,
2008 and March 31, 2008 , respectively.
INTUITIVE SURGICAL, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
3/31/2009 12/31/2008
---------- ----------
Cash, cash equivalents, and investments $ 821,683 $ 901,873
Accounts receivable, net 139,341 170,107
Inventory 64,383 63,460
Property and equipment, net 122,571 117,021
Goodwill 110,740 110,740
Deferred tax assets 47,823 45,357
Other assets 79,512 66,066
---------- ----------
Total assets $1,386,053 $1,474,624
========== ==========
Accounts payable and other accrued
liabilities $ 112,661 $ 128,606
Deferred revenue 98,272 79,252
---------- ----------
Total liabilities 210,933 207,858
Stockholders' equity 1,175,120 1,266,766
---------- ----------
Total liabilities and stockholders'
equity $1,386,053 $1,474,624
========== ==========
CONTACT:
408-523-2175
408-523-2161