Intuitive Surgical Announces Fourth Quarter Results
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Feb. 1, 2001--Intuitive Surgical, Inc. (Nasdaq:ISRG), the leader in precision surgical robotics, today reported sales of $10.7 million in the fourth quarter of 2000, up 227% from $3.3 million in sales reported in the fourth quarter of 1999. Sales increased by $2.8 million, or 36%, compared with $7.9 million reported in the third quarter 2000. The sale and installation of 11 da Vinci(TM) Surgical Systems drove this growth in revenue in the fourth quarter of 2000, compared with 4 da Vinci(TM) Surgical Systems in the fourth quarter of 1999 and 8 da Vinci(TM) Surgical Systems in the third quarter of 2000. Full fiscal year 2000 sales of $26.6 million, increased $16.4 million, or 161%, compared to fiscal year 1999 sales of $10.2 million.
Gross margin for the fourth quarter of 2000 was 41%, excluding the impact of a $1 million non-routine royalty charge taken during the quarter, compared with 5% for the fourth quarter of 1999 and 40% for the third quarter of 2000. This improvement resulted from higher sales and increased manufacturing efficiencies. Including the non-routine royalty charge, fourth quarter 2000 gross margin was 32%.
Net loss for the fourth quarter of 2000 was $5.0 million, compared to a net loss of $5.2 million for the fourth quarter of 1999 and $4.0 million for the third quarter of 2000. Excluding the impact of the non-routine royalty charge, fourth quarter 2000 net loss would have been $4.0 million. Basic and diluted net loss per share was $0.14 for the fourth quarter of 2000, compared to a net loss per share of $0.98 for the fourth quarter of 1999 and $0.12 for the third quarter of 2000. Excluding the impact of the non-routine royalty charge, fourth quarter 2000 net loss would have been $0.11 per share. Net Loss for the fiscal year ending December 31, 2000 was $18.5 million compared to a net loss of $18.4 million for fiscal year 1999. Net loss per share for the fiscal year ending December 31, 2000 was ($0.78) compared to a net loss per share of ($3.81) in fiscal year 1999.
The company will also announce these results at a conference call today at 1:30 p.m. PST. The toll-free dial-in numbers for this call are 800/369-1714 for U.S. calls and 312/470-0009 for international calls. The passcode is ISRG and the meeting leader is Lonnie Smith.
Commenting on the announcement, Lonnie Smith, president and CEO of Intuitive Surgical said: "We are very pleased with our fourth quarter financial results and our continued revenue growth. We have enjoyed continued system usage and procedure growth while expanding our field support organization to better serve all of our customers."
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.
INTUITIVE SURGICAL, INCORPORATED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) Three months ended Dec. 31, Dec. 31, 2000 1999 Sales 10,706 3,277 Cost of sales 7,289 3,103 Gross profit 3,417 174 Operating costs and expenses: Research and development 3,110 2,988 Selling, general and administrative 6,626 2,674 Total operating costs and expenses 9,736 5,662 Loss from operations (6,319) (5,488) Interest income 1,429 389 Interest expense (92) (113) Net loss $ (4,982) $ (5,212) Weighted average shares outstanding used to compute net loss per share 35,139 5,335 Loss per share -- basic and diluted $ (0.14) $ (0.98) INTUITIVE SURGICAL, INCORPORATED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) Year ended Dec. 31, Dec. 31, 2000 1999 Sales 26,624 10,192 Cost of sales 18,031 9,273 Gross profit 8,593 919 Operating costs and expenses: Research and development 11,734 11,130 Selling, general and administrative 19,136 9,338 Total operating costs and expenses 30,870 20,468 Loss from operations (22,277) (19,549) Interest income 4,158 1,540 Interest expense (404) (406) Net loss $(18,523) $(18,415) Weighted average shares outstanding used to compute net loss per share 23,797 4,837 Loss per share -- basic and diluted $ (0.78) $ (3.81) INTUITIVE SURGICAL, INCORPORATED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) Dec. 31, Dec. 31, 2000 1999 Assets Current assets: Cash, cash equivalents and short-term investments 89,441 26,260 Accounts receivable 6,444 2,044 Inventories 6,075 2,861 Prepaid expenses 1,705 581 Total current assets 103,665 31,746 Property and equipment, net 4,669 2,709 Other assets 4,086 -- Total assets 112,420 34,455 Liabilities and stockholders' equity Current Liabilities: Accounts payable 7,127 2,722 Accrued compensation and employee benefits 2,609 1,325 Warranty provision 1,494 812 Accrued liabilities 3,028 1,116 Deferred revenue 3,552 2,130 Current portion of notes payable 2,019 1,618 Total current liabilities 19,829 9,723 Notes payable 1,861 2,521 Stockholders' equity Preferred stock -- 19 Common stock 36 7 Additional paid-in capital 186,713 98,508 Deferred compensation (2,483) (943) Accumulated deficit (93,670) (75,147) Accumulated other comprehensive income 134 (233) Total stockholders' equity 90,730 22,211 Total liabilities and stockholders' equity 112,420 34,455
Note to Editors: Intuitive(R), da Vinci(TM), InSite(TM), and EndoWrist(TM) are trademarks of Intuitive Surgical, Inc.CONTACT:
Ben Gong, 650/237-7075
Sheila Shah, 650/237-7073