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Intuitive Surgical hits 2018 priorities. Blows past Q1 expectations

Posted on April 18, 2018 by Medtech[y] Staff

Shares of Intuitive Surgical are up ~5% in early morning trading after crushing their latest Q1 earnings numbers.

Intuitive Surgical CEO, Gary Guthart, laid out specific priorities for the company at the beginning of 2018, and based on those set metrics, the company is well on their way to reaching them by the end of the year. 

2018 Priorities

Accelerate Access to and Quality of MIS

  • Continue adoption in General Surgery 
  • Continue to develop core European markets and Asian market access
  • Advance new platforms – da Vinci SP System, advanced instrumentation and diagnostic platform
  • Support additional clinical and economic validation by region

Q1 Results

  • Worldwide da Vinci procedures grew approximately 15% compared with the first quarter of 2017, driven primarily by growth in U.S. general surgery procedures and worldwide urologic procedures.
  • The Company shipped 185 da Vinci Surgical Systems compared with 133 in the first quarter of 2017.
  • First quarter 2018 revenue of $848 million grew approximately 25% compared with $680 million for the first quarter of 2017. Foreign currency changes contributed approximately three percentage points to the revenue growth. First quarter 2017 revenue also reflected a $23 million revenue deferral.
  • First quarter 2018 GAAP net income was $288 million, or $2.44 per diluted share, compared with $181 million, or $1.57 per diluted share, for the first quarter of 2017.
  • First quarter 2018 non-GAAP* net income was $288 million, or $2.44 per diluted share, compared with $197 million, or $1.71per diluted share, for the first quarter of 2017.
  • In Japan, 12 da Vinci procedures within the specialties of general surgery, gynecology, and cardiothoracic surgery were granted national reimbursement status in Japan effective April 1, 2018 and our da Vinci X system was approved on April 4, 2018.

Commenting on the announcement, Gary Guthart, President and CEO of Intuitive Surgical, said, “We are pleased with our customers’ continued adoption of Intuitive’s products into their minimally invasive surgery programs. We remain deeply focused on meeting their clinical, workflow, and economic needs.”

Intuitive Surgical continues to build a wall around their looming competition by offering customers a full suite of technology, service and sales. 

Expect the company to continue hitting the goals Guthart set forth throughout the rest of 2018.

Intuitive Surgical Q1 Investor Presentation