Fri, Jul 19, 9:05 PM (50 days ago)
Intuitive Surgical, Inc. reported strong financial performance for the quarter ended June 30, 2024. Total revenue increased by 14% year-over-year to $2.01 billion, driven by a 16% rise in instruments and accessories revenue, a 14% increase in systems revenue, and a 10% growth in service revenue. Approximately 661,000 da Vinci procedures were performed, marking a 17% increase from the prior year. The company placed 341 da Vinci surgical systems and 74 Ion systems during the quarter, reflecting robust demand, particularly for the new da Vinci 5 system. Gross profit margins improved to 68.3%, up from 66.7% in the previous year, due to lower component pricing and logistics costs. Operating income rose by 22% to $567 million. The company ended the quarter with $7.68 billion in cash, cash equivalents, and investments, indicating strong liquidity. Despite macroeconomic and geopolitical uncertainties, Intuitive Surgical continues to see growth in both U.S. and OUS markets, driven by increased procedure volumes and system placements.