Intuitive Surgical, Inc. (NASDAQ:ISRG), the industry leader in
robotic-assisted surgery, today announced certain unaudited
preliminary fourth quarter and full year 2016 financial results
ahead of its participation at the 35th Annual JP Morgan Healthcare
Conference on January 11-12, 2017, in San Francisco, California.
The Company expects revenue for the fourth
quarter of 2016 of approximately $757 million, an increase of
approximately 12% compared with $677 million for the fourth quarter
of 2015. The Company expects 2016 revenue of approximately $2.7
billion, an increase of approximately 13% compared with $2.4
billion for 2015. The unaudited preliminary results are prior to
the completion of the Company’s annual independent audit and
therefore are subject to adjustment.
Preliminary fourth quarter 2016 instrument and
accessory revenue increased approximately 19% to approximately $386
million compared with $326 million for the fourth quarter of 2015.
Full year 2016 instrument and accessory revenue increased
approximately 17% to approximately $1.4 billion. Fourth quarter and
full year 2016 instrument and accessory revenue growth was driven
primarily by da Vinci procedure growth.
In 2016, approximately 753,000 surgical
procedures were performed with the da Vinci Surgical System,
an increase of approximately 15% compared with approximately
652,000 procedures performed in 2015. The growth in overall 2016
procedure volume was primarily driven by the growth in U.S. general
surgery procedures and worldwide urologic procedures. da
Vinci procedures increased approximately 15% for the fourth
quarter of 2016 compared with the fourth quarter of 2015. The
Company expects total da Vinci procedures to grow approximately 9%
to 12% in 2017.
Preliminary fourth quarter 2016 da
Vinci Surgical Systems revenue increased approximately 2% to
approximately $236 million from $231 million for the fourth quarter
of 2015. Systems revenue for 2016 increased approximately 10% to
approximately $792 million compared with $722 million in 2015. The
Company shipped 163 da Vinci Surgical Systems in the fourth
quarter of 2016, compared with 158 systems in the fourth quarter of
2015. 13 of the fourth quarter 2016 da Vinci Surgical Systems were
shipped under operating lease arrangements, compared with 16 in the
fourth quarter of 2015. The Company shipped 537 da
Vinci Surgical Systems in 2016, compared with 492 systems in
2015.
Preliminary fourth quarter 2016 service revenue
of approximately $135 million increased approximately 12% compared
with $120 million in the fourth quarter of 2015. Preliminary
2016 service revenue increased approximately 11% to approximately
$517 million compared with $465 million in 2015.
Commenting on the announcement, Dr. Gary
Guthart, President and CEO of Intuitive Surgical, said, “We are
pleased by our fourth quarter results and encouraged by our future
opportunities. In 2017, we look forward to advancing several
key product development innovations targeted towards further
improving patient outcomes and expanding the number of patients
that can derive the benefits of robotically assisted minimally
invasive therapies around the world. We anticipate accelerating up
to $80 million of research, development, and clinical investment
into 2017.”
Additional unaudited preliminary revenue and
procedure information has been posted to the Investor Relations
section of the Intuitive Surgical website at:
http://phx.corporate-ir.net/phoenix.zhtml?c=122359&p=irol-IRHome.
The Company is scheduled to present at the 2017
JP Morgan Healthcare Conference on January 12, 2017, at 9:00 a.m.
Pacific Time. The Company is scheduled to report its fourth quarter
2016 results during a conference call on January 24, 2017, at
which point the Company will discuss the 2016 financial results in
more detail. Dial-in and webcast access information for both of
these events are also available in the Investor Relations section
of the Intuitive Surgical website.
About Intuitive Surgical,
Inc.
Intuitive Surgical, Inc. (NASDAQ:ISRG),
headquartered in Sunnyvale, Calif., is the industry leader in
robotic-assisted, minimally invasive surgery. Intuitive Surgical
develops, manufactures, and markets the da Vinci Surgical
System.
About the da Vinci Surgical
System
The da Vinci Surgical System is a
surgical platform designed to enable complex surgery using a
minimally invasive approach. The da Vinci Surgical System
consists of an ergonomic surgeon console or consoles, a
patient-side cart with three or four interactive arms, a
high-performance vision system and
proprietary EndoWrist instruments. Powered by
state-of-the-art technology, the da Vinci Surgical System
is designed to scale, filter, and seamlessly translate the
surgeon’s hand movements into more precise movements of
the EndoWrist instruments. The net result is an intuitive
interface with improved surgical capabilities. By providing
surgeons with superior visualization, enhanced dexterity, greater
precision, and ergonomic comfort, the da Vinci Surgical
System makes it possible for skilled surgeons to perform more
minimally invasive procedures involving complex dissection or
reconstruction. Surgeons, hospitals, and patients benefit from a
large community of users and the Company’s robotic-assisted
surgical ecosystem, beginning with the robotic platforms, but also
including the broad instrument product line, imaging solutions,
training programs and technology, clinical validation, field
clinical support, field technical support, and program
optimization. For more information about clinical evidence related
to da Vinci Surgery, please visit
https://www.intuitivesurgical.com/company/clinical-evidence/.da
Vinci® and EndoWrist® are trademarks of Intuitive Surgical,
Inc.
Forward-Looking Statements
This press release contains forward-looking
statements, including statements regarding the Company’s unaudited
preliminary financial and operational results for the fourth
quarter and full year 2016, expected procedure growth in 2017, the
advancement of key product development innovations and expected
research, development, and clinical investment in 2017. These
forward-looking statements are necessarily estimates reflecting the
best judgment of the Company’s 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:
completion of the Company’s final closing procedures, final
adjustments and other developments that may arise in the course of
audit procedures; the impact of global and regional economic and
credit market conditions on health care spending; healthcare reform
legislation in the United States and its impact on hospital
spending, reimbursement and fees which will be levied on certain
medical device revenues; decreases in hospital admissions and
actions by payers to limit or manage surgical procedures; the
timing and success of product development and market acceptance of
the Company’s products; the accuracy of the Company’s procedure
estimates; the Company’s ability to obtain regulatory approvals or
clearances; regulatory 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 the
Company’s operates; unanticipated manufacturing disruptions or the
Company’s inability to meet demand for its products; the results of
legal proceedings to which the Company’s is or may become a party;
product liability and other litigation claims; adverse publicity
regarding the Company or the safety of its products and adequacy of
training; the Company’s ability to expand into foreign markets;
changes implemented by the incoming presidential administration and
Congress, including any changes in taxation, tariffs and trade
agreements, and any repeal and/or replacement of the healthcare
reform legislation; and other risk factors under the heading “Risk
Factors” in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2015, as updated by its quarterly reports on
Form 10-Q and other filings with the Securities and Exchange
Commission. Statements using words such as “estimates,” “projects,”
“believes,” “anticipates,” “plans,” “expects,” “intends,” “may,”
“will,” “could,” “should,” “would,” “targeted” and similar words
and expressions are intended to identify forward-looking
statements. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company’s undertakes no obligation to publicly
update or release any revisions to these forward-looking
statements, except as required by law.
Contact: Investor Relations
(408) 523-2161
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