Intuitive Surgical, Inc. (NASDAQ:ISRG), a global technology leader
in robotic-assisted, minimally invasive surgery, today announced
certain unaudited preliminary fourth quarter and full year 2017
financial results ahead of its participation at the 36th Annual JP
Morgan Healthcare Conference on January 10-11, 2018, in San
Francisco, California.
Q4 and 2017 Highlights
- Fourth quarter 2017 worldwide da Vinci procedures
increased approximately 17% compared with the fourth quarter of
2016. Full year 2017 worldwide da Vinci procedures
increased approximately 16% compared with 2016.
- Preliminary fourth quarter 2017 revenue of $892 million
grew approximately 18% compared with $757 million
for the fourth quarter of 2016. Preliminary 2017 revenue
of $3.1 billion grew approximately 16% compared
with $2.7 billion for 2016.
- The Company shipped 216 da Vinci Surgical
Systems compared with 163 in the fourth quarter
of 2016. The Company shipped 684 da Vinci Surgical
Systems in 2017, compared with 537 systems in 2016.
- In December 2017, the Company filed form 510(k)s with the U.S.
Food and Drug Administration for the da Vinci Single Port Surgical
System for use in certain urology procedures and a 60mm version of
the da Vinci Xi stapler.
Preliminary Results
The Company expects revenue for the fourth
quarter of 2017 of approximately $892 million, an increase of
approximately 18% compared with $757 million for the fourth quarter
of 2016. The Company expects 2017 revenue of approximately $3.1
billion, an increase of approximately 16% compared with $2.7
billion for 2016. These unaudited results are preliminary and prior
to the completion of the Company’s annual independent audit and
therefore are subject to adjustment.
Preliminary fourth quarter 2017 instrument and
accessory revenue increased approximately 18% to approximately $457
million compared with $386 million for the fourth quarter of 2016.
Full year 2017 instrument and accessory revenue increased
approximately 17% to approximately $1.6 billion. Fourth quarter and
full year 2017 instrument and accessory revenue growth was driven
primarily by da Vinci procedure growth.
da Vinci procedures increased approximately
17% for the fourth quarter of 2017 compared with the fourth quarter
of 2016. Approximately 877,000 surgical procedures were performed
with the da Vinci Surgical System in 2017, an increase of
approximately 16% compared with approximately 753,000 procedures
performed in 2016. The growth in overall 2017 procedure volume was
primarily driven by the growth in U.S. general surgery procedures
and worldwide urologic procedures. The Company expects total da
Vinci procedures to grow approximately 11% to 15% in 2018.
Preliminary fourth quarter 2017 da
Vinci Surgical Systems revenue increased approximately 20% to
approximately $283 million from $236 million for the fourth quarter
of 2016. Systems revenue for 2017 increased approximately 15% to
approximately $910 million compared with $792 million in 2016. The
Company shipped 216 da Vinci Surgical Systems in the fourth
quarter of 2017, compared with 163 systems in the fourth quarter of
2016. The fourth quarter 2017 da Vinci Surgical Systems shipments
included 40 shipped under operating lease arrangements, compared
with 13 in the fourth quarter of 2016. The Company shipped
684 da Vinci Surgical Systems in 2017, compared with 537
systems in 2016.
Preliminary fourth quarter 2017 service revenue
of approximately $153 million increased approximately 13% compared
with $135 million in the fourth quarter of 2016. Preliminary 2017
service revenue increased approximately 13% to approximately $582
million compared with $517 million in 2016.
Commenting on the announcement, Dr. Gary
Guthart, President and CEO of Intuitive Surgical, said, “We are
pleased with the progress our team made in supporting our customers
in 2017. In 2018, we will continue to invest in the new
technologies and services that are important to surgeons, patients
and hospitals, and core to our mission.”
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 2018
JP Morgan Healthcare Conference on January 11, 2018, at 9:00 a.m.
Pacific Time. The Company is scheduled to report its fourth quarter
2017 results during a conference call on January 25, 2018, at
which point the Company will discuss the 2017 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, California, is a global technology
leader in robotic-assisted, minimally invasive
surgery. Intuitive Surgical develops, manufactures, and
markets robotic technologies designed to improve clinical outcomes
and help patients return more quickly to active and productive
lives. The Company’s mission is to extend the benefits of minimally
invasive surgery to the broadest possible base of
patients. Intuitive Surgical - Taking surgery beyond the
limits of the human hand™.
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, and 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 2017, expected procedure growth in 2018, and
investment in new technologies and services 2018. These
forward-looking statements are necessarily estimates reflecting the
best judgment of 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, but not limited to,
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 healthcare
spending; healthcare reform legislation in the United States and
its impact on hospital spending, reimbursement and fees levied on
certain medical device revenues; changes in hospital admissions and
actions by payers to limit or manage surgical procedures; the
timing and success of product development and market acceptance of
developed products; the results of any collaborations, in-licensing
arrangements, joint ventures, strategic alliances or partnerships;
procedure counts; regulatory approvals, clearances and restrictions
or any dispute that may occur with any regulatory body; guidelines
and recommendations in the healthcare 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 operates; unanticipated manufacturing disruptions
or the inability to meet demand for products; the results of legal
proceedings to which the Company is or may become a party; product
liability and other litigation claims; adverse publicity regarding
the Company and the safety of its products and adequacy of
training; the Company's ability to expand into foreign markets; and
other risk factors under the heading “Risk Factors” in the
Company's report on Form 10-K for the year ended December 31, 2016,
as updated by its 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 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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