Intuitive Announces Preliminary First Quarter Results; Provides Update on COVID-19 Impact
April 08 2020 - 9:15AM
Intuitive (the “Company”) (Nasdaq: ISRG), a global technology
leader in minimally invasive care and the pioneer of
robotic-assisted surgery, today announced certain unaudited
preliminary first quarter 2020 operational results. Full financial
results for the Company’s first quarter of 2020 will be provided on
the Company’s earnings call scheduled for April 16, 2020.
- First quarter 2020 estimated worldwide da Vinci procedures
increased approximately 10% compared with the first quarter of
2019.
- The Company shipped 237 da Vinci Surgical Systems in the first
quarter of 2020 compared with 235 in the first quarter of
2019.
As previously disclosed in an 8-K filed on March
16, 2020, the Company experienced disruption of procedures in
countries with healthcare systems impacted early by the COVID-19
outbreak. The Company indicated that procedure volume and system
placement disruption would expand as the COVID-19 pandemic
intensified, and the total impact of these disruptions could have a
material impact on our financial results. In the latter half of
March, the Company experienced a significant decline in procedure
volume and postponements of system placements in the U.S. and
Western Europe, as healthcare systems in those areas diverted
resources to meet the increasing demands of managing COVID-19.
The Company is withdrawing its full year 2020
financial and procedure guidance. As the COVID-19 pandemic expands,
unprecedented measures to slow the spread of the virus have been
taken by governments and health care authorities globally,
including the deferral of elective medical procedures and social
contact restrictions, which have had, and will likely continue to
have, a significant negative impact on our operations and financial
results. Due to the uncertain scope and duration of the pandemic,
and uncertain timing of global recovery and economic normalization,
we cannot at this time estimate the future impact on our operations
and financial results.
The Company is scheduled to report its first
quarter 2020 results during a conference call on April 16, 2020, at
which point the Company will discuss the first quarter 2020
financial results. Dial-in and webcast access information for both
of these events are also available in the Investor Relations
section of the Intuitive website.
About Intuitive
Intuitive (Nasdaq: ISRG), headquartered in
Sunnyvale, California, is a global technology leader in minimally
invasive care and the pioneer of robotic-assisted surgery. At
Intuitive, we believe that minimally invasive care is
life-enhancing care. Through ingenuity and intelligent technology,
we expand the potential of physicians to heal without
constraints.
Intuitive brings more than two decades of
leadership in robotic-assisted surgical technology and solutions to
its offerings and develops, manufactures, and markets the da Vinci®
surgical system and the Ion™ endoluminal system.
Da Vinci®, da Vinci X®, da Vinci Xi®, Ion™, and
SynchroSeal™ are trademarks or registered trademarks of
Intuitive Surgical, Inc.
For more information, please visit the Company's
website at www.intuitive.com.
Forward-Looking Statements
The Company has not filed its Form 10-Q for the
first quarter of 2020. As a result, all financial and operational
results described in this press release should be considered
preliminary and are subject to change to reflect any necessary
corrections or adjustments, or changes in operational data and
accounting estimates, that are identified prior to the time that
the Company is in a position to complete these filings. Actual
results could differ materially from these preliminary results.
This press release contains forward-looking
statements, including statements regarding the Company’s unaudited
preliminary financial and operational results for the first quarter
of 2020 and the expected impact of the COVID-19. 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, but not limited to, the following: the ability of the
Company to obtain accurate procedure volume in the midst of the
COVID-19 pandemic, completion of the Company’s final closing
procedures, final adjustments, and other developments that may
arise in the course of review procedures; the risk that the
COVID-19 pandemic could lead to material delays and cancellations
of procedures, curtailed or delayed capital spending by hospitals
and disruption to our supply chain, closures of our facilities,
delays in surgeon training, delays in gathering clinical evidence,
or diversion of management and other resources to respond to the
COVID-19 outbreak; the impact of global and regional economic and
credit market conditions on healthcare spending; the risk that the
COVID-19 virus disrupts local economies and causes economies to
enter prolonged recessions; 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, including the joint venture
with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.; the Company's
completion of and ability to successfully integrate acquisitions;
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; risks associated with our operations
outside of the United States; unanticipated manufacturing
disruptions or the inability to meet demand for products; the
Company's reliance on sole and single source suppliers; 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 the Company’s products and
adequacy of training; the Company’s ability to expand into foreign
markets; the impact of changes to tax legislation, guidance, and
interpretations; changes in tariffs, trade barriers, and regulatory
requirements; and other risk factors under the heading “Risk
Factors” in the Company’s report on Form 10-K for the year ended
December 31, 2019, as updated by the Company’s 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 |
|
|
Intuitive Surgical (NASDAQ:ISRG)
Historical Stock Chart
From Apr 2024 to May 2024
Intuitive Surgical (NASDAQ:ISRG)
Historical Stock Chart
From May 2023 to May 2024