On October 19, 2023, Intuitive Surgical Inc (ISRG, Financial), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, announced its financial results for the quarter ended September 30, 2023. The company reported a solid performance with significant growth in revenue and net income.
Financial Highlights
Intuitive Surgical Inc (ISRG, Financial) reported Q3 2023 revenue of $1.74 billion, a 12% increase compared with $1.56 billion in the third quarter of 2022. This revenue growth was primarily driven by an increase in da Vinci procedure volume and an increase in the installed base of systems.
The company's Q3 2023 GAAP net income attributable to Intuitive was $416 million, or $1.16 per diluted share, compared with $324 million, or $0.90 per diluted share, in the third quarter of 2022. The non-GAAP net income attributable to Intuitive was $524 million, or $1.46 per diluted share, compared with $429 million, or $1.19 per diluted share, in the third quarter of 2022.
Operational Highlights
Worldwide da Vinci procedures grew approximately 19% compared with the third quarter of 2022. The compound annual growth rate between the third quarter of 2019 and the third quarter of 2023 was approximately 17%. The company placed 312 da Vinci surgical systems, compared with 305 in the third quarter of 2022. The company grew its da Vinci surgical system installed base to 8,285 systems as of September 30, 2023, an increase of 13% compared with 7,364 as of the end of the third quarter of 2022.
CEO Commentary
“We are pleased by our customers’ continued adoption of da Vinci surgery and their acceptance and use of our Ion and SP platforms,” said Gary Guthart, Intuitive CEO. “We continue to focus on supporting their needs through the pursuit of expanded indications, delivering excellence in quality and supply, and increasing our productivity.”
Intuitive Surgical Inc (ISRG, Financial) ended the third quarter of 2023 with $7.52 billion in cash, cash equivalents, and investments, an increase of $389 million during the quarter, primarily driven by cash generated from operations, partially offset by capital expenditures.
The company's strong performance in Q3 2023 reflects its continued focus on innovation and commitment to improving patient outcomes through minimally invasive care. Despite the ongoing challenges posed by the COVID-19 pandemic, Intuitive Surgical Inc (ISRG, Financial) has demonstrated resilience and adaptability, delivering solid financial and operational results.
