The Sunnyvale, California-based surgical robotics leader reported profits of $527 million, or $1.46 per diluted share, for the three months ended June 30, 2024, up 25% from the second quarter of 2023.
Total revenue was $2.01 billion for the quarter, up 14% from the same period a year ago. Intuitive cited procedure volume growth and an increase in its installed base of systems.
“Our business was healthy this quarter, and we are pleased by feedback on da Vinci 5 as well as the continued adoption of SP and Ion,” Intuitive CEO Gary Guthart said in a news release. “We remain focused on delivering the goals we share with our customers, centered on improving patient outcomes.”
Guthart also announced the pending departure of Global Business Services EVP Marshall Mohr. Read more about that here.
Global da Vinci procedures grew approximately 17% from the same quarter a year ago.
Intuitive’s total installed base climbed to 9,203 systems, up 14 % from a year ago.
Intuitive placed 341 da Vinci surgical systems during the quarter, compared to 331 from the prior-year period.
Those second-quarter system placements included 70 of Intuitive’s next-generation da Vinci 5, up from eight in the first quarter. CFO Jamie Samath said Intuitive expects tight supply of that new system for the next 12 months.
“Given a planned hardware and software update to da Vinci 5 in the second half of this year, and continued focus on maturing manufacturing and expanding capacity, we expect that da Vinci 5 placements will be constrained through the first half of 2025,” Samath said.
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Intuitive reported a 16% increase in sales of instruments and accessories to $1.24 billion. The company cited growth of da Vinci procedure volume and a 82% growth in Ion procedure volume, but said it was partially offset by customer buying patterns.
Adjusted to exclude one-time items, earnings per share were $1.78, 24¢ ahead of The Street, where analysts were looking for EPS of $1.54 on sales of $1.97 billion.
The company narrowed its forecast for full-year procedure growth to 15.5-17% from the previous range of 14-17%.
Investors reacted positively to the results, with ISRG shares trading up 10% from Thursday’s close to an all-time high of $456.81 Friday.
Medtech pay analysis: Intuitive pay increases for executives, drops for median worker — but its top-paid employee wasn’t the CEO
This post was originally published on July 18, 2024, and updated on July 19 with Intuitive’s stock price after markets opened.
