UPDATED July 22, 2015, with financial details, growth forecast.
The Sunnyvale, Calif.-based robot-assisted surgery device maker reported profits of $134.5 million, or $3.56 per share, on sales of $586.1 million for the 3 months ended June 30, representing a 29.3% bottom-line gain on sales growth of 14.4% compared with Q2 2014.
Adjusted to exclude 1-time items, earnings per share were $4.57, a full 59¢ ahead of expectations on Wall Street.
“We are pleased with our 2nd-quarter procedure growth and financial results. We remain focused on supporting our customers in their mission of bringing high value care to patients,” president & CEO Gary Guthart said in prepared remarks.
Procedures rose 14% compared with the same period last year, growing 10% in the U.S. and 27% overseas. Intuitive said it sold 118 da Vinci systems in the quarter, up from 96 a year earlier. ISRG shares rose 4.9% to $530.25 apiece in after-hours trading July 21.
During a conference call with investors, Guthart said the company’s gross margins were moving in the right direction as it cut product costs. Pro forma gross margins rose to 68% in the quarter, from 65.6% in the 1st quarter. Revenues from its instrument and accessory business, Intuitive’s largest, rose about 13% to $297 million.
Intuitive also said that it won 510(k) clearance from the FDA during the quarter for additions to the instruments available for use with its da Vinci Xi device, including the Harmonic Ace curved shears made by Johnson & Johnson (NYSE:JNJ) subsidiary Ethicon.
Across the pond, Intuitive won CE Mark approval in the European Union for an integrated table motion product for the da Vinci Xi platform, saying it’s already filed for a 510(k) for the device in the U.S.
Material from Reuters was used in this report.