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Intuitive Surgical
🇺🇸 NASDAQ:ISRG
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Mar 31, 2024

Intuitive Surgical Q1 2024 Earnings Report

Intuitive Surgical reported first quarter earnings with revenue increasing by 11% year-over-year, driven by growth in da Vinci procedure volume and an increase in the installed base of systems.

Key Takeaways

Intuitive Surgical announced its Q1 2024 financial results, highlighted by an 11% increase in revenue to $1.89 billion compared to Q1 2023. The company's GAAP net income attributable to Intuitive Surgical was $545 million, or $1.51 per diluted share. The growth was fueled by increased da Vinci procedure volume and expansion of the installed base.

Worldwide da Vinci procedures grew approximately 16% compared to the first quarter of 2023.

The company placed 313 da Vinci surgical systems, compared with 312 in the first quarter of 2023.

The company grew its da Vinci surgical system installed base to 8,887 systems as of March 31, 2024, an increase of 14% compared with the first quarter of 2023.

First quarter 2024 revenue increased 11% compared with the first quarter of 2023.

Total Revenue
$1.89B
Previous year: $1.7B
+11.5%
EPS
$1.5
Previous year: $1.23
+22.0%
da Vinci Systems Installed Base
8.89K
Previous year: 7.78K
+14.2%
Total da Vinci Unit Placements
313
Previous year: 312
+0.3%
Gross Profit
$1.25B
Previous year: $1.11B
+11.9%
Cash and Equivalents
$7.32B
Previous year: $6.58B
+11.3%
Total Assets
$15.8B
Previous year: $13.1B
+21.3%

Intuitive Surgical

Intuitive Surgical

Intuitive Surgical Revenue by Segment

Forward Guidance

Intuitive Surgical's core business measures remained healthy, with meaningful milestones achieved across several areas. The company is focused on delivering goals shared with customers, including improving patient outcomes.

Positive Outlook

  • Feedback from the measured da Vinci 5 launch is positive.
  • Continued adoption of SP and Ion systems.
  • Focus on improving patient outcomes.
  • The company obtained CE mark certification for the da Vinci single-port (SP) surgical system.
  • The Company obtained FDA clearance for da Vinci 5.

Challenges Ahead

  • The overall macroeconomic environment may impact customer spending and the Company’s costs, including the levels of inflation and interest rates.
  • The conflict in Ukraine, conflicts in the Middle East, including Israel, disruption to the Company’s supply chain, including increased difficulties in obtaining a sufficient supply of materials.
  • Curtailed or delayed capital spending by hospitals.
  • The impact of global and regional economic and credit market conditions on healthcare spending.
  • Risk that COVID-19 could lead to material delays and cancellations of, or reduced demand for, procedures.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Intuitive Surgical