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 fourth quarter and full year 2023 financial results
ahead of its presentation at the 42nd Annual J.P. Morgan Healthcare
Conference on January 10, 2024.
Financial and Operational Highlights
- Fourth quarter
2023 worldwide da Vinci procedures grew approximately 21%
compared with the fourth quarter of 2022. The comparative fourth
quarter of 2022 reflected a resurgence of COVID-19 in China, which
negatively impacted procedure volumes in the region.
- Full year 2023
worldwide da Vinci procedures grew approximately
22% compared with 2022. The Company expects worldwide da Vinci
procedures to increase approximately 13% to 16% in 2024 as compared
to 2023.
- The Company
placed 415 da Vinci surgical systems in
the fourth quarter of 2023, an increase of 12% compared
with 369 in the fourth quarter of 2022. The
Company placed 1,370 da Vinci surgical systems in 2023,
an increase of 8% compared with 1,264 systems in 2022.
- Preliminary
fourth quarter 2023 revenue of approximately $1.93 billion
increased 17% compared with $1.66 billion in
the fourth quarter of 2022. Preliminary 2023 revenue of
approximately $7.12 billion increased 14% compared
with $6.22 billion in 2022.
Preliminary Results
The Company expects fourth quarter 2023 revenue
of approximately $1.93 billion, an increase of 17% compared with
$1.66 billion in the fourth quarter of 2022. The Company expects
2023 revenue of approximately $7.12 billion, an increase of 14%
compared with $6.22 billion in 2022. The unaudited results in this
press release are preliminary and subject to the completion of the
Company’s final closing procedures and annual independent audit
and, therefore, are subject to adjustment.
Preliminary fourth quarter 2023 instruments and
accessories revenue increased by 22% to approximately $1.14
billion, compared with $0.94 billion in the fourth quarter of 2022,
primarily driven by growth in da Vinci procedure volume and higher
pricing for instruments and accessories, partially offset by
customer buying patterns. Preliminary full year 2023 instruments
and accessories revenue increased by 22% to approximately $4.28
billion, compared with $3.52 billion for 2022, primarily driven by
growth in da Vinci procedure volume and higher pricing for
instruments and accessories, partially offset by customer buying
patterns.
Fourth quarter 2023 da Vinci procedures
increased approximately 21% compared with the fourth quarter of
2022. In 2023, approximately 2,286,000 surgical procedures were
performed with da Vinci surgical systems, an increase of
approximately 22% compared with approximately 1,875,000 surgical
procedures performed with da Vinci surgical systems in 2022. The
growth in the Company’s overall procedure volume in 2023 was
largely attributable to 25% growth in U.S. general surgery
procedures as well as 27% growth in outside of the U.S. total
procedures, primarily driven by cancer procedures. The Company
expects worldwide da Vinci procedures to increase approximately 13%
to 16% in 2024.
Preliminary fourth quarter 2023 systems
revenue increased by 6% to approximately $480 million, compared
with $451 million in the fourth quarter of 2022. Preliminary full
year 2023 systems revenue of approximately $1.68 billion was
consistent with 2022.
The Company placed 415 da Vinci surgical
systems in the fourth quarter of 2023, compared with 369 systems in
the fourth quarter of 2022. The fourth quarter 2023 da Vinci
surgical system placements included 201 systems placed under
operating lease arrangements, of which 109 systems were placed
under usage-based operating lease arrangements, compared with 154
systems placed under operating lease arrangements, of which 70
systems were placed under usage-based operating lease arrangements
in the fourth quarter of 2022.
The Company placed 1,370 da
Vinci surgical systems in 2023, compared with 1,264 systems in
2022. The 2023 da Vinci surgical system placements included
659 systems placed under operating lease arrangements, of
which 355 systems were placed under usage-based operating lease
arrangements, compared with 492 systems placed under operating
lease arrangements, of which 216 systems were placed under
usage-based operating lease arrangements in 2022.
Impact of COVID-19 Pandemic
During early 2023, COVID-19 resurgences in China
continued to negatively impact our procedure volumes; however, as
infections and hospitalization started to decrease, we saw a
recovery of procedure volumes. During the remainder of 2023, we did
not experience significant disruptions from COVID-19. However,
COVID-19 has had in the past, and could have in the future, an
adverse impact on the Company’s procedure volumes.
Commenting on the announcement, Intuitive CEO
Gary Guthart said, “We are pleased with customer adoption of our
platforms and their use during the quarter and full year. We remain
focused on supporting our customers’ pursuit of the quadruple aim
in acute interventions.”
Additional unaudited preliminary revenue and
procedure information has been posted to the Investor Relations
section of the Intuitive website at: https://isrg.gcs-web.com/.
The Company is scheduled to present at the 2024
J.P. Morgan Healthcare Conference on January 10, 2024, at 9:00
a.m. PST. The Company is scheduled to report its fourth quarter
2023 results during a conference call on January 23, 2024, at
which point the Company will discuss the 2023 financial results in
more detail. 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 leader in minimally invasive
care and the pioneer of robotic surgery. Our technologies include
the da Vinci surgical system and the Ion endoluminal system. By
uniting advanced systems, progressive learning, and value-enhancing
services, we help physicians and their teams optimize care delivery
to support the best outcomes possible. At Intuitive, we envision a
future of care that is less invasive and profoundly better, where
diseases are identified early and treated quickly, so patients can
get back to what matters most.
Product and brand names/logos are trademarks or
registered trademarks of Intuitive Surgical or their respective
owner. See www.intuitive.com/trademarks.
For more information, please visit the Company’s website at
www.intuitive.com.
Forward-Looking Statements
The Company has not filed its Annual Report on
Form 10-K for the year ended December 31, 2023. Accordingly, all
financial results described in this press release should be
considered unaudited preliminary results and are subject to change
to reflect any corrections or adjustments, or changes in 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 within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Forward looking statements relate to
expectations concerning matters that are not historical facts.
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.
These forward-looking statements are necessarily estimates
reflecting the 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 include, but are not
limited to, statements related to the Company’s unaudited
preliminary financial and operational results for the fourth
quarter and full year 2023, expected procedure growth in 2024,
customer adoption of the Company’s platforms, and the potential
impacts of the COVID-19 pandemic on the Company’s business,
financial condition, and results of operations. These
forward-looking statements should be considered in light of various
important factors, including, but not limited to, the following:
completion of the Company’s final closing procedures, final
adjustments, and other developments that may arise in the course of
audit and review procedures, the overall macroeconomic environment,
including the levels of inflation and interest rates, the conflict
in Ukraine, the conflict between Israel and Hamas, disruption to
the Company’s supply chain, including increased difficulties in
obtaining a sufficient supply of materials in the semiconductor and
other markets; curtailed or delayed capital spending by hospitals;
the impact of global and regional economic and credit market
conditions on healthcare spending; the risk that the COVID-19
pandemic could lead to material delays and cancellations of, or
reduced demand for, procedures; closures of the Company’s
facilities; delays in surgeon training; delays in gathering
clinical evidence; delays in obtaining new product approvals,
clearances, or certifications from the U.S. Food and Drug
Administration (“FDA”), comparable regulatory authorities, or
notified bodies; the risk of the Company’s inability to comply with
complex FDA and other regulations, which may result in significant
enforcement actions; regulatory approvals, clearances,
certifications, and restrictions or any dispute that may occur with
any regulatory body; guidelines and recommendations in the
healthcare and patient communities; healthcare reform legislation
in the U.S. 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; 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 the Company’s operations and any expansion outside of the
United States; unanticipated manufacturing disruptions or the
inability to meet demand for products; the Company’s reliance on
sole and single sourced suppliers; the results of legal proceedings
to which the Company is or may become a party, including but not
limited to product liability claims; adverse publicity regarding
the Company and the safety of the Company’s products and adequacy
of training; the impact of changes to tax legislation, guidance,
and interpretations; changes in tariffs, trade barriers, and
regulatory requirements; and other risks and uncertainties. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release
and which are based on current expectations and are subject to
risks, uncertainties, and assumptions that are difficult to
predict, including those risk factors identified under the heading
“Risk Factors” in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2022, and the Company’s Quarterly
Report on Form 10-Q for the quarter ended September 30, 2023, as
updated by the Company’s other filings with the Securities and
Exchange Commission. The Company’s actual results may differ
materially and adversely from those expressed in any
forward-looking statement, and 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
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