Intuitive Surgical (ISRG) Tops Q1 EPS by 36c, Revenues Beat

Intuitive Surgical (NASDAQ: ISRG) reported Q1 EPS of $2.44, $0.36 better than the analyst estimate of $2.08. Revenue for the quarter came in at $848 million versus the consensus estimate of $782.94 million.

• Worldwide da Vinci procedures grew approximately 15% compared with the first quarter of 2017, driven primarily by growth in U.S. general surgery procedures and worldwide urologic procedures.
• The Company shipped 185 da Vinci Surgical Systems compared with 133 in the first quarter of 2017.
• First quarter 2018 revenue of $848 million grew approximately 25% compared with $680 million for the first quarter of 2017. Foreign currency changes contributed approximately three percentage points to the revenue growth. First quarter 2017 revenue also reflected a $23 million revenue deferral.
• First quarter 2018 GAAP net income was $288 million, or $2.44 per diluted share, compared with $181 million, or $1.57 per diluted share, for the first quarter of 2017.
• First quarter 2018 non-GAAP* net income was $288 million, or $2.44 per diluted share, compared with $197 million, or $1.71 per diluted share, for the first quarter of 2017.
• In Japan, 12 da Vinci procedures within the specialties of general surgery, gynecology, and cardiothoracic surgery were granted national reimbursement status in Japan effective April 1, 2018 and our da Vinci X system was approved on April 4, 2018.

For earnings history and earnings-related data on Intuitive Surgical (ISRG) click here.

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