INTUITIVE SURGICAL INC Quarterly Report for Q1 Ended Mar 31, 2010

Summary

Intuitive Surgical, Inc. (ISRG) reported robust financial performance for the first quarter of 2010, demonstrating significant growth across key metrics compared to the prior year period. Total revenue surged by 74.4% to $328.6 million, driven by a strong increase in both product and service revenues. This growth was propelled by the continued adoption of the da Vinci Surgical System, with system unit sales increasing by 57.6% to 104 units and the installed base expanding to 1,482 systems. The company's profitability saw a substantial improvement, with net income rising to $85.3 million, a nearly threefold increase from $28.1 million in the first quarter of 2009. Diluted earnings per share also saw a significant jump to $2.12 from $0.72. The company ended the quarter with a strong liquidity position, holding $1,395.5 million in cash and investments, and generated healthy operating cash flow, underscoring its financial stability and capacity for future investment.

Key Highlights

• 1Total revenue increased significantly by 74.4% to $328.6 million in Q1 2010 compared to Q1 2009.
• 2Net income more than doubled, rising to $85.3 million from $28.1 million in the prior year quarter.
• 3Diluted earnings per share saw a substantial increase to $2.12 from $0.72.
• 4Sales of da Vinci Surgical Systems increased by 57.6% to 104 units, with the da Vinci Si model comprising 77% of these sales.
• 5The installed base of da Vinci Surgical Systems grew to 1,482 units as of March 31, 2010.
• 6Recurring revenue (instruments, accessories, and service) showed strong growth, increasing to $173.3 million and constituting 53% of total revenue.
• 7The company maintained a strong balance sheet with $1,395.5 million in cash and investments.

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