Summary
Intuitive Surgical Inc. reported strong performance in the first quarter of 2021, with total revenue increasing by 18% year-over-year to $1.29 billion. This growth was primarily driven by a significant 30% increase in systems revenue and a 14% rise in instruments and accessories revenue, indicating a robust recovery and adoption of robotic-assisted procedures post-initial COVID-19 impacts. The company also saw a notable increase in da Vinci Surgical System placements, up 26% year-over-year, and continued expansion of its installed base. Despite ongoing uncertainties related to the COVID-19 pandemic and supply chain challenges, the company's financial position remains strong with substantial cash reserves and positive operating cash flow.
Financial Highlights
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Financial Statements
Beta
| Revenue | $1.29B |
| Cost of Revenue | $389.50M |
| Gross Profit | $902.60M |
| R&D Expenses | $159.80M |
| SG&A Expenses | $326.00M |
| Operating Expenses | $485.80M |
| Operating Income | $416.80M |
| Net Income | $426.30M |
| EPS (Basic) | $1.20 |
| EPS (Diluted) | $1.17 |
| Shares Outstanding (Basic) | 354.20M |
| Shares Outstanding (Diluted) | 364.00M |
Key Highlights
- 1Total revenue grew 18% to $1.29 billion in Q1 2021 compared to $1.10 billion in Q1 2020.
- 2Systems revenue saw a substantial increase of 30%, reaching $369 million, driven by a 26% rise in da Vinci Surgical System shipments.
- 3Instruments and accessories revenue increased by 14% to $706 million, reflecting increased procedure volume.
- 4Total da Vinci procedures performed increased by 16% year-over-year, indicating a strong recovery in surgical activity.
- 5The company's gross profit margin improved to 69.9% from 67.1% in the prior year period.
- 6Operating income saw a significant increase of 47%, reaching $417 million.
- 7The installed base of da Vinci Surgical Systems grew by 8% to approximately 6,142 systems as of March 31, 2021.