Summary
Intuitive Surgical Inc. (ISRG) reported strong performance for the third quarter and the first nine months of 2021, demonstrating significant recovery and growth post-pandemic. Total revenue saw a substantial increase of 30% year-over-year for the third quarter, reaching $1.4 billion, driven by robust growth across all segments: systems, instruments & accessories, and services. This growth was underpinned by a 72% surge in da Vinci Surgical System shipments and a 20% rise in procedures performed globally. The company also noted a 32% increase in total revenue for the first nine months of 2021 compared to the same period in 2020. Despite ongoing supply chain challenges, particularly in semiconductors, and the resurgence of COVID-19 cases impacting procedure volumes late in the quarter, Intuitive Surgical maintained healthy profitability. Operating income grew by 64% year-over-year for Q3. The company ended the quarter with a strong liquidity position, holding $8.22 billion in cash, cash equivalents, and investments, indicating a solid financial foundation to navigate future challenges and invest in growth opportunities.
Financial Highlights
47 data points| Revenue | $1.40B |
| Cost of Revenue | $431.90M |
| Gross Profit | $971.40M |
| R&D Expenses | $165.50M |
| SG&A Expenses | $363.30M |
| Operating Expenses | $528.80M |
| Operating Income | $442.60M |
| Net Income | $380.50M |
| EPS (Basic) | $1.07 |
| EPS (Diluted) | $1.04 |
| Shares Outstanding (Basic) | 356.80M |
| Shares Outstanding (Diluted) | 366.80M |
Key Highlights
- 1Total revenue increased 30% year-over-year to $1.40 billion for Q3 2021, and 37% for the first nine months to $4.16 billion.
- 2Da Vinci Surgical System shipments surged 72% year-over-year to 336 units in Q3 2021, contributing to a 55% increase in systems revenue.
- 3Procedure volume grew 20% year-over-year to approximately 395,000 in Q3 2021, indicating a strong recovery and increased adoption of robotic-assisted surgery.
- 4Instruments and accessories revenue increased 20% year-over-year to $755 million in Q3 2021, driven by higher procedure volume.
- 5Operating income saw a significant increase of 64% year-over-year to $443 million in Q3 2021, reflecting improved operational leverage.
- 6The company maintained a strong balance sheet with $8.22 billion in cash, cash equivalents, and investments as of September 30, 2021.
- 7Despite a resurgence of COVID-19 cases late in Q3 impacting procedure growth, the company navigated supply chain challenges and ended the period on a positive financial note.