Intuitive Surgical Reports Significant Growth In Q3, Expands Global Reach
$ISRG
Intuitive Surgical, Inc. (Nasdaq:ISRG), a leader in minimally invasive care and pioneer in robotic-assisted surgery, announced its financial results for the third quarter ended September 30, 2024. The company reported a substantial 17% increase in revenue, reaching $2.04 billion, up from $1.74 billion in the same period last year. This growth is attributed to a significant rise in worldwide da Vinci procedures and an expanded installed base of da Vinci surgical systems.
During the third quarter, Intuitive placed 379 da Vinci surgical systems, marking an increase from 312 systems in the third quarter of 2023. Notably, this includes 110 of the newly introduced da Vinci 5 systems. The total installed base of da Vinci systems grew by 15% year-over-year, totaling 9,539 units.
Further enhancing its global footprint, Intuitive received regulatory clearance in South Korea for the da Vinci 5 surgical system for various surgical procedures. This approval marks a significant step in the company’s international expansion, broadening its reach in the Asian market.
Its financial health remains robust, with a reported $8.31 billion in cash, cash equivalents and investments by the end of the quarter, an increase of $628 million. This financial stability is supported by strong operational cash flow, albeit offset by capital expenditures. Intuitive’s CEO, Gary Guthart, expressed satisfaction with the quarter’s performance, highlighting the healthy core measures of the business and positive customer reception of the da Vinci 5 system.
The company remains committed to its goals of improving patient outcomes through innovative surgical solutions. The positive trends, Intuitive faces challenges, including navigating complex regulatory environments and potential supply chain disruptions. Moreover, the broader economic conditions, including inflation and interest rates, could impact customer spending and operational costs.
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