Intuitive Surgical Announces First Quarter Earnings

Intuitive Surgical (Nasdaq:ISRG), a global technology leader in robotic-assisted, minimally invasive surgery, today announced financial results for the quarter ended March 31, 2018.

As quoted in the press release:

Effective in the first quarter 2018, the Company adopted a new revenue standard using the full retrospective method and all historical information has been restated accordingly. As a result, first quarter 2017 total revenue increased by $5 million and GAAP and non-GAAP* net income increased by $1 million, or $0.01 per diluted share.

First quarter 2018 revenue was $848 million, an increase of approximately 25% compared with $680 million in the first quarter of 2017. First quarter 2017 results reflected the deferral of $23 million of revenue associated with a customer trade-out program.

First quarter 2018 instrument and accessory revenue increased by approximately 21% to $460 million, compared with $381 million for the first quarter of 2017, primarily driven by approximately 15% growth in da Vinci procedure volume.

Click here to read the full press release.