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Last Update: 19-Apr-13 07:45 ET
Intuitive Surgical shares fall 3% despite beat on earnings and revenues
Intuitive Surgical (ISRG $478.50 -14.87) reported first quarter earnings of $4.56 per share, $0.54 better than the Capital IQ consensus of $4.02, while revenues rose 23.5% year/year to $611.4 million versus the the $582.92 million consensus. First quarter of 2013 instruments and accessories revenue increased 26% to $261 million from $208 million in the first quarter of 2012. The growth in instruments and accessories revenue is the result of growth in da Vinci surgical procedures and increased utilization of new products. da Vinci surgical procedures grew approximately 18% in the first quarter of 2013 compared to the first quarter of 2012, driven primarily by growth in general surgery, U.S. gynecology and international urology procedures, partially offset by a decline in U.S. prostatectomy procedures. The first quarter of 2013 contained one fewer surgical operating day due to a Leap Year day in 2012. Excluding the impact of Leap Year, procedure growth was approximately 20%. First quarter of 2013 systems revenue was $256 million, an increase of 24%, compared with $207 million during the first quarter of 2012. The growth in first quarter of 2013 systems revenue was driven by sales of 164 da Vinci Surgical Systems compared with sales of 140 systems during the same period last year. First quarter of 2013 operating income increased to $251 million from $193 million in the first quarter of 2012. Operating results for the first quarter of 2013 included $38 million of non-cash stock-based compensation expense compared with $34 million for the first quarter of 2012. Intuitive Surgical ended the first quarter of 2013 with $3.1 billion in cash, cash equivalents and investments, reflecting an increase of $196 million during the quarter. $146 million in cash was used to repurchase approximately 299,000 shares of Intuitive Surgical's common stock in the first quarter of 2013 at an average price of $487 per share.
On the conference call, the company announced that it sees FY13 revs at higher end of previously provided +16-19% range ($2.53-2.59 billion versus $2.56 Capital IQ Consensus Estimate), sees FY13 procedures growth at lower end of previously provided +20-23% range.
On the conference call, the company announced that it sees FY13 revs at higher end of previously provided +16-19% range ($2.53-2.59 billion versus $2.56 Capital IQ Consensus Estimate), sees FY13 procedures growth at lower end of previously provided +20-23% range.
