The following is a summary of the Intuitive Surgical, Inc. (ISRG) Q1 2024 Earnings Call Transcript:

Financial Performance:

Q1 2024 revenue grew at 11%, backed by solid procedure growth and capital placements.
Placed 313 da Vinci systems, including eight da Vinci 5 systems. The average system selling price was $1.39 million.
Leased systems accounted for 51% of Q1 placements; a proportion expected to grow over time.
Gross margin for Q1 2024 was 67.6%, slightly higher than 67.2% for Q1 2023.
Operating expenses increased by 7%, leading to a pro forma net income of $544 million, or $1.50 per share.
Full-year 2024 procedure growth is forecasted at 14% to 17%. Gross profit margin is expected to be within 67% and 68% of net revenue.
Projected operating expense growth is between 11% and 15%. Pro forma income tax is expected to be between 22% and 24% in 2024.

Business Progress:

Launched da Vinci 5 and da Vinci SP platform in Europe and resolved supply challenges for Ion catheter and vision probe.
Clearance received for Ion in China and CE Mark for SP in Europe.
Aims for 2024 include supporting the launch of new platforms, focusing on procedure adoption, improving products, margins, and productivity that benefit from large scale.
Launch of force-sensitive instruments and positive feedback from surgeons regarding da Vinci 5 indicates potential for new clinical indications.
Despite supply issues with Ion system, strong quarter performance was reported with recovery expected in utilization growth.
In China, pricing is influenced by domestic market dynamics, though domestic product qualification offers access to local tenders.
Studies underway for force feedback technology’s impact on surgical efficiency, with results expected within a year.
Received clearance for Ion system in China, with commercial availability expected in H2 2024.
Continued commitment to improving surgical procedures and acute interventions, aiming for better patient outcomes, experiences, and lower costs.