Intuitive Surgical Announces Preliminary Fourth Quarter and Full Year 2023 Results
SUNNYVALE, Calif., Jan. 09, 2024 (GLOBE NEWSWIRE) — Intuitive Surgical (the “Company”) (Nasdaq: ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, today announced certain unaudited preliminary fourth quarter and full year 2023 financial results ahead of its presentation at the 42nd Annual J.P. Morgan Healthcare Conference on January 10, 2024.
Financial and Operational Highlights
-- Fourth quarter 2023 worldwide da Vinci procedures grew approximately 21%
compared with the fourth quarter of 2022. The comparative fourth quarter
of 2022 reflected a resurgence of COVID-19 in China, which negatively
impacted procedure volumes in the region.
-- Full year 2023 worldwide da Vinci procedures grew approximately
22% compared with 2022. The Company expects worldwide da Vinci procedures
to increase approximately 13% to 16% in 2024 as compared to 2023.
-- The Company placed 415 da Vinci surgical systems in the fourth quarter of
2023, an increase of 12% compared with 369 in the fourth quarter of 2022.
The Company placed 1,370 da Vinci surgical systems in 2023, an increase
of 8% compared with 1,264 systems in 2022.
-- Preliminary fourth quarter 2023 revenue of approximately $1.93 billion
increased 17% compared with $1.66 billion in the fourth quarter of 2022.
Preliminary 2023 revenue of approximately $7.12 billion increased
14% compared with $6.22 billion in 2022.
Preliminary Results
The Company expects fourth quarter 2023 revenue of approximately $1.93 billion, an increase of 17% compared with $1.66 billion in the fourth quarter of 2022. The Company expects 2023 revenue of approximately $7.12 billion, an increase of 14% compared with $6.22 billion in 2022. The unaudited results in this press release are preliminary and subject to the completion of the Company’s final closing procedures and annual independent audit and, therefore, are subject to adjustment.
Preliminary fourth quarter 2023 instruments and accessories revenue increased by 22% to approximately $1.14 billion, compared with $0.94 billion in the fourth quarter of 2022, primarily driven by growth in da Vinci procedure volume and higher pricing for instruments and accessories, partially offset by customer buying patterns. Preliminary full year 2023 instruments and accessories revenue increased by 22% to approximately $4.28 billion, compared with $3.52 billion for 2022, primarily driven by growth in da Vinci procedure volume and higher pricing for instruments and accessories, partially offset by customer buying patterns.
Fourth quarter 2023 da Vinci procedures increased approximately 21% compared with the fourth quarter of 2022. In 2023, approximately 2,286,000 surgical procedures were performed with da Vinci surgical systems, an increase of approximately 22% compared with approximately 1,875,000 surgical procedures performed with da Vinci surgical systems in 2022. The growth in the Company’s overall procedure volume in 2023 was largely attributable to 25% growth in U.S. general surgery procedures as well as 27% growth in outside of the U.S. total procedures, primarily driven by cancer procedures. The Company expects worldwide da Vinci procedures to increase approximately 13% to 16% in 2024.
Preliminary fourth quarter 2023 systems revenue increased by 6% to approximately $480 million, compared with $451 million in the fourth quarter of 2022. Preliminary full year 2023 systems revenue of approximately $1.68 billion was consistent with 2022.
The Company placed 415 da Vinci surgical systems in the fourth quarter of 2023, compared with 369 systems in the fourth quarter of 2022. The fourth quarter 2023 da Vinci surgical system placements included 201 systems placed under operating lease arrangements, of which 109 systems were placed under usage-based operating lease arrangements, compared with 154 systems placed under operating lease arrangements, of which 70 systems were placed under usage-based operating lease arrangements in the fourth quarter of 2022.
The Company placed 1,370 da Vinci surgical systems in 2023, compared with 1,264 systems in 2022. The 2023 da Vinci surgical system placements included 659 systems placed under operating lease arrangements, of which 355 systems were placed under usage-based operating lease arrangements, compared with 492 systems placed under operating lease arrangements, of which 216 systems were placed under usage-based operating lease arrangements in 2022.
Impact of COVID-19 Pandemic
During early 2023, COVID-19 resurgences in China continued to negatively impact our procedure volumes; however, as infections and hospitalization started to decrease, we saw a recovery of procedure volumes. During the remainder of 2023, we did not experience significant disruptions from COVID-19. However, COVID-19 has had in the past, and could have in the future, an adverse impact on the Company’s procedure volumes.
Commenting on the announcement, Intuitive CEO Gary Guthart said, “We are pleased with customer adoption of our platforms and their use during the quarter and full year. We remain focused on supporting our customers’ pursuit of the quadruple aim in acute interventions.”
Additional unaudited preliminary revenue and procedure information has been posted to the Investor Relations section of the Intuitive website at:
The Company is scheduled to present at the 2024 J.P. Morgan Healthcare Conference on January 10, 2024, at 9:00 a.m. PST. The Company is scheduled to report its fourth quarter 2023 results during a conference call on January 23, 2024, at which point the Company will discuss the 2023 financial results in more detail. Dial-in and webcast access information for both of these events are also available in the Investor Relations section of the Intuitive website.
About Intuitive
Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic surgery. Our technologies include the da Vinci surgical system and the Ion endoluminal system. By uniting advanced systems, progressive learning, and value-enhancing services, we help physicians and their teams optimize care delivery to support the best outcomes possible. At Intuitive, we envision a future of care that is less invasive and profoundly better, where diseases are identified early and treated quickly, so patients can get back to what matters most.
Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. See .
For more information, please visit the Company’s website at .
Forward-Looking Statements
The Company has not filed its Annual Report on Form 10-K for the year ended December 31, 2023. Accordingly, all financial results described in this press release should be considered unaudited preliminary results and are subject to change to reflect any corrections or adjustments, or changes in accounting estimates, that are identified prior to the time that the Company is in a position to complete these filings. Actual results could differ materially from these preliminary results.