Intuitive Surgical, Inc. (ISRG) Q4 2023 Earnings Call Transcript Summary

By / / Intuitive Surgical

The following is a summary of the Intuitive Surgical, Inc. (ISRG) Q4 2023 Earnings Call Transcript:

Financial Performance:

  • Intuitive Surgical reported overall procedure growth for full year 2023 was 22% year-over-year.
  • Full year 2023 pro forma gross profit margin reported at 68%.
  • In 2023, pro forma operating expenses grew 14%. In 2024, predicted to grow between 11% and 15%.
  • Full year revenue for 2023 was $7.1 billion, 14% growth over 2022, with Q4 revenue of $1.93 billion, an increase of 17% from last year.
  • The company reported 4Q GAAP net income of $606 million, up from $325 million in the fourth quarter of 2022.
  • Full year procedures grew by 22% with 1,370 systems placed with customers, up 8% year-over-year.

Business Progress:

  • Strong procedure growth in the US and outside, predominantly within general surgery including cholecystectomy, colon resection and foregut procedures.
  • Fourth quarter 2023 saw 70 systems placed in Japan, reflecting continued adoption of robotic surgery.
  • Strong regional performance in countries such as Germany, France, the UK, and Ireland.
  • The company has submitted the 510(k) application for the next-generation da Vinci 5 platform to the FDA.
  • Predicted procedure growth for 2024 is said to be between 13% and 16% globally.
  • System placements rose in 2023, with 1,313 multi-port systems and 213 Ion placements.
  • High growth observed in US system placements as well as in China, UK, Germany, and Japan.
  • Expansion into China with locally produced systems and regulatory submissions progression in the US and China.
  • Planned manufacturing facilities for the da Vinci 5 and Ion systems over the next 18 months.
  • Plans to lease a higher proportion of Gen 4 systems in 2024 to provide flexibility to customers for upgrading to da Vinci 5 when supply is available.
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