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Intuitive Surgical Announces Q2 Earnings
‘Second quarter of 2011 net income increased 32% to $117 million’
By Robotics Trends' News Sources - Filed Jul 19, 2011

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Intuitive Surgical, Inc. (Nasdaq:ISRG), reported second quarter of 2011 revenue of $426 million, up 21% compared with $351 million for the second quarter of 2010. Second quarter of 2011 revenue growth was driven by continued robotic procedure adoption and higher da Vinci Surgical System sales.

Second quarter of 2011 instruments and accessories revenue increased 35% to $172 million from $128 million in the second quarter of 2010. The growth in instruments and accessories revenue was primarily driven by growth in da Vinci surgical procedures of approximately 30%. Second quarter of 2011 systems revenue was $187 million, an increase of 11%, compared to $168 million during the second quarter of 2010. Second quarter of 2011 services revenue increased 22% to $68 million from $55 million during the second quarter of 2010, reflecting growth in the installed base of da Vinci Surgical Systems.

Second quarter of 2011 operating income increased 20% to $168 million from $140 million during the second quarter of 2010. Operating results for the second quarter of 2011 included $35 million of non-cash stock-based compensation expense compared with $30 million for the second quarter of 2010.

Second quarter of 2011 net income increased 32% to $117 million, or $2.91 per diluted share, from $89 million, or $2.19 per diluted share for the second quarter of 2010.

Intuitive ended the second quarter of 2011 with $1,822 million in cash, cash equivalents and investments, reflecting an increase of $65 million during the quarter, net of $139 million used to repurchase 401,000 shares of common stock.

SOURCE: Intuitive Surgical

 

 


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