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Intuitive Surgical Announces Third Quarter Earnings

SUNNYVALE, Calif., Oct. 16, 2012 (GLOBE NEWSWIRE) -- Intuitive Surgical, Inc. (Nasdaq:ISRG), the industry leader in surgical robotics, today reported third quarter of 2012 revenue of $538 million, up approximately 20% compared with $447 million for the third quarter of 2011. Third quarter of 2012 revenue growth was driven by continued adoption of da Vinci surgery procedures and higher da Vinci Surgical System sales.

Third quarter of 2012 instruments and accessories revenue increased 24% to $218 million from $176 million in the third quarter of 2011. The growth in instruments and accessories revenue is the result of growth in da Vinci surgical procedures and the introduction of new products. Third quarter procedure growth of approximately 22% reflected U.S. gynecologic and general surgery growth, partially offset by a decline in U.S. prostatectomy procedures and slower growth in European procedures.

Third quarter of 2012 systems revenue was $232 million, an increase of 17%, compared with $199 million during the third quarter of 2011. The growth in third quarter 2012 systems revenue was driven by sales of 155 da Vinci Surgical Systems compared with 133 system sales during the same period last year. Third quarter of 2012 service revenue increased 22% to $88 million from $72 million during the third quarter of 2011, reflecting growth in the installed base of da Vinci Surgical Systems.

Third quarter of 2012 operating income increased to $211 million from $179 million in the third quarter of 2011. Operating results for the third quarter of 2012 included $47 million of non-cash stock-based compensation expense compared with $35 million for the third quarter of 2011.

Third quarter of 2012 net income was $183 million, or $4.46 per diluted share, compared with $122 million, or $3.05 per diluted share, for the third quarter of 2011. Included in net income are one-time tax benefits of approximately $38 million, including reserve reversals associated with the lapse of statutes of limitations.

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