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Intuitive Surgical Announces Fourth Quarter Earnings

SUNNYVALE, Calif., Jan. 22, 2013 (GLOBE NEWSWIRE) -- Intuitive Surgical, Inc. (Nasdaq:ISRG), the industry leader in surgical robotics, today reported fourth quarter of 2012 revenue of $609 million, up approximately 23% compared with $497 million for the fourth quarter of 2011. Fourth quarter of 2012 revenue growth was driven by continued adoption of da Vinci surgery procedures and higher da Vinci Surgical System sales.

Fourth quarter of 2012 instruments and accessories revenue increased 29% to $254 million from $196 million in the fourth 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. da Vinci surgical procedures grew approximately 25% in the fourth quarter of 2012 compared to the fourth quarter of 2011, driven primarily by U.S. gynecology and general surgery growth, and partially offset by a decline in U.S. prostatectomy procedures.

Fourth quarter of 2012 systems revenue was $265 million, an increase of 18%, compared with $225 million during the fourth quarter of 2011. The growth in fourth quarter of 2012 systems revenue was driven by sales of 175 da Vinci Surgical Systems compared with sales of 152 systems during the same period last year. Fourth quarter of 2012 service revenue increased 20% to $91 million from $75 million during the fourth quarter of 2011, reflecting growth in the installed base of da Vinci Surgical Systems.

Fourth quarter of 2012 operating income increased to $248 million from $200 million in the fourth quarter of 2011. Operating results for the fourth quarter of 2012 included $38 million of non-cash stock-based compensation expense compared with $35 million for the fourth quarter of 2011.

Intuitive Surgical's income tax rate for the fourth quarter of 2012 was 30.5% compared with 25.6% for the fourth quarter of 2011. The increase in the tax rate reflects discrete tax benefits recorded during 2011, and the federal R&D tax credit that expired on December 31, 2011.

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