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TheStreet Open House

Intuitive Surgical Announces Fourth Quarter Earnings

Stock quotes in this article: ISRG

Fourth quarter of 2012 net income was $175 million, or $4.25 per diluted share, compared with $151 million, or $3.75 per diluted share, for the fourth quarter of 2011.

Revenue for the year ended December 31, 2012 totaled $2,179 million, increasing 24% from $1,757 million for the year ended December 31, 2011. Net income for the year ended December 31, 2012 was $657 million, or $15.98 per diluted share, compared to net income of $495 million, or $12.32 per diluted share, for the year ended December 31, 2011.

Intuitive Surgical ended the fourth quarter of 2012 with $2.9 billion in cash, cash equivalents and investments, reflecting an increase of $219 million during the quarter. $53 million in cash was used to repurchase 102,000 shares of Intuitive Surgical's common stock in the fourth quarter of 2012.

Commenting on the announcement, Dr. Gary Guthart, President and CEO of Intuitive Surgical, said, "We are pleased with our fourth quarter procedure performance and revenue growth. Our results reflect expanding da Vinci Surgical System use across a broadening array of procedures and strong execution by our team."

Intuitive Surgical will also announce these results at a conference call today at 1:30 pm PST. The dial-in numbers for the call are (800) 230-1092 for participants located in the United States and (612) 288-0337 for participants located outside the United States. The host is Dr. Gary Guthart. To access financial information that will be discussed on the call, please visit Intuitive Surgical's website at www.intuitivesurgical.com.

About Intuitive Surgical's Products

Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale, California, is the global technology leader in robotic-assisted, minimally invasive surgery. Intuitive Surgical develops, manufactures and markets robotic technologies designed to improve clinical outcomes and help patients return more quickly to active and productive lives. Intuitive Surgical's mission is to extend the benefits of minimally invasive surgery to the broadest possible base of patients. Intuitive Surgical — Taking surgery beyond the limits of the human hand™.

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