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Intuitive Surgical Announces First Quarter Earnings

SUNNYVALE, Calif., April 18, 2013 (GLOBE NEWSWIRE) -- Intuitive Surgical, Inc. (Nasdaq:ISRG), the industry leader in surgical robotics, today reported first quarter of 2013 revenue of $611 million, up approximately 23% compared with $495 million for the first quarter of 2012. First quarter of 2013 revenue growth was driven by continued growth of da Vinci surgery procedures and higher da Vinci Surgical System sales.

First quarter of 2013 net income was $189 million, or $4.56 per diluted share, compared with $144 million, or $3.50 per diluted share, for the first quarter of 2012.

"We are pleased with our first quarter revenue and earnings growth. Despite a concerted effort by vocal critics of robotic surgery, support remains strong among patients, surgeons and hospitals," said Dr. Gary Guthart, President and CEO of Intuitive Surgical. " da Vinci Surgery has clinically proven benefits in offering a minimally invasive option to a broader group of patients than traditional technologies."

First quarter of 2013 instruments and accessories revenue increased 26% to $261 million from $208 million in the first quarter of 2012. The growth in instruments and accessories revenue is the result of growth in da Vinci surgical procedures and increased utilization of new products. da Vinci surgical procedures grew approximately 18% in the first quarter of 2013 compared to the first quarter of 2012, driven primarily by growth in general surgery, U.S. gynecology and international urology procedures, partially offset by a decline in U.S. prostatectomy procedures. The first quarter of 2013 contained one fewer surgical operating day due to a Leap Year day in 2012. Excluding the impact of Leap Year, procedure growth was approximately 20%.

First quarter of 2013 systems revenue was $256 million, an increase of 24%, compared with $207 million during the first quarter of 2012. The growth in first quarter of 2013 systems revenue was driven by sales of 164 da Vinci Surgical Systems compared with sales of 140 systems during the same period last year. First quarter of 2013 service revenue increased 17% to $94 million from $81 million during the first quarter of 2012, reflecting growth in the installed base of da Vinci Surgical Systems.

First quarter of 2013 operating income increased to $251 million from $193 million in the first quarter of 2012. Operating results for the first quarter of 2013 included $38 million of non-cash stock-based compensation expense compared with $34 million for the first quarter of 2012.

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