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Intuitive Surgical Announces Preliminary Second Quarter 2013 Results

Stocks in this article: ISRG

SUNNYVALE, Calif., July 8, 2013 (GLOBE NEWSWIRE) -- Intuitive Surgical, Inc. (Nasdaq:ISRG), the industry leader in surgical robotics, today announced certain preliminary second quarter 2013 financial results. The Company expects revenue for the second quarter of 2013 of approximately $575 million, up approximately 7% from $537 million for the second quarter of 2012. The Company expects second quarter 2013 net income of approximately $160 million compared with $155 million for the second quarter of 2012.

da Vinci ® procedures increased approximately 18% for the quarter, primarily reflecting strength of general surgery procedures and slower growth in benign gynecologic procedures. The slowdown in benign gynecologic procedures reflected a number of factors including, but not limited to, reduced hospital admissions and a trend by payers toward encouraging conservative management and treatment in outpatient settings.

Preliminary second quarter 2013 instruments and accessories revenue is expected to increase approximately 18% to approximately $265 million from $224 million during the second quarter of 2012. Instruments and accessories revenue growth reflected procedure growth offset by a reduction in stocking orders related to a decline in system sales.

Preliminary second quarter 2013 da Vinci Surgical Systems revenue is expected to decrease approximately 6% to approximately $215 million from $229 million during the second quarter of 2012. Intuitive sold 143 da Vinci Surgical Systems during the second quarter of 2013, including 90 in the United States, 21 in Europe, 20 in Japan and 12 in rest of world markets, compared with 150 systems during the second quarter of 2012, including 124 in the U.S., 13 in Europe, 7 in Japan and 6 in rest of world markets. The decline in U.S. system sales was impacted by several factors, including, among other things, increased economic pressure on hospitals, which in turn caused some to defer da Vinci System purchases, and moderating growth in our benign gynecologic procedures. Preliminary second quarter 2013 service revenue is expected to increase approximately 14% to approximately $95 million from $83 million during the second quarter of 2012.

Commenting on the announcement, Gary Guthart, President and CEO of Intuitive Surgical, said, "While we are disappointed in our performance this quarter, particularly with respect to our capital sales in the U.S., overall procedure performance was solid in a difficult environment. We remain confident in the value that our products and services bring to patients, hospitals and the healthcare system."

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