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Intuitive Surgical Announces Second Quarter Earnings

SUNNYVALE, Calif., July 18, 2013 (GLOBE NEWSWIRE) -- Intuitive Surgical, Inc. (Nasdaq:ISRG), the industry leader in robotic-assisted surgery, today reported second quarter of 2013 revenue, consistent with its July 8 th release, of $579 million, up approximately 8% compared with $537 million for the second quarter of 2012.

Second quarter of 2013 instruments and accessories revenue increased 18% to $265 million from $224 million in the second 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 second quarter of 2013 compared to the second 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.

Second quarter of 2013 systems revenue was $216 million, a decrease of 6%, compared with $229 million during the second quarter of 2012. During the second quarter of 2013, we sold 143 da Vinci Surgical Systems compared with sales of 150 systems during the same period last year. Second quarter of 2013 service revenue increased 18% to $98 million from $83 million during the second quarter of 2012, reflecting growth in the installed base of da Vinci Surgical Systems.

Second quarter of 2013 operating income decreased to $219 million from $225 million in the second quarter of 2012. Operating results for the second quarter of 2013 included $39 million of non-cash stock-based compensation expense compared with $33 million for the second quarter of 2012.

Intuitive Surgical's income tax rate for the second quarter of 2013 was 28.6% compared with 32.4% for the second quarter of 2012.

Second quarter of 2013 net income was $159 million, or $3.90 per diluted share, compared with $155 million, or $3.75 per diluted share, for the second quarter of 2012.

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