Intuitive Surgical Beats Q3 Earnings Estimates
Intuitive Surgical, Inc. (NASDAQ: ISRG), announced Tuesday its financial results for the quarter ended September 30.
GAAP revenue in the third quarter of 2014 was $550 million, beating estimates of $517.81 million, an increase of approximately 10 percent compared with $499 million in the third quarter of 2013.
Non-GAAP revenue in the third quarter was $534 million, an increase of approximately 7 percent compared with $499 million in the third quarter of 2013. Non-GAAP revenue excludes $16 million of net revenue associated with da Vinci Xi trade-out offers.
Third quarter 2014 GAAP net income was $124 million, or $3.35 per diluted share, beating estimates of $3.80 and compared to $157 million, or $3.99 per diluted share, for the third quarter of 2013.
Third quarter 2014 non-GAAP net income was $145 million, or $3.92 per diluted share, compared with $194 million, or $4.94 per diluted share, for the third quarter of 2013.
Income from operations saw a decrease with third quarter 2014 GAAP income from operations reported at $159 million, compared with $174 million in the third quarter of 2013. Third quarter 2014 non-GAAP income from operations decreased to $197 million, compared with $230 million in the third quarter of 2013.
Intuitive Surgical ended the third quarter of 2014 with $2.3 billion in cash, cash equivalents and investments, an increase of $219 million during the quarter, primarily driven by cash generated from operations.
Commenting on the announcement, Dr. Gary Guthart, President and CEO of Intuitive Surgical, said, "We are pleased with our third quarter procedure and da Vinci system placement growth, the positive surgeon response to our da Vinci Xi System, and our progress in expanding our international business."
Intuitive Surgical, Inc. traded at $502 afterhours, up 1.2 percent.
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