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Intuitive Surgical, Inc. (ISRG) Posts Q1 EPS of $1.13

April 22, 2014 4:47 PM EDT

Intuitive Surgical, Inc. (NASDAQ: ISRG) reported Q1 EPS of $1.13, $2.14 worse than the analyst estimate of $3.27. Revenue for the quarter came in at $465 million versus the consensus estimate of $507.04 million.

First quarter 2014 instrument and accessory revenue decreased by approximately 2% to $255 million compared with $261 million for the first quarter of 2013. The decrease in revenue was driven by lower instrument and accessory stocking orders associated with lower first quarter 2014 system unit sales and the revenue deferral of $2 million relating to the da Vinci Xi customer trade-out program, partially offset by approximately 7% higher da Vinci procedure volume. Higher procedure volume was driven by growth in U.S. general surgery procedures and international urologic procedures, partially offset by lower U.S. gynecologic procedures.

Systems revenue decreased to $106 million in the first quarter of 2014, compared with $256 million for the first quarter of 2013. The decrease was driven by lower U.S. systems sales and the revenue deferral of $24 million relating to the da Vinci Xi customer trade-out program. Intuitive Surgical shipped 87 da Vinci Surgical Systems during the three months ended March 31, 2014, compared with 164 in the same period last year. The decrease in system unit shipments primarily reflected lower first quarter of 2014 system sales into the U.S. market. U.S. system shipments were down in the first quarter of 2014 as a result of lower procedure growth, changing hospital capital-spending priorities associated with the implementation of the Affordable Care Act, and the impact that anticipation of a new system may have had on customer capital-spending decisions.

For earnings history and earnings-related data on Intuitive Surgical, Inc. (ISRG) click here.



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