Intuitive Surgical (ISRG) Announces Preliminary Fourth Quarter and Full Year 2024 Results

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Intuitive (the “Company”) (Nasdaq: ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, today announced certain unaudited preliminary fourth quarter and full year 2024 financial results ahead of its presentation at the 43rd Annual J.P. Morgan Healthcare Conference on January 15, 2025.
Financial and Operational Highlights
- Fourth quarter 2024 worldwide da Vinci procedures grew approximately 18% compared with the fourth quarter of 2023.
- Full year 2024 worldwide da Vinci procedures grew approximately 17% compared with 2023. The Company expects worldwide da Vinci procedures to increase approximately 13% to 16% in 2025 as compared to 2024.
- The Company placed 493 da Vinci surgical systems, of which 174 were da Vinci 5 systems, in the fourth quarter of 2024, an increase of 19% compared with 415 in the fourth quarter of 2023. During 2024, the Company placed 1,526 da Vinci surgical systems, of which 362 were da Vinci 5 systems, an increase of 11% compared with 1,370 systems in 2023.
- Preliminary fourth quarter 2024 revenue of approximately $2.41 billion increased by 25% compared with $1.93 billion in the fourth quarter of 2023. Preliminary 2024 revenue of approximately $8.35 billion increased by 17% compared with $7.12 billion in 2023.
- Fourth quarter 2024 expenses included a $45 million contribution to the Intuitive Foundation compared to a $40 million contribution to the Intuitive Foundation in the fourth quarter of 2023.
Preliminary Results
The Company expects fourth quarter 2024 revenue of approximately $2.41 billion, an increase of 25% compared with $1.93 billion in the fourth quarter of 2023. The Company expects 2024 revenue of approximately $8.35 billion, an increase of 17% compared with $7.12 billion in 2023. The unaudited results in this press release are preliminary and subject to the completion of the Company’s final closing procedures and annual independent audit and, therefore, are subject to adjustment.
Preliminary fourth quarter 2024 instruments and accessories revenue increased by 23% to approximately $1.41 billion, compared with $1.14 billion in the fourth quarter of 2023, primarily driven by growth in da Vinci and Ion procedure volume and customer buying patterns. Preliminary full year 2024 instruments and accessories revenue increased by 19% to approximately $5.08 billion, compared with $4.28 billion for 2023, primarily driven by growth in da Vinci and Ion procedure volume.
Fourth quarter 2024 da Vinci procedures increased approximately 18% compared with the fourth quarter of 2023. In 2024, approximately 2,683,000 surgical procedures were performed with da Vinci surgical systems, an increase of approximately 17% compared with approximately 2,286,000 surgical procedures performed with da Vinci surgical systems in 2023. The growth in the Company’s overall procedure volume in 2024 was largely attributable to 19% growth in United States (“U.S.”) general surgery procedures as well as 23% growth in outside of the U.S. total procedures, primarily driven by cancer procedures. The Company expects worldwide da Vinci procedures to increase approximately 13% to 16% in 2025.
Preliminary fourth quarter 2024 systems revenue increased by 36% to approximately $655 million, compared with $480 million in the fourth quarter of 2023. Higher systems revenue, in part, reflected a lower mix of leased systems relative to previous periods as well as higher da Vinci system average selling prices compared to the fourth quarter of 2023. Preliminary full year 2024 systems revenue increased by 17% to approximately $1.97 billion, compared with $1.68 billion for 2023.
The Company placed 493 da Vinci surgical systems, of which 174 were da Vinci 5 systems, in the fourth quarter of 2024, compared with 415 systems in the fourth quarter of 2023. The fourth quarter 2024 da Vinci surgical system placements included 222 systems placed under operating lease arrangements, of which 140 systems were placed under usage-based operating lease arrangements, compared with 201 systems placed under operating lease arrangements, of which 109 systems were placed under usage-based operating lease arrangements in the fourth quarter of 2023.
The Company placed 1,526 da Vinci surgical systems, of which 362 were da Vinci 5 systems, in 2024, compared with 1,370 systems in 2023. The 2024 da Vinci surgical system placements included 776 systems placed under operating lease arrangements, of which 467 systems were placed under usage-based operating lease arrangements, compared with 659 systems placed under operating lease arrangements, of which 355 systems were placed under usage-based operating lease arrangements in 2023.
Impact of COVID-19 Pandemic
During 2024, the Company did not experience noticeable procedure volume disruptions due to COVID-19. During the first quarter of 2023, in January, the Company saw COVID-19 resurgences impact da Vinci procedure volumes in China, with a recovery during February and March. The Company also believes that a large portion of the patients in the backlog that required treatment during the COVID-19 pandemic have now been treated. Therefore, the Company believes that the impact of patient backlogs was immaterial to procedure volumes in 2024.
Commenting on the announcement, Intuitive CEO Gary Guthart said, “We are pleased with customer adoption of da Vinci 5, Ion, and SP during the quarter and full year. We remain focused on delivering the goals we share with our customers, centered on improving patient outcomes.”
Additional unaudited preliminary revenue and procedure information has been posted to the Investor Relations section of the Intuitive website at: https://isrg.gcs-web.com/.
The Company is scheduled to present at the 2025 J.P. Morgan Healthcare Conference on January 15, 2025, at 9:00 a.m. PST. The Company is scheduled to report its fourth quarter 2024 results during a conference call on January 23, 2025, at which point the Company will discuss the 2024 financial results in more detail. Dial in and webcast access information for both of these events are also available in the Investor Relations section of the Intuitive website.
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