Summary
- Worldwide procedures growing: Performed procedures using the Intuitive Surgical da Vinci system grew 22% YoY
- da Vinci Systems: The Company placed 331 da Vinci surgical systems, compared with 279 in the second quarter of 2022, bringing the installed base to 8,042 systems
- Revenue: Second quarter 2023 revenue of $1.76 billion increased 15% compared with $1.52 billion in the second quarter of 2022
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Sales of Intuitive Surgical rose 16% year-over-year to $1.78 billion. Worldwide performed procedures using the company’s da Vinci systems increased 13% year-over-year.
That brings them to a total of 8,042. Their Q2 earnings from instruments and accessories jumped 20% to $1.08 billion, compared to $0.9 billion one year ago. The main driving force was a 22% boost in da Vinci surgeries. The company made $393 million from its systems in Q2 2023, a nice increase from $375 million the year before.
At the end of Q2 2023, they were sitting on a pile of $7.13 billion in cash and investments. That’s an impressive $553 million increase during the quarter! It was driven primarily thanks to their day-to-day operations, even after some hefty spending on new equipment.
FDA Approval for da Vinci SP
Intuitive, the creator of the da Vinci SP surgical system, has recently received FDA approval. Surgeons can now use the technology for simple prostatectomies, a procedure often required for patients with an enlarged prostate.
Furthermore, the FDA has given clearance to the da Vinci SP system. It can now be used for the transvesical approach to both simple and radical prostatectomies. Radical prostatectomy involves the removal of the entire prostate gland, typically necessary for patients with prostate cancer. According to Intuitive’s Chief Medical Officer, Dr. Myriam Curet, this approval expands the range of urology procedures that can be performed using the da Vinci SP system.
The da Vinci SP system is designed to access body tissue through a single small incision or natural orifice. This makes complex procedures minimally invasive. The system has three multi-jointed, wristed instruments and a high-definition 3D camera.
Our Take on Intuitive Surgical
Intuitive Surgical is sitting on a nice pile of cash. It gives them a lot of flexibility. Their debt is relatively low, with $1.45 billion compared to that. Pair that with the generation of free cash flow to service that debt effectively, and you have a perfect combination!
Although Intuitive Surgical isn’t a founder-led company, Gary Guthart, Ph.D., has been the CEO since 2010. Before his CEO position, he served as the company’s President and Chief Operating Officer. He first joined Intuitive Surgical in April 1996. Guthart has played a crucial role in developing and commercializing the da Vinci Surgical System. His leadership has earned him various accolades in the business and healthcare industry.
Intuitive Surgical has seen continuous growth and advancement in robotic-assisted surgery since he was CEO. The ability of Intuitive Surgical to capture more market segments is very appealing to us. With the expansion of its da Vinci system (X1/X/SP), the company is positioned nicely in the robotic surgery market.
You can read more financial results like the one from Netflix for example.
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