Intuitive Surgical Revenues Up 12%; Will Buy Back Shares

 

SUNNYVALE — Intuitive Surgical, Inc. (NASDAQ:ISRG), maker of da Vinci robotic surgical devices, announced financial results for the quarter ended December 31, 2016, and that it has entered into an accelerated share repurchase program with Goldman, Sachs & Co. to repurchase $2.0 billion of its common stock. Reported revenue and procedure results are consistent with the Company’s January 11th press release.

Fourth quarter revenue of $757 million grew approximately 12% compared with $677 million for the fourth quarter of 2015.

Worldwide da Vinci procedures grew approximately 15% compared with the fourth quarter of 2015 driven primarily by growth in U.S. general surgery procedures and worldwide urologic procedures.

The Company shipped 163 da Vinci Surgical Systems compared with 158 in the fourth quarter of 2015.

Intuitive Surgical reported net income of $242 million in the quarter.

Intuitive Surgical has entered into an accelerated share repurchase program (the “ASR Program”) on January 24, 2017, with Goldman, Sachs & Co. pursuant to which Intuitive Surgical will repurchase $2.0 billion of its common stock from Goldman. Goldman is expected to make an initial delivery by approximately January 27, 2017, to Intuitive of approximately 2.4 million shares of Intuitive’s common stock, which represents 80% of the payment amount divided by the closing price of Intuitive’s common stock on January 23, 2017. The Company anticipates these initial shares will be retired as soon as practical after receipt.

The da Vinci Surgical System is a surgical platform designed to enable complex surgery using a minimally invasive approach. The da Vinci Surgical System consists of an ergonomic surgeon console or consoles, a patient-side cart with three or four interactive arms, a high-performance vision system and proprietary EndoWrist instruments. Powered by state-of-the-art technology, the da Vinci Surgical System is designed to scale, filter, and seamlessly translate the surgeon’s hand movements into more precise movements of the EndoWrist instruments.