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Intuitive Surgical 2Q profit rises as sales grow

Thu, 07/19/2012 - 5:13pm
The Associated Press

Intuitive Surgical Inc.'s net income rose 32 percent in the second quarter as it sold more da Vinci robotic surgical systems for use in gynecology, urology, and other procedures.

The company said Thursday that it sold 150 da Vinci systems during the quarter, up from 129 last year, and said the devices were used in more surgical procedures compared with a year ago. It said growth in the U.S. came from gynecology and general surgeries in the U.S., while prostate procedures decreased. In overseas markets, growth came mainly from urology procedures.

Intuitive said its profit rose to $154.9 million, or $3.75 per share, from $117.4 million, or $2.91 per share. Revenue rose 26 percent, to $536.5 million from $425.7 million.

Analysts were forecasting net income of $3.56 per share and revenue of $524.3 million, according to FactSet.

The company said its revenue from instrument and accessory sales grew 30 percent to $223.7 million. Revenue from da Vinci system sales increased 23 percent to $229.4 million, and its service revenue rose 23 percent to $83.4 million.

Shares of Intuitive Surgical declined $5.15 to $544.21 on Thursday. In after-hours trading, the stock lost $4.21 to $540.

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