Analyst Conference Summary

Intuitive Surgical
ISRG

conference date: October 18, 2016 @ 1:30 PM Pacific Time
for quarter ending: September 30, 2016 (third quarter, Q3 2016)


Forward-looking statements

Overview: Sorry, I missed this one, on vacation, don't see getting back to it.

Basic data (GAAP):

Revenue was $ million, up % sequentially from $670.1 million and up % from $ million in the year-earlier quarter.

Net income was $ million, up % sequentially from $184.5 million, and up % from $ million year-earlier.

EPS (earnings per share, diluted) were $, up % sequentially from $4.71 and up % from $ year-earlier.

Guidance:

 

Conference Highlights:

Intuitive Surgical shipped da Vinci Surgical Systems, ? sequentially from 130, and up from in the year-earlier quarter.

Procedures using da Vinci systems in Q2 grew

Revenue from Da Vinci system sales was $ million, up % sequentially from $202.7 million, and up % from $ million year-earlier. $ million average price.

Revenue from instruments and accessories was $ million, up % sequentially from $339 million, and up % from $ million year-earlier. $ per procedure average.

Revenue from services was $ million was up % sequentially from $128.1 million and up % y/y from $ million.

Non-GAAP numbers: Net income was $ million, up % sequentially from $220.4 million and up % from $ million year-earlier. Non-GAAP EPS was $, up % sequentially from $5.62, and up % from $ year-earlier. % gross margin. Non-GAAP numbers exclude trade out revenues. Share based compensation expense was $ million.

The cash and equivalents balance ended at $ billion, up sequentially from $4.22 billion. There is no debt. Nothing was spent on stock buybacks in the quarter.

Cost of revenue was $ million, leaving gross profit of $ million. Operating expenses of $ million included: $ million for selling, general, and administrative; $ million for research and development. Leaving income from operations of $ million. Interest income was $ million. Income tax expense $ million.

Q&A:

 

 

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Disclaimer: My analyst call summaries may include both our condensations of statements made by company representatives and my own analysis. They are not covered by any warranty. I cannot guarantee anything said by company representatives is true. I try not to make errors, but it is possible. Before making or terminating an investment you should always verify any factual basis of your decision.

Copyright 2016 William P. Meyers