Intuitive(ISRG)2024-10-17 20:02da Vinci Surgical System Performance - Worldwide da Vinci procedures grew approximately 18% compared with the third quarter of 2023[1] - The Company placed 379 da Vinci surgical systems, including 110 da Vinci 5 systems, in Q3 2024, up from 312 systems in Q3 2023[1] - The da Vinci surgical system installed base grew to 9,539 systems as of September 30, 2024, a 15% increase from 8,285 systems at the end of Q3 2023[1] - In October 2024, the Company obtained regulatory clearance in South Korea for the da Vinci 5 surgical system for use in multiple surgical procedures[1] Revenue and Financial Performance - Q3 2024 revenue increased 17% to $2.04 billion compared to $1.74 billion in Q3 2023[1] - Total revenue for Q3 2024 reached $2,038.1 million, up 16.9% YoY from $1,743.7 million in Q3 2023[13] - Nine-month total revenue for 2024 reached $5,938.6 million, up 14.3% YoY from $5,195.8 million in 2023[16] - Instruments and accessories revenue increased by 18% to $1.26 billion in Q3 2024, driven by 18% growth in da Vinci procedure volume and 73% growth in Ion procedure volume[2] - Instruments and accessories revenue grew 18.0% YoY to $1,264.2 million in Q3 2024[13] - Systems revenue was $445 million in Q3 2024, compared to $379 million in Q3 2023, with 220 systems placed under operating lease arrangements, including 141 under usage-based leases[2] Net Income and Earnings Per Share - Q3 2024 GAAP net income attributable to Intuitive was $565 million, or $1.56 per diluted share, compared to $416 million, or $1.16 per diluted share, in Q3 2023[1] - Q3 2024 non-GAAP net income attributable to Intuitive was $669 million, or $1.84 per diluted share, compared to $524 million, or $1.46 per diluted share, in Q3 2023[1] - Net income attributable to Intuitive Surgical, Inc. increased 35.9% YoY to $565.1 million in Q3 2024[13] - Diluted net income per share rose 34.5% YoY to $1.56 in Q3 2024[13] - Nine-month net income attributable to Intuitive Surgical, Inc. increased 37.3% YoY to $1,636.9 million[16] - GAAP net income attributable to Intuitive Surgical, Inc. for the nine months ended September 30, 2024, was $1,636.9 million, compared to $1,191.8 million for the same period in 2023[23] - Non-GAAP net income attributable to Intuitive Surgical, Inc. for the nine months ended September 30, 2024, was $1,851.2 million, compared to $1,467.9 million for the same period in 2023[23] - GAAP net income per share attributable to Intuitive Surgical, Inc. - diluted for the nine months ended September 30, 2024, was $4.53, compared to $3.34 for the same period in 2023[23] - Non-GAAP net income per share attributable to Intuitive Surgical, Inc. - diluted for the nine months ended September 30, 2024, was $5.12, compared to $4.11 for the same period in 2023[23] Cash, Investments, and Assets - The Company ended Q3 2024 with $8.31 billion in cash, cash equivalents, and investments, an increase of $628 million during the quarter[3] - Cash, cash equivalents, and investments grew 13.2% to $8,311.5 million as of September 30, 2024[19] - Property, plant, and equipment increased 25.3% to $4,433.0 million as of September 30, 2024[19] - Total assets grew 14.9% to $17,743.4 million as of September 30, 2024[19] - Stockholders' equity increased 17.0% to $15,677.5 million as of September 30, 2024[20] Gross Profit and Expenses - GAAP gross profit for the nine months ended September 30, 2024, was $3,992.0 million, compared to $3,452.1 million for the same period in 2023[23] - Non-GAAP gross profit for the nine months ended September 30, 2024, was $4,092.6 million, compared to $3,543.8 million for the same period in 2023[23] - Share-based compensation expense for the nine months ended September 30, 2024, was $499.8 million, compared to $442.4 million for the same period in 2023[23] - Long-term incentive plan expense for the nine months ended September 30, 2024, was $4.4 million, compared to $5.9 million for the same period in 2023[23] - Amortization of intangible assets for the nine months ended September 30, 2024, was $13.6 million, compared to $15.1 million for the same period in 2023[23] - Litigation charges (recoveries) for the nine months ended September 30, 2024, was $7.2 million, compared to $(4.0) million for the same period in 2023[23]