Intuitive Surgical (ISRG) Preliminary Q4 Revenues Improve Y/Y

Core Insights - Intuitive Surgical (ISRG) reported strong preliminary revenue results for Q4 2023, with net sales estimated at least $1.93 billion, reflecting a 17% year-over-year increase [1] - The company anticipates full-year revenues of$ 7.12 billion for 2023, indicating a 14% year-over-year growth [2] Revenue Performance - Q4 2023 net sales are projected at $1.93 billion, surpassing the Zacks Consensus Estimate of$ 1.86 billion [1] - Sales from instruments and accessories reached $1.14 billion, marking a 22% year-over-year growth, driven by increased da Vinci procedure volume and higher pricing [1] - Full-year revenues from instruments and accessories were$ 4.28 billion, up 22%, while systems revenue remained flat at $1.68 billion [2] Procedure Volume and System Placements - Da Vinci procedures grew approximately 21% worldwide in Q4 2023, benefiting from a favorable comparison to the previous year when COVID-19 impacted volumes [2] - The company placed 415 da Vinci systems in Q4 2023, reflecting a 12% year-over-year increase, which is expected to support continued growth in procedure volumes in 2024 [2][3] Market Recovery - The company completed about 2,286,000 surgical procedures with da Vinci systems in 2023, a 22% increase from 2022, attributed to improved market conditions, particularly in general surgery and cancer procedures [3] - COVID-19 disruptions were minimal in the second half of 2023, leading to a recovery in procedure volumes, particularly in China [4] Stock Performance - ISRG shares rose 15.4% from October 1 to December 31, 2023, outperforming the industry growth of 10.1% and the S&P 500's 10.6% increase during the same period [5]