Medical device company Intuitive Surgical, Inc. (NASDAQ: ISRG) has reported a decline in first-quarter earnings despite a double-digit growth in revenues, hurt by an increase in costs and expenses.
Revenues increased 15% year-over-year to $1.49 billion in the first three months of fiscal 2022, driven by a marked increase in da Vinci procedures and system placements.
Meanwhile, adjusted earnings declined to $1.13 per share in the March quarter from $1.17 per share in the corresponding period of last year. Net income, on an unadjusted basis, came in at $365.6 million or $1.00 per share, compared to $426.3 million or $1.17 per share last year.
Worldwide da Vinci procedures rose approximately 19% year-over-year and the company shipped 311 da Vinci Surgical Systems, representing a 4% increase. At the end of the quarter, it had a total of 6,920 da Vinci Surgical System installed base, up 13%.