Categories Earnings, Markets, Technology

Intuitive Surgical announces 2018 preliminary results after Fosun alliance in China

Minimally invasive surgery solutions company Intuitive Surgical (ISRG) on Wednesday announced selected unaudited preliminary fourth quarter and full year 2018 financial results.

According to Intuitive Surgical, its flagship da Vinci procedures rose 19% worldwide in the fourth quarter. For the full year 2018, worldwide da Vinci procedures jumped 18% year-over-year. The total number of da Vinci procedures performed crossed 1 million for the first time in 2018.

Preliminary fourth quarter revenue soared 17% to $1.047 billion, while preliminary 2018 revenue grew 19% to $3.724 billion.

Intuitive Surgical shipped 290 da Vinci Surgical Systems in the fourth quarter and 926 in 2018.

The company mentioned China National Health Commission announcement back in October 2018 for a new quota to allow the sale of 154 new surgical robots into China through 2020, since it included da Vinci Surgical Systems. In December 2018, Intuitive Surgical said it obtained clearance for the da Vinci Xi Surgical System in China.

According to the company, the Intuitive-Fosun joint venture launched direct operations for da Vinci products and services for China in January 2019.

The company also began direct operations in Taiwan for da Vinci products and services in December 2018.

Preliminary fourth quarter service revenue rose 11% to $167 million, while preliminary 2018 service revenue improved 11% to $635 million.

As Intuitive Surgical posted the preliminary results, CEO Gary Guthart weighed in, “We are pleased with our fourth quarter procedure growth, system placements, and the financial results that follow. We are committed to advancing intelligent minimally invasive care through the combination of human understanding, smart systems and instruments, and digital insights.”

 

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