[0] Intuitive Surgical Announces $12.7 Million Second Quarter Revenue; 12 da Vinci Systems Sold; Gross Margin Improves to 48%.Business Editors MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--July 26, 2001 Intuitive Surgical Intuitive Surgical Inc. (NASDAQ: ISRG) is a corporation that manufactures robotic surgical systems, most notably the da Vinci Surgical System. Intuitive Surgical has a market capitalization of 9.77 billion USD and is part of the Nasdaq-100 and S&P 400 MidCap Indices. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ISRG ISRG Independent Space Research Group ISRG Independent Safety Review Group ), the leader in precision surgical robotics robotics, science and technology of general purpose, programmable machine systems. Contrary to the popular fiction image of robots as ambulatory machines of human appearance capable of performing almost any task, most robotic systems are anchored to fixed positions , today reported sales of $12.7 million in the second quarter of 2001, up 148% from $5.1 million in sales reported in the second quarter of 2000. The sale and installation of 12 da Vinci da Vinci Surgery A surgical robot for performing certain surgeries–eg, mitral valve repair and laparoscopic procedures–eg, cholecystectomy and gastric ulcer repair. See Laparoscopic surgery, Robotics, Surgical robot. (TM) Surgical Systems drove second quarter 2001 revenue growth, compared with 6 da Vinci(TM) Surgical Systems in the second quarter of 2000. Second quarter 2001 sales increased $0.6 million, or 5% compared to first quarter 2001. The growth was due primarily to increased instrument and accessory accessory, in criminal law, a person who, though not present at the commission of a crime, becomes a participator in the crime either before or after the fact of commission. sales. Intuitive reported total first half 2001 sales of $24.8 million driven by the sale and installation of 24 da Vinci(TM) Surgical Systems. The total installed base of da Vinci(TM) Surgical Systems is now 64. Total second quarter systems sales were $10.9 million, instruments and accessories $1.4 million, and service $0.4 million. The following table summarizes second quarter 2001 revenue compared to the prior year and prior quarter:
Q201 Q200 Increase Q101 Increase
Revenue ($ Millions)
Systems $ 10.9 $ 4.7 $ 6.2 $ 10.9 $ 0.0
Instruments/Accys $ 1.4 $ 0.3 $ 1.1 $ 0.9 $ 0.5
Service $ 0.4 $ 0.1 $ 0.3 $ 0.3 $ 0.1
----- ----- ----- ----- -----
$ 12.7 $ 5.1 $ 7.6 $ 12.1 $ 0.6
System Population
Installations 12 6 6 12 0
Total Installed Base 64 21 43 52 12
Intuitive's gross margin for the second quarter of 2001 was 48%, compared with 32% for the second quarter of 2000. Second quarter 2001 gross margin of 48% improved 2% compared to 46% in the first quarter of 2001. Gross margin improvement resulted largely from increased manufacturing efficiency and cost reduction programs. Net loss for the second quarter of 2001 was $4.2 million, compared to a net loss of $4.5 million for the second quarter of 2000. Second quarter 2001 basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net loss per share was $0.12, compared to a net loss per share of $0.23 for the second quarter of 2000. Net loss for the first half of 2001 was $7.7 million. Commenting on the announcement, Lonnie Smith
The company will also announce these results at a conference call today at 1:30 PM PT. The dial-in numbers for this call are 888-282-8353 for U.S. calls and 415-228-3886 for international calls. The passcode is ISRG and the meeting leader is Mr. Lonnie Smith. About the da Vinci(TM) Surgical System: The da Vinci(TM) Surgical System consists of a surgeon's viewing and control console (1) The physical control panel on a computer or electronic device. (2) A terminal or desktop computer used to monitor and control a network. (3) Any display terminal. having an integrated, high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" InSite(TM) 3-D vision system, a patient-side cart consisting of three robotic arms A robotic arm is a robot manipulator, usually programmable, with similar functions to a human arm. The links of such a manipulator are connected by joints allowing either rotational motion (such as in an articulated robot) or translational (linear) displacement. that position and precisely maneuver maneuver /ma·neu·ver/ (mah-noo´ver) a skillful or dextrous method or procedure. Bracht's maneuver a method of extraction of the aftercoming head in breech presentation. endoscopic en·do·scope n. An instrument for examining visually the interior of a bodily canal or a hollow organ such as the colon, bladder, or stomach. en instruments and an endoscope endoscope, any instrument used to look inside the body. Usually consisting of a fiber-optic tube attached to a viewing device, endoscopes are used to explore and biopsy such areas as the colon and the bronchi of the lungs. , and a variety of articulating EndoWrist(TM) Instruments. By integrating computer-enhanced technology with surgeons' technical skills, Intuitive believes that its System enables surgeons to perform better surgery in a manner never before experienced. The da Vinci(TM) Surgical System seamlessly and directly translates the surgeon's natural hand, wrist and finger movements on instrument controls at the surgeon's console outside the patient's body into corresponding micro-movements of the instrument tips positioned inside the patient through small puncture puncture /punc·ture/ (-cher) the act of piercing or penetrating with a pointed object or instrument; a wound so made. cisternal puncture incisions, or ports. The statements contained in this release may be deemed to contain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ." Such statements are indicated by words or phrases such as "anticipate," "estimate," "projects," "believes," "intends," "expects" and similar words and phrases Words and Phrases® A multivolume set of law books published by West Group containing thousands of judicial definitions of words and phrases, arranged alphabetically, from 1658 to the present. . Actual results may differ materially from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. in any forward-looking statement as a result of certain risks and uncertainties, including, without limitation, competition and market acceptance of the Company's products, ability to obtain regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approvals and third-party reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. , ability to raise additional capital and other risks and uncertainties detailed in the Company's Securities and Exchange Commission filings. Prospective investors are cautioned not to place undue reliance on such forward-looking statements. Intuitive(R), da Vinci(TM), InSite(TM), and EndoWrist(TM) are trademarks of Intuitive Surgical, Inc.
Intuitive Surgical, Incorporated
Consolidated Statements of Operations (Unaudited)
(In Thousands, Except Per Share Data)
Three months ended
June 30, June 30,
2001 2000
Sales 12,720 5,127
Cost of sales 6,659 3,503
Gross profit 6,061 1,624
Operating costs and expenses:
Research and development 3,336 2,822
Selling, general and administrative 7,666 3,976
Total operating costs and expenses 11,002 6,798
Loss from operations (4,941) (5,174)
Interest income/(expense) 697 684
Net loss $ (4,244) $ (4,490)
Weighted average shares outstanding
used to compute net loss per share 35,655 19,808
Loss per share - basic and diluted $ (0.12) $ (0.23)
Intuitive Surgical, Incorporated
Consolidated Statements of Operations (Unaudited)
(In Thousands, Except Per Share Data)
Six months ended
June 30, June 30,
2001 2000
Sales 24,799 8,060
Cost of sales 13,222 6,035
Gross profit 11,577 2,025
Operating costs and expenses:
Research and development 6,567 5,453
Selling, general and administrative 14,500 7,114
Total operating costs and expenses 21,067 12,567
Loss from operations (9,490) (10,542)
Interest income/(expense) 1,840 1,020
Net loss $ (7,650) $ (9,522)
Weighted average shares outstanding
used to compute net loss per share 35,528 12,691
Loss per share - basic and diluted $ (0.22) $ (0.75)
Intuitive Surgical, Incorporated
Consolidated Balance Sheets (Unaudited)
(In Thousands)
June 30, March 31,
2001 2001
Assets
Current assets:
Cash, cash equivalents and
short-term investments 74,471 76,916
Accounts receivable, net 9,686 10,266
Inventories, net 6,791 6,523
Prepaid expenses 1,784 1,606
Total current assets 92,732 95,311
Property and equipment, net 6,574 5,803
Other assets 3,697 3,892
Total assets 103,003 105,006
Liabilities and stockholders' equity
Current Liabilities:
Accounts payable 6,935 5,540
Accrued compensation and employee benefits 1,980 1,452
Warranty provision 1,593 1,543
Accrued liabilities 1,729 1,699
Deferred revenue 2,198 2,340
Current portion of notes payable 2,110 2,072
Total current liabilities 16,545 14,646
Notes payable 772 1,473
Stockholders' equity
Common stock 36 36
Additional paid-in capital 188,202 187,407
Deferred compensation (1,457) (1,866)
Accumulated deficit (101,320) (97,077)
Accumulated other comprehensive income 225 387
Total stockholders' equity 85,686 88,887
Total liabilities and stockholders' equity 103,003 105,006
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