Intuitive Surgical, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the Year 2013
January 22, 2013 at 09:05 pm
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Intuitive Surgical, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported income from operations of $248.1 million, income before taxes of $251.8 million and net income of $174.9 million or $4.25 per diluted share on total revenue of $609.3 million compared to income from operations of $199.5 million, income before taxes of $203.1 million and net income of $151.2 million or $3.75 per diluted share on total revenue of $496.8 million a year ago period. Fourth quarter of 2012 revenue growth was driven by continued adoption of da Vinci surgery procedures and higher da Vinci Surgical System sales.
For the full year, the company reported income from operations of $878.1 million, income before taxes of $893.9 million and net income of $656.6 million or $15.98 per diluted share on total revenue of $2,178.8 million compared to income from operations of $694.8 million, income before taxes of $709.7 million and net income of $495.1 million or $12.32 per diluted share on total revenue of $1,757.3 million a year ago period. Cash flow from operations was $814 million compared with $678 million last year. The revenue increase included recurring revenue growth of 27% and an increase in systems revenue of 20%.
For 2013, the company's expect to achieve annual revenue growth of between 16% and 19%. The expect typical capital sales seasonality in 2013, with the proportion of full year system units sold in each quarter to follow a pattern fairly consistent with 2012. The expect operating income to fall within a range of between 38% and 39% of revenue. Consistent with prior years, expects operating income as a percentage of revenue to be lower in the first quarter of 2013, reflecting system sales and procedure seasonality. Estimated income tax rate of between 29% and 31% of pretax income. The anticipate base full year tax rate to fall within the range of between 28% and 30% of pretax income.
Intuitive Surgical, Inc. specializes in the design, manufacturing, and marketing of robotic surgical assistance video systems. The systems consist of a surgical console, arm, remote-controlled endoscope, and 3D visual immersion system. Net sales break down by activity as follows:
- sale of instruments and accessories (60%): primarily wrist cuffs;
- sale of robotic systems (23.6%): systems marketed under the da Vinci brand (1,370 units sold in 2023) and intended primarily for urological, cardio-thoracic, and gynecological surgeries;
- installation and training services (16.4%).
The United States accounts for 65.8% of net sales.
Intuitive Surgical, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the Year 2013