Intuitive Surgical, Inc. (ISRG), an industry leader in surgical robotics, reported first quarter of 2011 revenue of $388 million, up 18% compared with $329 million for the first quarter of 2010. First quarter of 2011 revenue growth was driven by continued robotic procedure adoption and higher da Vinci Surgical System sales.

[Editor’s Note: Read our March 2011 report on ISRG, here.]

F

First quarter of 2011 operating income increased 14% to $148 million from $130 million during the first quarter of 2010. Operating results for the first quarter of 2011 included $32 million of non-cash stock-based compensation expense compared with $27 million for the first quarter of 2010.

First quarter of 2011 net income increased 22% to $104 million, or $2.59 per diluted share, from $85 million, or $2.12 per diluted share for the first quarter of 2010.

Intuitive ended the first quarter of 2011 with $1,757 million in cash, cash equivalents and investments, reflecting an increase of $148 million during the quarter, net of $12 million used to repurchase 36,000 shares of common stock.

Commenting on the announcement, Gary Guthart, President and CEO of Intuitive Surgical, said, “Our procedure and revenue growth reflect further adoption of da Vinci Surgery across several procedure categories. We remain focused on developing and commercializing products that increase the efficacy and reduce the invasiveness of surgery.”