Fourth quarter of 2011 revenue growth was driven by continued robotic procedure adoption and higher da Vinci Surgical System sales, the company said in a prepared statement.
Fourth quarter of 2011 instruments and accessories revenue increased 30% to $196 million from $151 million in the fourth quarter of 2010. The growth in instruments and accessories revenue was primarily driven by growth in da Vinci surgical procedures of approximately 27%.
Fourth quarter of 2011 systems revenue was $225 million, an increase of 27%, compared with $178 million during the fourth quarter of 2010. The growth in fourth quarter 2011 systems revenue was driven by sales of 152 da Vinci Surgical Systems compared with 124 system sales during the same period last year. Fourth quarter of 2011 service revenue increased 24% to $75 million from $61 million during the fourth quarter of 2010, reflecting growth in the installed base of da Vinci Surgical Systems.
Fourth quarter of 2011 operating income increased to $200 million from $154 million in the fourth quarter of 2010. Operating results for the fourth quarter of 2011 included $35 million of non-cash stock-based compensation expense compared with $30 million for the fourth quarter of 2010.
Intuitive reported a full fiscal year 2011 income tax rate of 30.2% of pretax income, compared to 32.1% recorded through the first three quarters of 2011. The rate reduction realized in the fourth quarter primarily reflected a favorable geographic split of pre-tax earnings and lower state taxes.
Fourth quarter of 2011 net income was $151 million, or $3.75 per diluted share, compared with $121 million, or $3.02 per diluted share for the fourth quarter of 2010.
Revenue for the year ended December 31, 2011 totaled $1,757 million, increasing 24% from $1,413 million for the year ended December 31, 2010. Net income for the year ended December 31, 2011 was $495 million, or $12.32 per diluted share, compared to net income of 382 million, or $9.47 per diluted share for the year ended December 31, 2010.
We ended fiscal 2011 with $2,172 million in cash, cash equivalents and investments, reflecting an increase of $563 million during the year, net of $332 million used to repurchase 963,000 shares of common stock.
Commenting on the announcement, Dr. Gary Guthart, President and CEO of Intuitive Surgical, said, “We are pleased with our fourth quarter performance. These results reflect continued da Vinci procedure adoption, highlighted by strong growth in our US gynecology business, and a focus on execution by our commercial and product operations teams.”
The Company will also announce these results at a conference call today at 1:30 pm PST. The dial-in numbers for the call are 800-230-1059 for participants located in the United States and 612-234-9959 for participants located outside the United States. The host is Dr. Gary Guthart. To access financial information that will be discussed on the call, please visit Intuitive Surgical’s website at www.intuitivesurgical.com.
SOURCE: Intuitive SurgicalRead More