Intuitive Surgical, a leader in robotic-assisted surgical solutions, recently released its 10-Q report for the first quarter of 2024. The report provides insight into the company's financial condition and operational performance during this period.
Financially, Intuitive Surgical reported total revenue of $1.64 billion for the first quarter of 2024, representing a 14% increase compared to the same period in 2023. The company's instruments and accessories revenue reached $733 million, while its systems revenue amounted to $384 million. Additionally, Intuitive Surgical's service revenue totaled $525 million for the quarter.
The company's gross profit margin for the first quarter of 2024 was 71.8%, indicating a slight decrease from the 72.6% gross profit margin reported in the first quarter of 2023. Intuitive Surgical's operating expenses also rose to $647 million, reflecting a 19% increase from the first quarter of 2023.
In terms of operational highlights, Intuitive Surgical emphasized its commitment to advancing minimally invasive care through its comprehensive ecosystem of products and services. The company's da Vinci surgical systems, including the recently launched da Vinci 5, were a focal point. As of March 31, 2024, Intuitive Surgical had an installed base of 201 da Vinci SP surgical systems and 8 da Vinci 5 surgical systems.
Moreover, the report highlighted the FDA clearance obtained for the da Vinci 5 surgical system, positioning it for use in all surgical specialties and procedures indicated for da Vinci Xi, except for cardiac and pediatric indications. Additionally, the company detailed its plans for the phased launch of the da Vinci 5 system over several quarters.
Intuitive Surgical's product offerings also include approximately 70 different multi-port da Vinci instruments, with advanced instrumentation for the da Vinci X, da Vinci Xi, and da Vinci 5 surgical systems, as well as force feedback instruments unique to the da Vinci 5 system.
The report further discussed the company's Ion endoluminal system, which received FDA clearance in 2019. The system extends Intuitive Surgical's offerings beyond surgery into diagnostic, endoluminal procedures, providing physicians with a flexible, robotic-assisted, catheter-based platform for minimally invasive biopsies in the lung.
The market has reacted to these announcements by moving the company's shares -1.7% to a price of $366.2. Check out the company's full 10-Q submission here.
