Intuitive Surgical Announces $14.4 Million First Quarter Revenue; da Vinci Surgical System Base Surpasses 100
Total first quarter 2002 systems sales were $11.7 million, instruments and accessories $1.7 million, and service revenue $1.0 million. The following table compares first quarter 2002 revenue and da Vinci(TM) Surgical System placements to the prior year.
Q102 Q101 Incr.
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Revenue (Millions)
Systems $11.7 $10.9 $ 0.8
Instruments/Accys $ 1.7 $ 0.9 $ 0.8
Service $ 1.0 $ 0.3 $ 0.7
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$14.4 $12.1 $ 2.3
System Population
Placements 13 12 1
Cumulative Placements 102 52 50
Intuitive's gross margin for the first quarter of 2002 was 48%, compared with
46% for the first quarter of 2001. Gross margin improvement resulted largely
from increased sales and improved manufacturing efficiency.
Net loss for the first quarter of 2002 was $5.6 million, compared to a net loss of $3.4 million for the first quarter of 2001. Basic and diluted net loss per share was $0.15, compared to a net loss per share of $0.10 for the first quarter of 2001.
Commenting on the announcement, Lonnie Smith, President and CEO of Intuitive Surgical, said: "We are pleased with our first quarter financial results and revenue growth. During the quarter we successfully moved our headquarters and manufacturing operation to a larger facility. The new facility is now completely operational, providing us with the capacity to support our planned growth into the future. We are proud to have grown our base of da Vinci(TM) Surgical Systems to over 100 during this quarter and our customers continue to increase system usage, which is reflected in the growth of our recurring revenues."
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 888-730-9134 for U.S. calls and 630-395-0027 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 having an integrated, high-performance InSite(TM) 3-D vision system, a patient-side cart consisting of three robotic arms that position and precisely maneuver endoscopic instruments and an endoscope, 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 incisions, or ports.
The statements contained in this release may be deemed to contain "forward-looking statements." Such statements are indicated by words or phrases such as "anticipate," "estimate," "projects," "believes," "intends," "expects" and similar words and phrases. Actual results may differ materially from those expressed or implied 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 approvals and third-party reimbursement, 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
March 31, March 31,
2002 2001
-------- --------
Sales $ 14,409 $ 12,079
Cost of sales 7,507 6,563
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Gross profit 6,902 5,516
Operating costs and expenses:
Research and development 4,232 3,231
Selling, general and administrative 8,785 6,835
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Total operating costs and expenses 13,017 10,066
Loss from operations (6,115) (4,550)
Other income/(expense) 498 1,143
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Net loss $ (5,617) $ (3,407)
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Weighted average shares outstanding
used to compute net loss per share 36,308 35,401
Loss per share - basic and diluted $ (0.15) $ (0.10)
INTUITIVE SURGICAL, INCORPORATED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(IN THOUSANDS)
March 31, December 31,
2002 2001
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Assets
Current assets:
Cash, cash equivalents and
short-term investments $ 56,629 $ 66,661
Accounts receivable, net 15,492 13,248
Inventories, net 6,242 6,182
Prepaid expenses 2,888 3,128
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Total current assets 81,251 89,219
Property and equipment, net 11,124 7,834
Other assets 3,113 3,308
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Total assets $ 95,488 $100,361
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Liabilities and stockholders' equity
Current Liabilities:
Accounts payable $ 9,184 $ 8,300
Accrued compensation and employee
benefits 2,506 2,537
Warranty provision 1,787 1,831
Accrued liabilities 2,085 3,128
Deferred revenue 3,624 3,870
Current portion of notes payable 1,587 1,631
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Total current liabilities 20,773 21,297
Notes payable 1,282 771
Stockholders' equity
Common stock 36 36
Additional paid-in capital 189,962 188,962
Deferred compensation (670) (886)
Accumulated deficit (115,987) (110,370)
Accumulated other comprehensive
income 92 551
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Total stockholders' equity 73,433 78,293
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Total liabilities and
stockholders' equity $ 95,488 $100,361
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CONTACT: Intuitive Surgical
Ben Gong, 408/523-2175
Sarah Norton, 408/523-2161