Intuitive Surgical Announces First Quarter Earnings

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SUNNYVALE, Calif., April 16, 2009 (GLOBE NEWSWIRE) — Intuitive Surgical, Inc. (NasdaqGS:ISRG – News), the industry leader in surgical robotics, today reported first quarter 2009 revenue of $188.4 million, compared to $188.2 for the first quarter of 2008. First quarter 2009 revenue of $188.4 million was net of $20.1 million of revenue deferrals associated with offers made to certain customers to upgrade their recently purchased da Vinci(r) S(tm) Surgical Systems to our recently announced da Vinci(r) Si(tm) Surgical System. The new da Vinci(r) Si(tm) Surgical System offers several new features, including enhanced 3D HD resolution, an updated and simplified user interface, enhanced operating room integration capabilities, and improved ergonomics. The da Vinci Si also enables an optional second surgeon console allowing a second surgeon the ability to provide da Vinci-enabled surgical assistance and may facilitate teaching efficiencies for surgeons learning da Vinci surgery. The upgrade program also provided our customers the opportunity to exchange their recently purchased da Vinci S camera accessories for da Vinci Si camera accessories. The deferrals reduced first quarter 2009 system revenue by $18.0 million and accessory revenue by $2.1 million. The company expects to recognize all $20.1 million of the revenue deferrals within 2009.

First quarter 2009 instruments and accessories revenue increased to $79.6 million from $61.9 million during the first quarter of 2008 driven by approximately 60% higher surgical procedure volume at customer sites, partially offset by the revenue deferral described above and lower instrument and accessory revenue per procedure resulting from customer efficiency gains, procedure mix, and timing of customer orders. First quarter 2009 service revenue increased to $39.3 million from $27.2 million during the first quarter of 2008.

First quarter 2009 systems revenue of $69.5 million was lower than $99.1 million during the first quarter of 2008 due primarily to the revenue deferral described above and slightly lower da Vinci (r) Surgical System unit sales. 66 da Vinci (r) Surgical Systems were sold during the first quarter of 2009, compared to 74 during the first quarter of 2008.

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