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Intuitive Q3 profit climbs 21.3% YOY

Intuitive Surgical Inc. said non-GAAP net income attributable to the company for the third quarter was $3.43 per share, compared with the S&P Global Market Intelligence consensus normalized EPS estimate of $2.99.

EPS increased 21.2% year over year from $2.83.

Non-GAAP net income attributable to the Sunnyvale, Calif.-based healthcare equipment company totaled $408.8 million for the quarter, a gain of 21.3% from $337.0 million in the prior-year period.

Total revenue rose 22.5% year over year to $1.13 billion from $920.9 million, and its research and development expenses increased 26.3% from the prior-year period to $135.9 million from $107.6 million.

GAAP net income attributable to Intuitive rose 35.7% year over year to $396.8 million, or $3.33 per share, from $292.5 million, or $2.45 per share.

The company said worldwide procedures on its robotic-assisted da Vinci surgical systems rose 20% compared with the third quarter of 2018 due to growth in U.S. general surgery procedures and worldwide urologic procedures.

Intuitive shipped 275 da Vinci Surgical Systems in the third quarter of 2019, a 19% increase compared with 231 in the year-ago quarter.