Intuitive Surgical Inc. reported fourth-quarter 2016 non-GAAP net income of $242.3 million, or $6.09 per share, up from $224.3 million, or $5.89 per share, for the fourth quarter of 2015.

The S&P Capital IQ consensus normalized EPS estimate for the fourth quarter was $5.99.

On a GAAP basis, net income was $204.0 million, or $5.13 per share, versus $190.0 million, or $4.99 per share, in the prior-year period.

Intuitive Surgical's total revenues were $756.9 million, up from $676.5 in the comparable quarter of 2015. Instrument and accessory revenue rose year over year to $386.3 million from $325.6 million, due mainly to a 15% growth in procedure volume on Intuitive's da Vinci systems for conducting minimally invasive, robotic surgery.

Service revenue for the fourth quarter increased to $134.7 million from $120.2 million, while systems revenue rose to $235.9 million from $230.7 million in the fourth quarter of 2015.

Intuitive shipped 163 da Vinci systems during the fourth quarter, compared to 158 shipments in the year-ago quarter.

For the full year 2016, GAAP net income was $735.9 million, or $18.73 per share, versus $588.8 million, or $15.54 per share, in 2015. Non-GAAP net income for 2016 was $878.7 million, or $22.36 per share, compared with $730.9 million, or $19.28 per share, in 2015.

The S&P Capital IQ consensus normalized EPS estimate for 2016 was $22.18.

In addition, the company entered into an accelerated share repurchase program with Goldman Sachs & Co., under which it will repurchase $2.0 billion of its common stock from Goldman. Goldman is expected to make an initial delivery to Intuitive of about 2.4 million common shares by about Jan. 27.

The company expects the initial shares will be retired as soon as practical after receipt.

Intuitive had about $3.0 billion remaining under its board authorized stock repurchase program before the initiation of the accelerated share repurchase program. Final settlement of the program is expected to be completed by the end of the fourth quarter of 2017.