Continued worldwide adoption of Intuitive Surgical Inc.'s da Vinci Surgical System drove the company to double-digit revenue growth in 2018, according to President and CEO Gary Guthart.
Speaking at the 2019 J.P. Morgan Healthcare Conference on Jan. 10, Guthart said procedures for the robotic surgery system da Vinci increased 18% in 2018 compared with the prior year, primarily driven by growth in general surgeries. Guthart said Intuitive's priority will be in organic investments.
While worldwide procedures for da Vinci were on the rise in 2018, Guthart expects the growth to slow in 2019, with procedures increasing by 13% to 17%.
Intuitive released preliminary fourth-quarter and year-end results Jan. 9, recording year-over-year 2018 revenue growth of 19%, totaling $3.72 billion. Revenue from the da Vinci Surgical System totaled $341 million in 2018, a year-over-year increase of 20%.
The Sunnyvale-Calif.-based company shipped 926 da Vinci systems in 2018, compared to 684 in 2017, according to the results.
The annual J.P. Morgan Healthcare Conference in San Francisco brings together more than 9,000 investors, analysts and executives from more than 450 public and private companies.