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Intuitive Announces Third Quarter Earnings

SUNNYVALE, Calif., Oct. 15, 2020 (GLOBE NEWSWIRE) -- Intuitive (the a??Companya??) (Nasdaq: ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, today announced financial results for the quarter ended SeptemberA 30, 2020.
Q3 Highlights

Worldwide da Vinci procedures increased approximately 7% compared with the third quarter of 2019, reflecting a partial recovery from the significant disruption caused by the COVID-19 pandemic.



The Company shipped 195 da Vinci Surgical Systems, a decrease of 29% compared with 275 in the third quarter of 2019.



The Company grew its da Vinci Surgical System installed base to 5,865 systems as of SeptemberA 30, 2020, an increase of 8% compared with 5,406 as of the end of the third quarter of 2019.



Third quarter 2020 revenue of $1,078 million decreased 4% compared with $1,128 million in the third quarter of 2019. Third quarter 2020 revenue included a $23A million decrease in service revenue relating to our previously announced Customer Relief Program.



Third quarter 2020 GAAP net income was $314A million, or $2.60 per diluted share, compared with $397A million, or $3.33 per diluted share, in the third quarter of 2019. Third quarter 2020 GAAP net income included $62A million, or $0.51 per diluted share, of other income related to unrealized gains on strategic investments.



Third quarter 2020 non-GAAP* net income was $334 million, or $2.77 per diluted share, compared with $409 million, or $3.43 per diluted share, in the third quarter of 2019.



The Company launched Intuitive Ventures, an inaugural $100A million fund focused on investment opportunities in companies that share Intuitive's commitment to advancing positive outcomes in healthcare.


Q3 Financial SummaryGross profit, income from operations, net income, net income per diluted share, and diluted shares are reported on a GAAP and non-GAAP* basis. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release.Third quarter 2020 revenue wasA $1,078 million, a decrease of 4%A compared withA $1,128 million in theA third quarter of 2019. LowerA thirdA quarter revenue was driven by fewer system placements, primarily as a result of the significant impact of the COVID-19 pandemic, as well as a $23A million decrease in service revenue related to service fee credits from the previously announced Customer Relief Program.
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