Intuitive Surgical Q2 2024 Earnings Summary $ISRG
Intuitive Surgical reported Q2 2024 results that showcased strong growth across its operational platforms, with CEO Gary Guthart emphasizing, “The fundamentals of our business were healthy in the quarter.” The company saw approximately 17% growth in procedures compared to Q2 2023, driven by various surgical categories, particularly general surgery, colon resection, and lung resection. CFO Jamie Samath further noted, “Second quarter revenue was $2.2 billion, an increase of 14% from last year.”
Key highlights included a solid performance from the new da Vinci 5 system, with 70 installations in the quarter. Guthart mentioned a “measured rollout” of this system, expressing optimism about its features, which include improved precision and analytics. He added, “We expect our measured rollout to continue through the first half of 2025.” Still, challenges remained with the multi-port system, which has generated some headwinds.
The company also saw significant growth in its Ion platform, with an astounding 82% increase in procedures year-over-year. Samath commented, "We caught up with the remaining backlog of Ion system placements as supply improved.” The installed base of Ion systems also grew by 56%, indicating a robust adoption.
Global trends were mixed. Strong performance was noted in Europe, but there were challenges in Asia, particularly in China, due to market conditions and the impact of ongoing domestic robotic systems. Samath stated, “We continue to see double-digit growth in procedures in China,” despite the challenges faced.
Looking ahead, Intuitive Surgical refined its full-year procedure growth forecast to between 15.5% and 17%. The company anticipates softening in bariatric procedures and possible headwinds in Asia impacting capital placements. Jamie Samath reiterated, “We are lowering our guidance for pro forma operating expense growth to be between 10% and 13%," reflecting their commitment to maintaining control over expenses.
In conclusion, Intuitive Surgical remains focused on continuous improvement and innovation, with plans to further enhance their offerings and expand their market reach. As Gary Guthart put it, “We believe value creation in surgery and acute care is foundationally human,” emphasizing their dedication to enhancing patient care outcomes through technological advancement.
