SUNNYVALE, Calif. - Intuitive (NASDAQ:ISRG), a leader in minimally invasive care and pioneer in robotic-assisted surgery, has announced unaudited preliminary financial results for Q4 and the full year of 2024. The company, currently trading near its 52-week high and commanding a market capitalization of $192 billion, reported an 18% increase in worldwide da Vinci (EPA:SGEF) procedures in Q4 2024 compared to the same period in 2023, and a 17% growth for the full year. According to InvestingPro analysis, the stock appears to be trading above its Fair Value, with a robust financial health score of "GREAT."
The company placed 493 da Vinci surgical systems in the last quarter of 2024, marking a 19% rise from the 415 systems placed in Q4 2023. Of these, 174 were the advanced da Vinci 5 systems. Throughout 2024, Intuitive placed 1,526 surgical systems, up 11% from 1,370 in 2023.
Preliminary Q4 revenue was approximately $2.41 billion, a 25% increase from $1.93 billion in Q4 2023. The full year revenue for 2024 is estimated at $8.35 billion, up 17% from $7.12 billion in the previous year.
The growth in procedure volume in 2024 was largely due to a 19% increase in U.S. general surgery procedures and a 23% increase in procedures outside the U.S., primarily driven by cancer-related surgeries.
The company expects worldwide da Vinci procedures to grow by 13% to 16% in 2025. Preliminary revenue from instruments and accessories for Q4 2024 increased by 23% to approximately $1.41 billion, reflecting growth in procedure volume and customer buying patterns. Full year 2024 revenue for these products grew by 19% to about $5.08 billion.
System revenue also saw a significant increase, with preliminary figures for Q4 2024 showing a 36% rise to approximately $655 million, and a 17% increase for the full year to about $1.97 billion.
The company did not experience notable disruptions from COVID-19 in 2024. Intuitive's CEO, Gary Guthart, commented on the results, stating satisfaction with the adoption of their da Vinci 5, Ion, and SP platforms, and a continued focus on improving patient outcomes.
These preliminary results are subject to final closing procedures and annual audit adjustments. The company will provide more detailed financial results during a conference call on January 23, 2025. This report is based on a press release statement from Intuitive.
In other recent news, Intuitive Surgical (NASDAQ:ISRG) has announced key executive promotions. Jamie E. Samath and Henry L. Charlton have been appointed as Executive Vice President, Chief Financial Officer, Head of Business Technology, and Chief Commercial and Marketing Officer, respectively. Alongside their promotions, both Samath and Charlton have received salary increases and a rise in their annual cash bonus opportunities.
Recent developments also report a 17% year-over-year increase in Intuitive Surgical's revenue, reaching $2 billion in the third quarter. The company is preparing for the launch of its new DV5 surgical robot system, which is anticipated to have a significant market impact.
Analysts from Mizuho (NYSE:MFG) Securities and Truist Securities have responded positively to these developments, increasing their price targets for the company's shares. Truist Securities, in particular, increased its price target for shares of Intuitive Surgical to $640 from $570, maintaining a Buy rating on the stock.
Additionally, RBC Capital Markets has provided a favorable outlook for the Medical (TASE:PMCN) Supplies & Devices sector, highlighting 'quality with catalysts' stocks like Intuitive Surgical. Piper Sandler analysts have also expressed optimism for several healthcare companies, including Intuitive Surgical, ahead of a major investor conference.
These recent developments highlight the ongoing growth and potential of Intuitive Surgical in its market sector.
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