Upcoming AWS Coverage on Zimmer Biomet Holdings
LONDON, UK / ACCESSWIRE / April 21, 2017 / Active Wall St. announces its post-earnings coverage on Intuitive Surgical, Inc. (NASDAQ: ISRG). The Company posted its first quarter fiscal 2017 results on April 18, 2017. The robotic surgery system Company surpassed top- and bottom-line expectations. Register with us now for your free membership at: http://www.activewallst.com/register/.
One of Intuitive Surgical’s competitors within the Medical Appliances & Equipment space, Zimmer Biomet Holdings, Inc. (NYSE: ZBH), is estimated to report earnings on April 27, 2017. AWS will be initiating a research report on Zimmer Biomet following the release of its next earnings results.
For the three months ended March 31, 2017, Intuitive Surgical’s revenue was $674 million, up approximately 13% compared with $595 million in Q1 FY16. The increase in revenue was driven by growth in recurring instrument, accessory, and service revenue, and higher systems revenue. The Company’s revenue numbers surpassed analysts’ consensus of $660.6 million.
For Q1 FY17, Intuitive Surgical’s instrument and accessory revenue had increased by approximately 18% to $381 million compared with $322 million for Q1 FY16, primarily driven by nearly 18% growth in da Vinci procedure volume. The Company’s service revenue had increased by approximately 13% to $140 million in the reported quarter compared with $125 million in the year earlier same quarter.
For Q1 FY17, Intuitive Surgical’s systems revenue increased by approximately 4% to $153 million compared with $148 million for Q1 FY16. Intuitive Surgical shipped 133 da Vinci Surgical Systems in the reported quarter compared with 110 in the year earlier comparable quarter.
Intuitive Surgical’s Q1 FY17 income from operations increased to $192 million compared with $179 million in Q1 FY16. The Company’s reported quarter non-GAAP income from operations increased to $264 million compared with $229 million in the year earlier corresponding quarter.
Intuitive Surgical’s Q1 FY17 GAAP net income was $180 million, or $4.67 per diluted share, compared with $136 million, or $3.54 per diluted share, for Q1 FY16. The Company’s reported quarter GAAP net income benefited from the adoption of a new accounting standard which required that $33 million, or $0.85 per share, of excess tax benefits related to employee share-based compensation awards be recorded as a component of income tax expense. For Q1 FY17 results also included pre-tax litigation charges of approximately $21 million, or $0.39 per share net of income tax.
The Company’s non-GAAP net income was $196 million, or $5.09 per diluted share, for the reported quarter compared with $170 million, or $4.42 per diluted share, for the prior year quarter. The results topped Wall Street’s estimates of $4.90 per share.
For Q1 FY17, Intuitive Surgical’s worldwide da Vinci procedures grew nearly 18% on a y-o-y basis, driven primarily by growth in US general surgery procedures and worldwide urologic procedures. The Company shipped 133 da Vinci Surgical Systems in the reported quarter compared with 110 in the year earlier same quarter.
Intuitive Surgical ended Q1 FY17 with $3.1 billion in cash, cash equivalents, and investments, a decrease of $1.7 billion during the reported quarter, primarily driven by the $2 billion used for accelerated share repurchases, yet partially offset by proceeds from cash generated from operations and employee stock option exercises.
At the close of trading session on Thursday, April 20, 2017, Intuitive Surgical’s share price finished yesterday’s trading session at $814.45, rising slightly by 0.84%. A total volume of 394.36 thousand shares exchanged hands, which was higher than the 3 months average volume of 356.40 thousand shares. The stock has surged 23.77% and 26.36% in the last three months and past twelve months, respectively. Furthermore, since the start of the year, shares of the Company have surged 28.43%. The stock is trading at a PE ratio of 43.52 and currently has a market cap of $29.91 billion.
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