Intuitive Surgical ends 2024 with $8.83bn in cash and 9902 da Vinci systems installed

ByInvestment Club

Overview

Intuitive Surgical closed 2024 with growing results, reporting $2.41bn in Q4 revenue and $8.35bn for the full year, driven by an 18% increase in da Vinci procedure volume and a growing installed base of 9902 systems globally. Full-year net income reached $2.32bn, while adjusted EPS stood at $7.34, reflecting strong operational efficiency and revenue growth.

Q4 2024 vs. Q4 2023:

  • Fourth quarter 2024 revenue was $2.41bn (+25% YoY), driven by growth in da Vinci procedure volume and an increase in the installed base of systems.
  • Instruments and accessories revenue increased to $1.41bn (+23% YoY), due to increased da Vinci and Ion procedure volumes, as well as customer purchasing patterns.
  • Systems revenue was $655m (+36% vs. 2023), reflecting higher average selling prices and lower reliance on leased systems compared to prior quarters.
  • Net income (GAAP) reached to $686m (+13% YoY), supported by higher procedure volumes and favorable operating leverage.
  • The da Vinci system installed base reached 9902 (+15% increase), driven by the placement of 493 systems, including 174 da Vinci 5 systems.
  • Q4 2024 expenses included a $45m contribution to the Intuitive Foundation, compared with a $40m contribution to the Intuitive Foundation in the Q4 2023, supporting its mission for global healthcare improvement.

Full-Year 2024 highlights:

  • Total revenue rose to $8.35bn (+17% YoY), primarily fueled by growth in procedures and system placements.
  • Instruments and accessories revenue experienced the most significant growth throughout the year, to a value of $5.08bn (+19% YoY), benefiting from increased procedure adoption globally.
  • Net income (GAAP) reached to a value of $2.32bn (+29% YoY), with operating expense growth offset by revenue and operating income gains.
  • Adjusted EPS increased to $7.34 (+29% vs. 2023), supported by higher gross margins and operational efficiency.
  • The company ended the full year 2024 with $8.83bn in cash, cash equivalents, and investments, an increase of $521m during the fourth quarter, primarily driven by cash generated from operations, partially offset by capital expenditures.

Even though the reported financial results were in line with analysts’ expectations, ISGR’s share price fell by almost 8% in the next trading day after the report was published.

Source: TradingView

Looking ahead to 2025, the company anticipates 13–16% growth in procedure volumes, with continued investments in innovation and global expansion to maintain its leadership in robotic-assisted surgery. Expectations also include a non-GAAP gross profit margin of 67–68%, and projects 10–15% growth in operating expenses.

Author: Andreea-Roxana Danci

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