Intuitive Surgical, a developer and marketer of robotic technologies, has reported a net income of $28.14m, or $0.72 per diluted share, for the first quarter of 2009, compared to $44.78m, or $1.12 per diluted share, for the first quarter of 2008.
The company has reported a revenue of $188.37 million for the first quarter of 2009, compared to $188.19 for the first quarter of 2008.
According to the company, first quarter 2009 operating income of $45m was $19.8m lower than the first quarter 2008 due primarily to the $20.1m operating income impact of the da Vinci Si launch revenue deferral, offset in part by growth in recurring revenue. Operating results for the first quarter of 2009 included $22.7m of non-cash stock-based compensation expense in accordance with the Financial Accounting Standards Board SFAS 123R, compared with $14.6m for the first quarter of 2008.
It said that first quarter 2009 net income was $28.1m, or $0.72 per diluted share, compared with $44.8m, or $1.12 per diluted share for the first quarter of 2008. The first quarter 2009 revenue deferral reduced net income by approximately $12.1m, or $0.30 per diluted share.
Lonnie Smith, chairman and CEO of Intuitive Surgical, said: Despite the challenging economic environment and reduced hospital spending, procedures performed with the da Vinci surgical system continued to demonstrate relatively high growth.
We believe the new da Vinci Si surgical system’s 3D HD vision, ease of use, efficiency, and second surgeon console capability will help drive the continued adoption of robotic surgery to the benefit of patients throughout the world.