Intuitive Surgical, Inc. (Nasdaq:ISRG), the industry leader in surgical robotics, reported third quarter of 2011 revenue of $447 million, up 30% compared with $344 million for the third quarter of 2010. Third quarter of 2011 revenue growth was driven by continued robotic procedure adoption and higher da Vinci Surgical System sales.

Third quarter of 2011 instruments and accessories revenue increased 38% to $176 million from $128 million in the third quarter of 2010. The growth in instruments and accessories revenue was primarily driven by growth in da Vinci surgical procedures of approximately 30%. Third quarter of 2011 systems revenue was $199 million, an increase of 25%, compared to $160 million during the third quarter of 2010. The growth in third quarter 2011 systems revenue was driven by sales of 133 da Vinci Surgical Systems compared to 105 system sales during the same period last year. Third quarter of 2011 services revenue increased 25% to $72 million from $57 million during the third quarter of 2010, reflecting growth in the installed base of da Vinci Surgical Systems.

Third quarter of 2011 operating income increased 35% to $179 million from $132 million during the third quarter of 2010. Operating results for the third quarter of 2011 included $35 million of non-cash stock-based compensation expense compared with $30 million for the third quarter of 2010.

Third quarter of 2011 net income increased 41% to $122 million, or $3.05 per diluted share, from $87 million, or $2.14 per diluted share for the third quarter of 2010.

Intuitive ended the third quarter of 2011 with $1,887 million in cash, cash equivalents and investments, reflecting an increase of $65 million during the quarter, net of $181 million used to repurchase 526,000 shares of common stock.

Commenting on the announcement, Dr. Gary Guthart, President and CEO of Intuitive Surgical, said, "We are pleased with the growth in da Vinci procedures and the performance of our team in the quarter."

Intuitive Surgical, Inc., headquartered in Sunnyvale, California, is the global technology leader in robotic-assisted, minimally invasive surgery. Intuitive Surgical develops, manufactures, and markets robotic technologies designed to improve clinical outcomes and help patients return more quickly to active and productive lives. The Company's mission is to extend the benefits of minimally invasive surgery to the broadest possible base of patients. Intuitive Surgical -- Taking surgery beyond the limits of the human hand(TM).

More about ISRG at www.intuitivesurgical.com

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