Intuitive Surgical, Inc. (NASDAQ:ISRG) stock fell 11.83% (As on Apr 22, 11:31:43 AM UTC-4, Source: Google Finance) though the company posted better than expected results for the first quarter of FY 22. First quarter 2022 instruments and accessories revenue increased by 15% to $810 million, compared with $706 million in the first quarter of 2021. The increase in instruments and accessories revenue was primarily driven by approximately 19% growth in da Vinci procedure volume, partially offset by the effects of stocking orders associated with the Extended Use Program reflected in the first quarter of 2021. The compound annual growth rate between the first quarter of 2019 and the first quarter of 2022 was 14%. First quarter 2022 systems revenue increased by 16% to $428 million, compared with $369 million in the first quarter of 2021. The Company placed 311 da Vinci Surgical Systems in the first quarter of 2022, compared with 298 systems in the first quarter of 2021. The first quarter 2022 system placements included 108 systems placed under operating lease and usage-based arrangements, compared with 127 systems in the first quarter of 2021. The compound annual growth rate between the first quarter of 2019 and the first quarter of 2022 was 20%. First quarter 2022 non-GAAP income from operations increased to $533 million, compared with $527 million in the first quarter of 2021. First quarter 2022 non-GAAP net income attributable to Intuitive Surgical, Inc. was $413 million compared with $427 million, in the first quarter of 2021. The Company ended the first quarter of 2022 with $8.40 billion in cash, cash equivalents, and investments, a decrease of $218 million during the quarter.

ISRG in the first quarter of FY 22 has reported the adjusted earnings per share of $1.13, beating the analysts’ estimates for the adjusted earnings per share of $1.07, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 15 percent to $1.49 billion in the first quarter of FY 22, beating the analysts’ estimates for revenue by 3.30%. Higher first quarter revenue was driven by growth in da Vinci procedure volume and system placements. The compound annual growth rate between the first quarter of 2019 and the first quarter of 2022 was 15%.

Moreover, the Company grew its da Vinci Surgical System installed base to 6,920 systems as of March 31, 2022, an increase of 13% compared with 6,142 as of the end of the first quarter of 2021.