Intuitive Surgical, Inc (NASDAQ:ISRG) stock fell 1.82% (As on April 19, 11:18:37 AM UTC-4, Source: Google Finance) after the company posted higher than expected results for the first quarter of FY 24. First quarter 2024 instruments and accessories revenue increased by 18% to $1.16 billion, compared with $0.99 billion in the first quarter of 2023. The increase in instruments and accessories revenue was primarily driven by approximately 16% growth in da Vinci procedure volume and approximately 90% growth in Ion procedure volume as well as higher pricing, partially offset by customer buying patterns. In March 2024, the Company obtained FDA clearance for da Vinci 5, its next-generation multi-port robotic system, for use in all surgical specialties and procedures indicated for da Vinci Xi, except for cardiac and pediatric indications as well as one contraindication related to the use of force feedback in hysterectomy and myomectomy procedures.

First quarter 2024 systems revenue was $418 million, compared with $427 million in the first quarter of 2023. The Company placed 313 da Vinci surgical systems in the first quarter of 2024, compared with 312 systems in the first quarter of 2023. The first quarter 2024 da Vinci surgical system placements included 159 systems placed under operating lease arrangements, of which 94 systems were placed under usage-based operating lease arrangements, compared with 131 systems placed under operating lease arrangements, of which 62 systems were placed under usage-based operating lease arrangements in the first quarter of 2023. Additionally, the first quarter 2024 da Vinci surgical system placements included 8 da Vinci 5 systems.

ISRG in the first quarter of FY 24 has reported the adjusted earnings per share of $1.50, beating the analysts’ estimates for the adjusted earnings per share of $1.40, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 11 percent to $1.89 billion in the first quarter of FY 24, beating the analysts’ estimates for revenue by 1.39%. The higher first quarter revenue was driven by growth in da Vinci procedure volume and an increase in the installed base of systems. First quarter 2024 non-GAAP income from operations increased to $630 million, compared with $535 million in the first quarter of 2023. First quarter 2024 non-GAAP net income attributable to Intuitive Surgical, Inc. was $541 million, compared with $437 million, in the first quarter of 2023. The Company ended the first quarter of 2024 with $7.32 billion in cash, cash equivalents, and investments, a decrease of $21 million during the quarter, primarily driven by capital expenditures, partially offset by cash generated from operations.