Intuitive Surgical INc (NASDAQ:ISRG), the California-based company that makes robotic surgery devices, is poised to develop its presence in international markets and in Asia in particular, thanks to its higher sales figures, according to fresh analysis from BMI Research.
The Sunnyvale, California, company shipped 185 da Vinci robotic surgery devices in the first three months of 2018, about 39% more than a year earlier. The group also shipped 73 robotic surgery devices outside of the United States, compared with 56 last year. Japan has been a particularly receptive market, with as many as 9 robotic devices being sold there.
The boost in first-quarter sales will help to broaden Intuitive Surgical's reach overseas, according to BMI View.
“The company’s international growth was notable and the reimbursement of additional procedures in Japan will support the company’s aim of accessing customers in Asia,” said analysts in a statement from BMI View. “Intuitive Surgical’s higher systems placements will support growth in recurring instrument and accessory revenue and position the company for continued strong earnings.”
READ: Intuitive Surgical shares gain as profit beats estimates on da Vinci device sales
Indeed before the end of the first quarter, 12 da Vinci procedures with general surgery, gynecology, and cardiothoracic surgery were awarded “national reimbursement” status, which means that the Japanese health care system provides economic incentives to convert procedures in these categories to robotics.
The da Vinci device was previously only cleared for prostatectomy and nephrectomy in Japan.
Surgeons who tout the tech say it’s given them a far clearer view of what’s happening inside the body and greater control over their instruments.
In the first quarter of this year, Intuitive Surgical’s net income rose to US$288mln, or US$2.44 per share on an adjusted basis, from US$180.8mln, or US$1.57 a share, a year earlier.
The company also posted $848mln in revenue, a 25% increase from the year-ago quarter and beating the Wall Street consensus estimate of $777mln.
Intuitive Surgical’s shares were flat at US$436.91 Wednesday.