To The Moon

$Intuitive Surgical(ISRG)$ released its Q4 2023 earnings, with beating on both the top and bottom lines, prompting shares to go 6% +higher.

Revenue of $1.93B, YoY 16%+, Non-GAAP income of $574M ($1.60 per diluted share) compared to $439M ($1.23 per diluted share)

The strong result was driven by growth in installations of its signature da Vinci surgical systems, it makes that COVID-19 did not have any significant impact on its Q4 operations.

Now it has $7.34B in cash, cash equivalents, and investments, an increase of $600M from previous year.

In the conference callm the company discussed its financial results and provided updates on its da Vinci 5 system, Ion platform, and SP platform. The company reported a decline in system average selling prices and provided guidance for procedure growth and gross profit margin for 2024. Intuitive Surgical also highlighted its priorities for the year, including innovation, increased adoption of focus procedures, and driving quality and gross margin improvements.

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When does Intuitive Surgical expect these supply constraints to be resolved?

Intuitive Surgical has not provided a specific timeline for resolving the supply constraints for its Ion catheter and vision probe. They mentioned that progress is being made, but it will likely take another quarter before they can discuss when these challenges will be resolved.

What are Intuitive Surgical's expectations for procedure growth in 2024, particularly in terms of geographic regions and quarterly cadence?

Based on the information provided, Intuitive Surgical expects procedure growth in 2024 to be in the range of 13% to 16%. The company anticipates tougher comparisons in the first half of the year, particularly in bariatric procedures and the Chinese market. The growth rate is expected to be influenced by factors such as procedure volume moderation and the impact of ongoing anti-corruption efforts in China.