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INTUITIVE Intuitive Announces Third Quarter Earnings October 19 , 2021 SUNNYVALE , Calif . , Oct. 19 , 2021 ( GLOBE NEWSWIRE ) - Intuitive ( the " Company " ) ( Nasdaq : ISRG ) , a global technology leader in minimally invasive care and the pioneer of robotic - assisted surgery , today announced financial results for the quarter ended September 30 , 2021. All share and per - share information have been retroactively adjusted to reflect a three - for - one stock split . Q3 Highlights • Worldwide da Vinci procedures grew approximately 20 % compared with the third quarter of 2020. The third quarter of 2020 reflected significant disruption caused by the COVID - 19 pandemic , and the third quarter of 2021 reflected a COVID - 19 resurgence , which also significantly impacted our procedures . The compound annual growth rate between the third quarter of 2019 and the third quarter of 2021 was 13 % . • The Company shipped 336 da Vinci Surgical Systems , an increase of 72 % compared with 195 in the third quarter of 2020 . • The Company grew its da Vinci Surgical System installed base to 6,525 systems as of September 30 , 2021 , an increase of 11 % compared with 5,865 as of the end of the third quarter of 2020 . • The Company's stockholders approved a three - for - one split of the Company's issued and outstanding common stock , which began trading on a split - adjusted basis on October 5 , 2021 . • Third quarter 2021 revenue of $ 1.40 billion increased 30 % compared with $ 1.08 billion in the third quarter of 2020. The compound annual growth rate between the third quarter of 2019 and the third quarter of 2021 was 12 % . • Third quarter 2021 GAAP net income was $ 381 million , or $ 1.04 per diluted share , compared with $ 314 million , or $ 0.87 per diluted share , in the third quarter of 2020 . • Third quarter 2021 non - GAAP * net income was $ 435 million , or $ 1.19 per diluted share , compared with $ 334 million , or $ 0.92 per diluted share , in the third quarter of 2020 . Q3 Financial Summary Gross profit , income from operations , net income , net income per diluted share , and diluted shares are reported on a GAAP and non - GAAP * basis . The non - GAAP * measures are described below and are reconciled to the corresponding GAAP measures at the end of this release . Third quarter 2021 revenue was $ 1.40 billion , an increase of 30 % compared with $ 1.08 billion in the third quarter of 2020. The compound annual growth rate between the third quarter of 2019 and the third quarter of 2021 was 12 % . Higher third quarter revenue was driven by growth in da Vinci system placements and procedures . Additionally , in conjunction with the Company's 2020 COVID - 19 Customer Relief Program , third quarter 2020 revenue was reduced by $ 23 million for service fee credits provided to customers . Third quarter 2021 instruments and accessories revenue increased by 20 % to $ 755 million , compared with $ 631 million in the third quarter of 2020 , primarily driven by approximately 20 % growth in da Vinci procedure volume . Third quarter 2021 systems revenue increased by 55 % to $ 415 million , compared with $ 268 million in the third quarter of 2020. The Company shipped 336 da Vinci Surgical Systems in the third quarter of 2021 , compared with 195 systems in the third quarter of 2020. The third quarter 2021 system shipments included 139 systems shipped under operating lease and usage - based arrangements , compared with 68 systems in the third quarter of 2020 . Third quarter 2021 GAAP income from operations increased to $ 443 million , compared with $ 270 million in the third quarter of 2020. Third quarter 2021 GAAP income from operations included share - based compensation expense of $ 123 million , compared with $ 107 million in the third quarter of 2020. Third quarter 2021 non - GAAP * income from operations increased to $ 570 million , compared with $ 402 million in the third quarter of 2020 . Third quarter 2021 GAAP net income was $ 381 million , or $ 1.04 per diluted share , compared with $ 314 million , or $ 0.87 per diluted share , in the third quarter of 2020. Third quarter 2021 GAAP net income included excess tax benefits of $ 42 million , or $ 0.12 per diluted share , compared with $ 48 million , or $ 0.13 per diluted share , in the third quarter of 2020. Third quarter 2021 GAAP net income included other income related to unrealized gains on strategic investments of $ 8 million , or $ 0.02 per diluted share , compared with $ 62 million , or $ 0.17 per diluted share , in the third quarter of 2020 . These benefits are excluded from non - GAAP net income . Third quarter 2021 non - GAAP * net income was $ 435 million , or $ 1.19 per diluted share , compared with $ 334 million , or $ 0.92 per diluted share , in the third quarter of 2020 . The Company ended the third quarter of 2021 with $ 8.2 billion in cash , cash equivalents , and investments , an increase of $ 485 million during the quarter , primarily driven by cash generated from operations . " We are pleased with our team's performance in a complex environment , and we are building upon the robust clinical and technological foundation created over the past 26 years through investment in innovation to drive continued growth , " said Intuitive CEO Gary Guthart . Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/ .