Key Developments For Intuitive Surgical, Inc.
Intuitive Surgical, Inc. (ISRG.O) (Nasdaq)
Intuitive Surgical Dets Da Vinci Approval in Japan-Reuters
Reuters reported that Intuitive Surgical said it received approval to market its da Vinci surgical robot systems in Japan. The da Vinci robot systems are used in delicate prostate and gynecological procedures .
ATS Medical, Inc. Announces Robot Assisted Endoscopic Aortic Valve Replacement Using Intuitive Surgical's daVinci Surgical System
ATS Medical, Inc. announced that the first human robot assisted endoscopic aortic valve replacement using the daVinci Surgical System from Intuitive Surgical to implant the ATS 3f Aortic Bioprosthesis. The procedure was performed by Allen Raczkowski, M.D., at Banner Baywood Health Hospital in Phoenix, Arizona.
Intuitive Surgical Announces Transition of Gary Guthart to CEO
Intuitive Surgical announced the next step in its CEO succession plan. Lonnie Smith, currently Chairman and CEO, will transition to the role of Chairman of the Board and Gary Guthart, currently President and Chief Operating Officer, has been appointed by the Board of Directors to the roles of President and CEO, both actions effective January 1, 2010.
Intuitive Surgical Announces Share Repurchase Program
Intuitive Surgical announced that its Board of Directors has authorized the repurchase of up to $300 million of the Company's outstanding common stock. In connection with this stock repurchase authorization, the Company entered into a collared accelerated share repurchase program (ASR Program) with Goldman, Sachs & Co. (Goldman) pursuant to which Intuitive will repurchase $150 million of its common stock from Goldman. A majority of the shares purchased under the ASR Program will be received and retired within 2 weeks. The remaining shares, if any, under the program will be received and retired by June, although they could be received earlier if the ASR Program is ended earlier. Additional purchases by the Company under the remaining authorization, or $150 million may be made from time to time in open market purchases, privately negotiated transactions, accelerated stock repurchase programs, issuer self-tender offers or otherwise, as determined by the Company's management. The Company expects to fund the $300 million program through cash and investments. As of December 31, 2008 the Company had approximately $902 million of cash, cash equivalents and investments.
Intuitive Surgical Reaffirms FY 2009 Revenue Guidance; Issues FY 2009 Earnings Guidance Above Analysts' Estimates-Conference Call
Intuitive Surgical reaffirmed fiscal 2009 guidance for revenue to grow overall by 15%. For the same period, operating income is expected to grow 7% to 8%, which does include the impact of the noncash expenses about $93 million expected in stock option expense and $14 million in amortized purchase technology. The Company expects earnings per share (EPS) to be $5.30 to $5.40 for fiscal 2009. The Company reported EBIT of $310.84 million on revenue of $874.92 million in fiscal 2008. According to Reuters Estimates, analysts were expecting the Company to report EBIT of $324 million and EPS of $5.20 for fiscal 2009.
