Intuitive Surgical, Inc. (NASDAQ:ISRG) reported better-than-expected earnings and sales for the third quarter. However, the company’s quarterly da Vinci shipments decreased 29% year over year.
Third-quarter 2020 revenue of $1,078 million decreased 4% compared with $1,128 million in the third quarter of 2019. Third quarter 2020 revenue included a $23 million decrease in service revenue relating to our previously announced Customer Relief Program.
Third-quarter 2020 GAAP net income was $314 million, or $2.60 per diluted share, compared with $397 million, or $3.33 per diluted share, in the third quarter of 2019. Third-quarter 2020 GAAP net income included $62 million, or $0.51 per diluted share, of other income related to unrealized gains on strategic investments.
Third-quarter 2020 non-GAAP net income was $334 million, or $2.77 per diluted share, compared with $409 million, or $3.43 per diluted share, in the third quarter of 2019.
The Company launched Intuitive Ventures, an inaugural $100 million fund focused on investment opportunities in companies that share Intuitive's commitment to advancing positive outcomes in healthcare.
Moreover, Worldwide da Vinci procedures increased approximately 7% compared with the third quarter of 2019, reflecting a partial recovery from the significant disruption caused by the COVID-19 pandemic.
ISRG shipped 195 da Vinci Surgical Systems, a decrease of 29% compared with 275 in the third quarter of 2019.
Intuitive also grew its da Vinci Surgical System installed base to 5,865 systems as of September 30, 2020, an increase of 8% compared with 5,406 as of the end of the third quarter of 2019.
Shares lost $20.51, or 2.8%, to $720.49.
