Intuitive Surgical names new C-suite leaders, reports Street-beating Q3

Intuitive Surgical (NSDQ:ISRG) today announced changes in the ranks of its senior leadership as the surgical robotics maker released Q3 results that exceeded expectations.

Sunnyvale, California-based Intuitive launched two new functional organizations — Strategy and Growth, and Global Business Services — and named leaders who will take over effective Jan. 1.

Dave Rosa, a 25-year veteran at Intuitive, will fill the new position of EVP and chief strategy and growth officer, while Henry Charlton (with more than 18 years of experience at the company) will serve as chief commercial officer.

Marshall Mohr, who has served as CFO for 15 years, will take the new position of EVP for Global Business Services.

Replacing Mohr at CFO is Jamie Samath, who has been with Intuitive since 2013 and oversaw most finance functions as SVP of finance.

“These are outstanding and proven leaders. I am confident they will be effective in pursuing our goal to advance minimally invasive care globally in a highly competitive environment,” Intuitive CEO Gary Guthart said in a news release. “Their efforts will help us operate at the larger scale our customers demand globally.”

Intuitive reported $1.40 billion in revenue for the third quarter ended Sept. 30, 2021, and $381 million in net income, or $1.04 per diluted share (calculated by Intuitive using non-GAAP metrics as $435 million, or $1.19 per diluted share). Analysts expected EPS of $1.17 off $1.39B in revenue.

Robotic surgery procedures using Intuitive’s da Vinci system increased about 20% worldwide over the third quarter of 2020, with COVID-19 pandemic disruptions significantly hurting volumes in both quarters.

Intuitive tightened its full-year 2021 guidance for procedure growth from 27-30% to 27-29%.

The company said it shipped 336 da Vinci systems in the quarter, up 72% from the same time a year ago, and increased its installed base by 11% in that time to 6,525.

“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,” Guthart said in a news release.

The Q3 earnings came out on the same day that Johnson & Johnson (NYSE: JNJ) announced a two-year delay in developing its Ottava soft-tissue surgical robot, its bid to compete against Intuitive in the space.

Investors reacted by sending ISRG shares up slightly in after-hours trading.

Hear more about Intuitive and robotically-assisted surgery from leaders like CEO Gary Guthart in Mass Device’s new IntuitiveTalks Podcast.