Intuitive Surgical announced financial results for the quarter ended September 30, 2015. Revenue, gross profits, income from operations, net income, and net income per share are reported on a GAAP and non-GAAP basis.
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Third quarter 2015 revenue was $590 million, an increase of approximately 7% compared with $550 million in the third quarter of 2014. Third quarter 2015 non-GAAP revenue was equal to GAAP revenue and increased by approximately 10%, compared with $534 million in the third quarter of 2014.
Third quarter 2014 non-GAAP revenue excluded $16 million of net revenue associated with da Vinci Xi System trade-out offers.
Third quarter 2015 instrument and accessory revenue increased by approximately 9% to $298 million, compared with $273 million for the third quarter of 2014 driven by approximately 15% growth in da Vinci procedure volume. Third quarter 2015 non-GAAP instrument and accessory revenue was equal to GAAP instrument and accessory revenue and increased by approximately 10%, compared with $272 million in the third quarter of 2014.
Third quarter 2014 non- GAAP instrument and accessory revenue excluded $1 million of net revenue associated with da Vinci Xi System trade-out offers.
Third quarter 2015 systems revenue increased by approximately 3% to $174 million, compared with $169 million for the third quarter of 2014. Third quarter 2015 non-GAAP systems revenue was equal to GAAP systems revenue and increased by approximately 13%, compared with $154 million in the third quarter of 2014.
Third quarter 2014 non-GAAP systems revenue excluded $15 million of net revenue associated with da Vinci Xi System trade-out offers.
Intuitive Surgical shipped 117 da Vinci Surgical Systems in the third quarter of 2015, compared with 111 in the same period last year.
Third quarter 2015 service revenue increased by approximately 8% to $117 million, compared with $109 million for the third quarter of 2014. GAAP and non-GAAP service revenue were the same in both quarters. ■