Why did ISRG's net profit fluctuate in 2023?

Intuitive Surgical (ISRG) experienced a net income of $1.82 billion in 2023, which can be attributed to several factors:

1. Impact of COVID-19 Pandemic: The ongoing COVID-19 pandemic has significantly affected the company's procedure volumes and system placements. In Q2 2023, the growth of da Vinci procedures was impacted, with a year-over-year increase of only 14%. Additionally, there was a decrease in the placement of da Vinci systems, with a total of 279 systems placed in Q2 2023, reflecting a 15% decline compared to Q2 2021. The company acknowledged that COVID-19 has had and will likely continue to have an adverse impact on its procedure volumes.
2. Market Dynamics and Competition: The medical device market is highly competitive, and ISRG faces challenges from other companies offering similar products and services. The company's performance is also influenced by the adoption of new technologies and the competitive pricing strategies of its competitors.

In conclusion, ISRG's net profit fluctuation in 2023 can be attributed to a combination of factors including the impact of COVID-19 pandemic and market dynamics and competition.

ISRG Net Income YoY, Net Income