Intuitive Surgical, Inc. 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. Mr. Guthart joined Intuitive Surgical, Inc. in April 1996 and became Vice President, Engineering in November 1999. He was promoted to Sr. Vice President, Product Operations in 2002 and President and Chief Operating Officer in 2006.

Intuitive Surgical Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. The company reported third quarter revenue of $280.1 million, compared with $236.0 million for the third quarter of 2008. Third quarter of 2009 revenue included $6.3 million of revenue that was originally deferred in the first quarter of 2009 in association with discounted offers made to certain customers to upgrade da Vinci S Surgical Systems to recently introduced da Vinci Si Surgical Systems. Third quarter of 2009 operating income increased to $104.5 million from $85.0 million during the third quarter of 2008, reflecting growth in revenue but also included the impact of recognizing $6.3 million of revenue that was originally deferred in the first quarter of 2009. Third quarter of 2009 net income was $64.5 million or $1.64 per diluted share compared with $57.6 million or $1.44 per diluted share for the third quarter of 2008. The $6.3 million of revenue recognized in the third quarter of 2009, related to revenue deferred in the first quarter, increased third quarter 2009 net income by approximately $3.8 million, or $0.09 per diluted share. Income before income taxes $108.8 million against $89.6 million in 2008. For the nine months, the company reported income from operations of $249.0 million, income before income taxes of $263.6 million, net income of $155.0 million or $3.97 per diluted share on the revenue of $729 million against the income from operations of $228.0 million, income before income taxes of $246.9 million, net income of $153.5 million or $3.84 per diluted share on the revenue of $643.3 million for the same period a year ago.

Intuitive Surgical Inc. reported financial results for third quarter and nine months ended September 30, 2009. For the quarter, the company generated $96 million cash from operations. Year-to-date, the company generated $269 million in cash flow from operations.