(RTTNews) - Intuitive Surgical Inc. (ISRG) reported that its first-quarter net income decreased to $44.3 million or $1.13 per share, from $188.9 million or $4.56 per share, previous year. The company noted that its first-quarter 2014 net income includes the $67 million litigation accrual and reflects the $26 million revenue deferral associated with the da Vinci Xi customer trade-out program.
On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $3.27 for the quarter. Analysts' estimates typically exclude special items.
Total revenue decreased to $464.7 million from $611.4 million. Analysts expected revenue of $507.04 million for the quarter. Excluding the $26 million deferral relating to the trade-out program, revenue would have been $491 million, a decrease of approximately 20% compared with first quarter of 2013.
Systems revenue decreased to $106 million compared with $256 million for the first quarter of 2013. The company said the decrease was driven by lower U.S. systems sales and the revenue deferral of $24 million relating to the da Vinci Xi customer trade-out program.