Robust Growth In Procedures, Beneficial Product Mix Drive Intuitive Surgical's Strong Q3 Performance

The company's non-GAAP gross margin improved by over 2 percentage points year-on-year due to higher average selling prices, cost savings, and a favorable prior period comparison. Of the 117 systems placed in the third quarter, 77% were Xi systems, compared with just 53% in the prior year period. The higher proportion of Xi systems had a beneficial impact on the third quarter performance. If the trend does not persist into the fourth quarter, revenue growth and margin expansion are likely to be s...