Intuitive Surgical Sees FY24 procedure growth 13%-16%

Sees FY24 operating expenses up 11%-15%. Sees FY24 capital expenditures $1B-$1.2B. Sees FY24 tax rate 22%-24%. Says FY24 operating margin will be under pressure. Says sees opportunity for operating margin expansion. Says aspires to be above 70% gross margin. Says expects system placements in China to be at lower levels, especially in first half of FY24. Says cannot provide specificity around launch time and price for da Vinci 5 as it has not been approved by FDA yet. Says expects total placements in 2024 to be lower than 2023. Says new systems usually start at lower gross margins and build over time.