“As robot assisted surgery moves to the back half of adoption curves in some procedures, utilization growth rates may differ from prior year trends.”

In context

“X, da Vinci SP and Ion combined with our flexible financing options allows our team to meet our customers' varying needs. Jamie will take you through placement dynamics in more detail later in the call. System utilization remains an important indicator of customer health because it is correlated to patient demand, care team satisfaction and hospital financial health. Multi-port utilization grew 3% in the year, SP utilization grew 12% in the year and Ion utilization grew 13%. Given our different platforms, their procedure mix and sites of care, teasing apart system utilization by customer segment becomes increasingly important going forward. For example, a midsized community hospital lung program systems utilization can differ from a high-volume community hospital general surgery program. As robot assisted surgery moves to the back half of adoption curves in some procedures, utilization growth rates may differ from prior year trends. Our performance supported revenue of $8.4 billion for the year, of which 84% was recurring and representing 17% growth over 2023. Our operating expenses were at the lower end of our spend guidance. Our spending reflects three initiatives. First, we continue to invest in R&D to support innovation and adoption of our platforms and digital tools globally. Second, we're expanding our manufacturing and commercial footprints. And lastly, we have sought to leverage our enabling functions given our increased scale. Our product margins also started to improve in the year, as increased shipment volume allowed for better factory utilization, as well as leverage in our component, shipment and other logistics costs. Taken together, our net income grew by 29% in 2024 over 2023. Touching briefly on da V”