Intuitive Announces First Quarter Earnings
Intuitive (ISRG) reported strong Q1 2025 financial results with revenue reaching $2.25 billion, up 19% year-over-year. The company's da Vinci surgical system installations grew significantly, with 367 new placements (including 147 da Vinci 5 systems) compared to 313 in Q1 2024.
Key highlights include a 17% growth in worldwide da Vinci procedures and a 15% increase in the installed base to 10,189 systems. GAAP net income rose to $698 million ($1.92 per diluted share), while non-GAAP net income reached $662 million ($1.81 per diluted share).
The company ended Q1 with $9.10 billion in cash and investments. For 2025, Intuitive projects worldwide da Vinci procedure growth of 15-17% and expects non-GAAP operating expense growth of 10-14%.
Intuitive (ISRG) ha riportato solidi risultati finanziari nel primo trimestre 2025, con un fatturato che ha raggiunto 2,25 miliardi di dollari, in aumento del 19% rispetto all'anno precedente. Le installazioni del sistema chirurgico da Vinci sono cresciute significativamente, con 367 nuove installazioni (di cui 147 sistemi da Vinci 5), rispetto alle 313 del primo trimestre 2024.
I punti salienti includono una crescita del 17% delle procedure da Vinci a livello mondiale e un aumento del 15% della base installata, che ha raggiunto 10.189 sistemi. L'utile netto GAAP è salito a 698 milioni di dollari (1,92 dollari per azione diluita), mentre l'utile netto non GAAP ha raggiunto 662 milioni di dollari (1,81 dollari per azione diluita).
La società ha chiuso il primo trimestre con 9,10 miliardi di dollari in liquidità e investimenti. Per il 2025, Intuitive prevede una crescita delle procedure da Vinci a livello mondiale tra il 15% e il 17% e un aumento delle spese operative non GAAP tra il 10% e il 14%.
Intuitive (ISRG) reportó sólidos resultados financieros en el primer trimestre de 2025, con ingresos que alcanzaron los 2.25 mil millones de dólares, un aumento del 19% interanual. Las instalaciones del sistema quirúrgico da Vinci crecieron significativamente, con 367 nuevas colocaciones (incluyendo 147 sistemas da Vinci 5), en comparación con 313 en el primer trimestre de 2024.
Los aspectos destacados incluyen un crecimiento del 17% en los procedimientos da Vinci a nivel mundial y un aumento del 15% en la base instalada hasta 10,189 sistemas. El ingreso neto GAAP aumentó a 698 millones de dólares (1.92 dólares por acción diluida), mientras que el ingreso neto no GAAP alcanzó 662 millones de dólares (1.81 dólares por acción diluida).
La compañía terminó el primer trimestre con 9.10 mil millones de dólares en efectivo e inversiones. Para 2025, Intuitive proyecta un crecimiento mundial en procedimientos da Vinci de entre el 15% y el 17% y espera un aumento en los gastos operativos no GAAP de entre el 10% y el 14%.
Intuitive (ISRG)는 2025년 1분기에 강력한 재무 실적을 보고했으며, 매출은 22억 5천만 달러로 전년 동기 대비 19% 증가했습니다. 회사의 다빈치 수술 시스템 설치가 크게 늘어 1분기 2024년의 313대에 비해 367대(이 중 147대는 다빈치 5 시스템)가 새로 설치되었습니다.
주요 내용으로는 전 세계 다빈치 수술 건수가 17% 증가했고, 설치 기반이 15% 늘어나 총 10,189대에 달했습니다. GAAP 순이익은 6억 9,800만 달러(희석 주당 1.92달러)로 상승했으며, 비-GAAP 순이익은 6억 6,200만 달러(희석 주당 1.81달러)를 기록했습니다.
회사는 1분기를 91억 달러의 현금 및 투자 자산과 함께 마감했습니다. 2025년에는 전 세계 다빈치 수술 건수가 15~17% 성장할 것으로 예상하며, 비-GAAP 영업비용은 10~14% 증가할 것으로 전망하고 있습니다.
Intuitive (ISRG) a publié de solides résultats financiers pour le premier trimestre 2025, avec un chiffre d'affaires atteignant 2,25 milliards de dollars, en hausse de 19 % par rapport à l'année précédente. Les installations du système chirurgical da Vinci ont significativement augmenté, avec 367 nouvelles installations (dont 147 systèmes da Vinci 5), contre 313 au premier trimestre 2024.
Les points clés incluent une croissance de 17 % des procédures da Vinci dans le monde et une augmentation de 15 % de la base installée, qui atteint désormais 10 189 systèmes. Le résultat net GAAP a augmenté pour atteindre 698 millions de dollars (1,92 dollar par action diluée), tandis que le résultat net non-GAAP a atteint 662 millions de dollars (1,81 dollar par action diluée).
L'entreprise a terminé le premier trimestre avec 9,10 milliards de dollars en liquidités et investissements. Pour 2025, Intuitive prévoit une croissance mondiale des procédures da Vinci de 15 à 17 % et une augmentation des dépenses d'exploitation non-GAAP de 10 à 14 %.
Intuitive (ISRG) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Umsatz von 2,25 Milliarden US-Dollar, was einem Anstieg von 19 % gegenüber dem Vorjahr entspricht. Die Installationen des da Vinci-Chirurgiesystems wuchsen deutlich auf 367 neue Installationen (darunter 147 da Vinci 5 Systeme) im Vergleich zu 313 im ersten Quartal 2024.
Wichtige Highlights sind ein weltweites Wachstum der da Vinci-Verfahren um 17 % und eine 15%ige Steigerung der installierten Basis auf 10.189 Systeme. Der GAAP-Nettogewinn stieg auf 698 Millionen US-Dollar (1,92 US-Dollar je verwässerter Aktie), während der Non-GAAP-Nettogewinn 662 Millionen US-Dollar (1,81 US-Dollar je verwässerter Aktie) erreichte.
Das Unternehmen schloss das erste Quartal mit 9,10 Milliarden US-Dollar in Barmitteln und Investitionen ab. Für 2025 prognostiziert Intuitive ein weltweites Wachstum der da Vinci-Verfahren von 15-17 % und erwartet ein Wachstum der Non-GAAP-Betriebskosten von 10-14 %.
- Revenue increased 19% YoY to $2.25 billion
- GAAP net income grew 28% to $698 million
- Da Vinci surgical system placements increased 17% to 367 units
- Installed base expanded 15% to 10,189 systems
- Strong cash position of $9.10 billion
- Da Vinci 5 system adoption grew significantly (147 vs 8 units YoY)
- Expected decline in non-GAAP gross profit margin to 65-66.5% from 69.1%
- Potential material impact from additional tariffs on China operations
- Operating expenses projected to grow 10-14% in 2025
Insights
Intuitive Surgical delivered strong Q1 results with 19% revenue growth, 17% procedure growth, and significant da Vinci 5 adoption, though tariffs impact 2025 margins.
Intuitive Surgical reported impressive Q1 2025 financial results across all key metrics.
The company placed 367 da Vinci systems in Q1 2025 compared to 313 in the same period last year. Notably, 147 of these were da Vinci 5 systems, compared to just 8 in Q1 2024, indicating strong market reception for their latest platform. The installed base grew
Profitability showed substantial improvement, with GAAP net income of
Recurring revenue streams remained robust with instruments and accessories growing
For 2025 guidance, management projects continued procedure growth of
Intuitive maintains a strong financial position with
Accelerating da Vinci 5 adoption and 17% procedure growth demonstrate strong market demand for Intuitive's robotic surgery platforms despite margin pressures.
The
Most significant is the dramatic acceleration in da Vinci 5 adoption, with 147 systems placed this quarter versus just 8 in Q1 2024. This rapid uptake suggests the newest platform's enhancements are resonating strongly with healthcare providers despite representing substantial capital investments.
The company's diversification beyond core da Vinci procedures is evidenced by
The evolving business model is reflected in 198 systems placed under operating lease arrangements, with 107 on usage-based terms. This strategy reduces initial capital barriers for hospitals while building recurring revenue streams tied to actual clinical utilization.
The installed base growth to 10,189 systems (
The noted tariff impact on gross margins (
Despite these margin pressures, the consistently strong procedure growth and system placement metrics demonstrate robust clinical demand for Intuitive's robotic platforms, supporting the company's continued expansion trajectory in the minimally invasive surgery market.
SUNNYVALE, Calif., April 22, 2025 (GLOBE NEWSWIRE) -- Intuitive (the “Company”) (Nasdaq: ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, today announced financial results for the quarter ended March 31, 2025.
Q1 Highlights
- Worldwide da Vinci procedures grew approximately
17% compared with the first quarter of 2024. - The Company placed 367 da Vinci surgical systems, compared with 313 in the first quarter of 2024. The first quarter 2025 da Vinci surgical system placements included 147 da Vinci 5 systems, compared with 8 in the first quarter of 2024.
- The Company grew its da Vinci surgical system installed base to 10,189 systems as of March 31, 2025, an increase of
15% compared with 8,887 as of March 31, 2024. - First quarter 2025 revenue of
$2.25 billion increased19% compared with$1.89 billion in the first quarter of 2024. - First quarter 2025 GAAP net income attributable to Intuitive was
$698 million , or$1.92 per diluted share, compared with$545 million , or$1.51 per diluted share, in the first quarter of 2024. - First quarter 2025 non-GAAP* net income attributable to Intuitive was
$662 million , or$1.81 per diluted share, compared with$541 million , or$1.50 per diluted share, in the first quarter of 2024.
Q1 Financial Summary
Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., and net income per diluted share attributable to Intuitive Surgical, Inc. are reported on a GAAP and non-GAAP* basis. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release.
First quarter 2025 revenue was
First quarter 2025 instruments and accessories revenue increased by
First quarter 2025 systems revenue was
First quarter 2025 GAAP income from operations increased to
First quarter 2025 GAAP net income attributable to Intuitive Surgical, Inc. was
First quarter 2025 non-GAAP* net income attributable to Intuitive Surgical, Inc. was
The Company ended the first quarter of 2025 with
“Core measures of our business were healthy this quarter, and we are pleased by continued customer adoption of our platforms, including da Vinci 5,” said Gary Guthart, Intuitive CEO. “As we look ahead, we remain focused on enabling our customers to deliver on their goals: better patient outcomes, improved patient and care team experiences, lower total cost to treat, and increased access to care.”
2025 Financial Outlook
The Company expects the following results for the full year of 2025:
- Worldwide da Vinci procedure growth of approximately
15% to17% in 2025, compared to17% in 2024. - Non-GAAP* gross profit margin to be within a range of
65% and66.5% of revenue in 2025, compared to69.1% in 2024. This range includes an estimated impact from tariffs of1.7% of revenue, plus or minus 30 basis points. - Non-GAAP* operating expense growth of
10% to14% in 2025, compared to10% in 2024.
The updated range for expected non-GAAP* gross profit margin reflects the Company’s estimates of the impact from tariffs that are in effect or have been announced with both a firm percentage and implementation date as of the time of this press release and assumes such tariffs remain in place. Should additional tariffs be implemented, the adverse impact on the Company’s financial results in 2025 (including the decrease in expected non-GAAP* gross profit margin) could be material. The ultimate impact from any tariffs will depend on various factors, including the volume of system sales in China, the proportion of components procured and finished goods manufactured outside of the United States, and the amount, scope, nature, and timing of the tariffs.
The 2025 financial outlook provided above includes forward-looking, non-GAAP financial measures, which management uses in measuring performance. We do not provide a reconciliation of non-GAAP outlook measures to corresponding GAAP measures on a forward-looking basis, because we are unable to predict with reasonable certainty the exact timing and ultimate outcome of certain items, including but not limited to legal proceedings, without unreasonable efforts. These items are uncertain, depend on various factors, and could be material to Intuitive’s results computed in accordance with GAAP. For additional information regarding the nature of these items, refer to the reconciliations of historical GAAP to non-GAAP measures included elsewhere in this release.
Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/.
Webcast and Conference Call Information
Intuitive will hold a teleconference at 1:30 p.m. PDT today to discuss the first quarter 2025 financial results. The call will be webcast live and can be accessed on Intuitive’s website at www.intuitive.com. For those individuals planning to participate on the call, registration can be completed online at https://register-conf.media-server.com/register/BI439c259c8fa4442b8d85d70b71ffee0f to receive dial-in details and an individual pin. The webcast replay of the call will be made available on our website at www.intuitive.com within 24 hours after the end of the live teleconference and will be accessible for at least 30 days.
About Intuitive
Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic-assisted surgery. Our technologies include the da Vinci surgical systems and the Ion endoluminal system. By uniting advanced systems, progressive learning, and value-enhancing services, we help physicians and their teams optimize care delivery to support the best outcomes possible. At Intuitive, we envision a future of care that is less invasive and profoundly better, where diseases are identified early and treated quickly, so patients can get back to what matters most.
Product and brand names/logos are trademarks or registered trademarks of Intuitive or their respective owner. See www.intuitive.com/trademarks.
For more information, please visit the Company’s website at www.intuitive.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to expectations concerning matters that are not historical facts. Statements using words such as “estimates,” “projects,” “believes,” “anticipates,” “plans,” “expects,” “intends,” “may,” “will,” “could,” “should,” “would,” “targeted,” and similar words and expressions are intended to identify forward-looking statements. These forward-looking statements are necessarily estimates reflecting the judgment of the Company’s management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These forward-looking statements include, but are not limited to the following: statements related to future results of operations, including expected procedure growth in 2025, expected non-GAAP gross profit margins in 2025, and expected non-GAAP operating expense growth in 2025; future financial position; the adoption by customers of the Company’s products; and the goals it shares with its customers, including improving patient outcomes. These forward-looking statements should be considered in light of various important factors, including, but not limited to, the following: the overall macroeconomic environment, which may impact customer spending and the Company’s costs, including tariffs, the levels of inflation, and interest rates; the conflict between Ukraine and Russia; conflicts in the Middle East; disruption to the Company’s supply chain, including difficulties in obtaining a sufficient supply of materials; curtailed or delayed capital spending by hospitals; the impact of global and regional economic and credit market conditions on healthcare spending; delays in obtaining new product approvals, clearances, or certifications from the United States (“U.S.”) Food and Drug Administration (“FDA”), comparable regulatory authorities, or notified bodies; the risk of the Company’s inability to comply with complex FDA and other regulations, which may result in significant enforcement actions; regulatory approvals, clearances, certifications, and restrictions or any dispute that may occur with any regulatory body; healthcare reform legislation in the U.S. and its impact on hospital spending, reimbursement, and fees levied on certain medical device revenues; changes in hospital admissions and actions by payers to limit or manage surgical procedures; the timing and success of product development and customer acceptance of developed products; the results of any collaborations, in-licensing arrangements, joint ventures, strategic alliances, or partnerships, including the joint venture with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.; the Company’s completion of and ability to successfully integrate acquisitions; intellectual property positions and litigation; risks associated with the Company’s operations and any expansion outside of the U.S.; unanticipated manufacturing disruptions or the inability to meet demand for products; the Company’s reliance on sole- and single-sourced suppliers; the results of legal proceedings to which the Company is or may become a party; adverse publicity regarding the Company and the safety of the Company’s products and adequacy of training; the impact of changes to tax legislation, guidance, and interpretations; changes in tariffs, trade barriers, and regulatory requirements (including changes to tariffs imposed by the U.S. on imports from various countries, including Mexico, where we currently manufacture a significant majority of our instruments and accessories); and other risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and which are based on current expectations and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those risk factors identified under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as updated by the Company’s other filings with the Securities and Exchange Commission. The Company’s actual results may differ materially and adversely from those expressed in any forward-looking statement, and the Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law.
*About Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income attributable to Intuitive Surgical, Inc., and non-GAAP net income per diluted share attributable to Intuitive Surgical, Inc. (“EPS”). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding items such as amortization of intangible assets, share-based compensation (“SBC”) and long-term incentive plan expenses, and other special items. Long-term incentive plan expense relates to phantom share awards granted in China by the Company’s Intuitive-Fosun joint venture to its employees that vest over four years and can remain outstanding for seven to ten years. These awards are valued based on certain key performance metrics. Accordingly, they are subject to significant volatility based on the performance of these metrics and are not tied to performance of the Company’s business within the period. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to its historical performance. The Company believes these non-GAAP financial measures are useful to investors, because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, and (2) they are used by institutional investors and the analyst community to help them analyze the performance of the Company’s business.
Non-GAAP gross profit. The Company defines non-GAAP gross profit as gross profit, excluding SBC and long-term incentive plan expenses and amortization of intangible assets.
Non-GAAP income from operations. The Company defines non-GAAP income from operations as income from operations, excluding SBC and long-term incentive plan expenses, amortization of intangible assets, litigation charges, and gains on the sale of a business.
Non-GAAP net income attributable to Intuitive Surgical, Inc. and EPS. The Company defines non-GAAP net income as net income attributable to Intuitive Surgical, Inc., excluding SBC and long-term incentive plan expenses, amortization of intangible assets, litigation charges, gains on the sale of a business, losses on strategic investments, tax adjustments, including the excess tax benefits or deficiencies associated with SBC arrangements and the net tax effects related to intra-entity transfers of non-inventory assets, and adjustments attributable to noncontrolling interest in joint venture, net of the related tax effects. The Company excludes the excess tax benefits or deficiencies associated with SBC arrangements as well as the tax effects associated with non-cash amortization of deferred tax assets related to intra-entity non-inventory transfers, because the Company does not believe these items correlate with the ongoing results of its core operations. The tax effects of the non-GAAP items are determined by applying a calculated non-GAAP effective tax rate, which is commonly referred to as the with-and-without method. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Company’s operating results. The Company’s calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. The Company defines non-GAAP EPS as non-GAAP net income attributable to Intuitive Surgical, Inc. divided by diluted shares outstanding, which are calculated as GAAP weighted-average outstanding shares plus dilutive potential shares outstanding during the period.
There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. Non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income attributable to Intuitive Surgical, Inc., and non-GAAP EPS exclude items such as SBC and long-term incentive plan expenses, amortization of intangible assets, excess tax benefits or deficiencies associated with SBC arrangements, and non-cash amortization of deferred tax assets related to intra-entity transfer of non-inventory assets, which are primarily recurring items. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business. In addition, the components of the costs that the Company excludes in its calculation of non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS may differ from the components that its peer companies exclude when they report their results of operations. Management addresses these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS and evaluating non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS together with net income attributable to Intuitive Surgical, Inc. and net income per share attributable to Intuitive Surgical, Inc. calculated in accordance with GAAP.
| INTUITIVE SURGICAL, INC. UNAUDITED QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF INCOME (IN MILLIONS, EXCEPT PER SHARE DATA) | |||||||||||
| Three Months Ended | |||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||
| Revenue: | |||||||||||
| Instruments and accessories | $ | 1,367.7 | $ | 1,411.5 | $ | 1,158.9 | |||||
| Systems | 522.7 | 654.6 | 418.2 | ||||||||
| Services | 363.0 | 347.4 | 313.5 | ||||||||
| Total revenue | 2,253.4 | 2,413.5 | 1,890.6 | ||||||||
| Cost of revenue: | |||||||||||
| Product | 670.7 | 663.9 | 554.4 | ||||||||
| Service | 125.0 | 107.4 | 90.8 | ||||||||
| Total cost of revenue | 795.7 | 771.3 | 645.2 | ||||||||
| Gross profit | 1,457.7 | 1,642.2 | 1,245.4 | ||||||||
| Operating expenses: | |||||||||||
| Selling, general and administrative (1) | 563.4 | 612.6 | 491.5 | ||||||||
| Research and development | 316.2 | 294.7 | 284.5 | ||||||||
| Total operating expenses | 879.6 | 907.3 | 776.0 | ||||||||
| Income from operations (2) | 578.1 | 734.9 | 469.4 | ||||||||
| Interest and other income (expense), net | 90.4 | 74.9 | 69.1 | ||||||||
| Income before taxes | 668.5 | 809.8 | 538.5 | ||||||||
| Income tax expense (benefit) (3) | (35.2 | ) | 121.8 | (8.9 | ) | ||||||
| Net income | 703.7 | 688.0 | 547.4 | ||||||||
| Less: net income attributable to noncontrolling interest in joint venture | 5.3 | 2.3 | 2.5 | ||||||||
| Net income attributable to Intuitive Surgical, Inc. | $ | 698.4 | $ | 685.7 | $ | 544.9 | |||||
| Net income per share attributable to Intuitive Surgical, Inc.: | |||||||||||
| Basic | $ | 1.95 | $ | 1.92 | $ | 1.54 | |||||
| Diluted (4) | $ | 1.92 | $ | 1.88 | $ | 1.51 | |||||
| Weighted average shares outstanding: | |||||||||||
| Basic | 357.5 | 356.4 | 353.5 | ||||||||
| Diluted | 364.6 | 363.9 | 360.5 | ||||||||
| (1) Selling, general and administrative includes the effect of the following item: | |||||||||||
| Contribution to the Intuitive Foundation | $ | — | $ | 45.0 | $ | — | |||||
| (2) Income from operations includes the effect of the following items: | |||||||||||
| Amortization of intangible assets | $ | (3.4 | ) | $ | (3.1 | ) | $ | (5.1 | ) | ||
| Expensed IP charged to R&D | $ | (5.1 | ) | $ | (5.7 | ) | $ | — | |||
| (3) Income tax expense (benefit) includes the effect of the following items: | |||||||||||
| Excess tax benefits related to share-based compensation arrangements | $ | (145.4 | ) | $ | (34.3 | ) | $ | (111.1 | ) | ||
| Discrete tax benefit from release of unrecognized tax benefits | $ | (0.5 | ) | $ | (18.9 | ) | $ | (0.6 | ) | ||
| (4) Diluted net income per share attributable to Intuitive Surgical, Inc. includes the effect of the following items: | |||||||||||
| Contribution to the Intuitive Foundation, net of tax | $ | — | $ | (0.10 | ) | $ | — | ||||
| Amortization of intangible assets, net of tax | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | ||
| Expensed IP charged to R&D, net of tax | $ | (0.01 | ) | $ | (0.01 | ) | $ | — | |||
| Excess tax benefits related to share-based compensation arrangements | $ | 0.40 | $ | 0.09 | $ | 0.31 | |||||
| Discrete tax benefit from release of unrecognized tax benefits | $ | — | $ | 0.05 | $ | — | |||||
| INTUITIVE SURGICAL, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (IN MILLIONS) | |||||||
| March 31, 2025 | December 31, 2024 | ||||||
| Cash, cash equivalents, and investments | $ | 9,101.2 | $ | 8,832.4 | |||
| Accounts receivable, net | 1,221.5 | 1,225.4 | |||||
| Inventory | 1,553.6 | 1,487.2 | |||||
| Property, plant, and equipment, net | 4,799.0 | 4,646.6 | |||||
| Goodwill | 347.5 | 347.5 | |||||
| Deferred tax assets | 1,038.6 | 1,045.1 | |||||
| Other assets | 1,159.0 | 1,159.0 | |||||
| Total assets | $ | 19,220.4 | $ | 18,743.2 | |||
| Accounts payable and other liabilities | $ | 1,452.8 | $ | 1,690.7 | |||
| Deferred revenue | 559.9 | 522.9 | |||||
| Total liabilities | 2,012.7 | 2,213.6 | |||||
| Stockholders’ equity | 17,207.7 | 16,529.6 | |||||
| Total liabilities and stockholders’ equity | $ | 19,220.4 | $ | 18,743.2 | |||
| INTUITIVE SURGICAL, INC. UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (IN MILLIONS, EXCEPT PER SHARE DATA) | ||||||||||||
| Three Months Ended | ||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||
| GAAP gross profit | $ | 1,457.7 | $ | 1,642.2 | $ | 1,245.4 | ||||||
| Share-based compensation expense | 36.2 | 33.6 | 29.1 | |||||||||
| Long-term incentive plan expense | 0.3 | 0.2 | 0.3 | |||||||||
| Amortization of intangible assets | 2.4 | 2.4 | 3.8 | |||||||||
| Non-GAAP gross profit | $ | 1,496.6 | $ | 1,678.4 | $ | 1,278.6 | ||||||
| GAAP income from operations | $ | 578.1 | $ | 734.9 | $ | 469.4 | ||||||
| Share-based compensation expense | 185.2 | 177.0 | 153.3 | |||||||||
| Long-term incentive plan expense | 0.8 | 1.2 | 2.2 | |||||||||
| Amortization of intangible assets | 3.4 | 3.1 | 5.1 | |||||||||
| Litigation charges | — | 12.6 | — | |||||||||
| Gain on sale of business | — | (1.1 | ) | — | ||||||||
| Non-GAAP income from operations | $ | 767.5 | $ | 927.7 | $ | 630.0 | ||||||
| GAAP net income attributable to Intuitive Surgical, Inc. | $ | 698.4 | $ | 685.7 | $ | 544.9 | ||||||
| Share-based compensation expense | 185.2 | 177.0 | 153.3 | |||||||||
| Long-term incentive plan expense | 0.8 | 1.2 | 2.2 | |||||||||
| Amortization of intangible assets | 3.4 | 3.1 | 5.1 | |||||||||
| Litigation charges | — | 12.6 | — | |||||||||
| Gain on sale of business | — | (1.1 | ) | — | ||||||||
| Losses on strategic investments | 0.6 | 12.7 | 3.4 | |||||||||
| Tax adjustments (1) | (226.6 | ) | (86.0 | ) | (167.0 | ) | ||||||
| Adjustments attributable to noncontrolling interest in joint venture | (0.3 | ) | (0.5 | ) | (0.8 | ) | ||||||
| Non-GAAP net income attributable to Intuitive Surgical, Inc. | $ | 661.5 | $ | 804.7 | $ | 541.1 | ||||||
| GAAP net income per share attributable to Intuitive Surgical, Inc. - diluted | $ | 1.92 | $ | 1.88 | $ | 1.51 | ||||||
| Share-based compensation expense | 0.50 | 0.49 | 0.42 | |||||||||
| Long-term incentive plan expense | — | — | 0.01 | |||||||||
| Amortization of intangible assets | 0.01 | 0.01 | 0.01 | |||||||||
| Litigation charges | — | 0.03 | — | |||||||||
| Gain on sale of business | — | — | — | |||||||||
| Losses on strategic investments | — | 0.04 | 0.01 | |||||||||
| Tax adjustments (1) | (0.62 | ) | (0.24 | ) | (0.46 | ) | ||||||
| Adjustments attributable to noncontrolling interest in joint venture | — | — | — | |||||||||
| Non-GAAP net income per share attributable to Intuitive Surgical, Inc. - diluted | $ | 1.81 | $ | 2.21 | $ | 1.50 | ||||||
| (1) For the three months ended March 31, 2025, tax adjustments included: (a) excess tax benefits associated with share-based compensation arrangements of For the three months ended March 31, 2024, tax adjustments included: (a) excess tax benefits associated with share-based compensation arrangements of | ||||||||||||
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FAQ
What was Intuitive's (ISRG) revenue growth in Q1 2025?
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