Intuitive Announces Fourth Quarter Earnings
Intuitive (ISRG) reported strong Q4 2024 financial results with revenue reaching $2.41 billion, up 25% from Q4 2023. The company's worldwide da Vinci procedures grew 18% year-over-year, while system placements increased to 493 units, including 174 da Vinci 5 systems. The installed base expanded to 9,902 systems, marking a 15% increase from the previous year.
GAAP net income rose to $686 million ($1.88 per diluted share), compared to $606 million ($1.69 per diluted share) in Q4 2023. Non-GAAP net income reached $805 million ($2.21 per diluted share). The company ended Q4 with $8.83 billion in cash and investments.
For 2025 outlook, Intuitive expects worldwide da Vinci procedures to grow 13-16%, with non-GAAP gross profit margin projected between 67-68% and operating expense growth of 10-15%.
Intuitive (ISRG) ha riportato risultati finanziari robusti per il Q4 2024, con ricavi che hanno raggiunto $2,41 miliardi, in aumento del 25% rispetto al Q4 2023. Il numero di procedure da Vinci in tutto il mondo è cresciuto del 18% anno su anno, mentre le installazioni di sistemi sono aumentate a 493 unità, comprese 174 unità del sistema da Vinci 5. La base installata è arrivata a 9.902 sistemi, segnando un aumento del 15% rispetto all’anno precedente.
Il reddito netto GAAP è salito a $686 milioni ($1,88 per azione diluita), rispetto ai $606 milioni ($1,69 per azione diluita) del Q4 2023. Il reddito netto non-GAAP ha raggiunto $805 milioni ($2,21 per azione diluita). L'azienda ha terminato il Q4 con $8,83 miliardi in contante e investimenti.
Per le prospettive del 2025, Intuitive si aspetta che le procedure da Vinci a livello mondiale crescano tra il 13% e il 16%, con un margine di profitto lordo non-GAAP previsto tra il 67% e il 68% e una crescita delle spese operative del 10-15%.
Intuitive (ISRG) reportó resultados financieros sólidos para el Q4 2024, con ingresos que alcanzaron $2.41 mil millones, un aumento del 25% en comparación con el Q4 2023. El número de procedimientos da Vinci a nivel mundial creció un 18% interanual, mientras que la colocación de sistemas aumentó a 493 unidades, incluidas 174 unidades del sistema da Vinci 5. La base instalada se expandió a 9,902 sistemas, marcando un incremento del 15% con respecto al año anterior.
El ingreso neto GAAP aumentó a $686 millones ($1.88 por acción diluida), en comparación con $606 millones ($1.69 por acción diluida) en el Q4 2023. El ingreso neto no-GAAP alcanzó los $805 millones ($2.21 por acción diluida). La empresa terminó el Q4 con $8.83 mil millones en efectivo e inversiones.
Para las perspectivas de 2025, Intuitive espera que los procedimientos da Vinci a nivel mundial crezcan entre el 13% y el 16%, con un margen de ganancia bruto no-GAAP proyectado entre el 67% y el 68% y un crecimiento de los gastos operativos del 10-15%.
인튜이티브 (ISRG)는 2024년 4분기 재무 결과가 강력하다고 보고하며, 수익이 $24억 1000만에 달해 2023년 4분기 대비 25% 증가했다고 전했습니다. 전 세계의 다 빈치 절차는 지난해 같은 기간 대비 18% 증가하였으며, 시스템 설치는 493대로 증가하였고, 그 중 174 대는 다 빈치 5 시스템입니다. 설치된 시스템의 총수는 9,902대로, 작년 대비 15% 증가했습니다.
GAAP 순이익은 $6억 8600만 ($1.88 주당 희석)이 증가하여 2023년 4분기의 $6억 60만 ($1.69 주당 희석)과 비교되었습니다. 비-GAAP 순이익은 $8억 50만 ($2.21 주당 희석)에 달했습니다. 회사는 4분기를 현금 및 투자로 $88억 3000만으로 마감했습니다.
2025년 전망에 대해 인튜이티브는 전 세계의 다 빈치 절차가 13-16% 증가할 것으로 예상하고 있으며, 비-GAAP 총 이익률은 67-68% 사이로 예상하고, 운영 비용도 10-15% 증가할 것으로 보입니다.
Intuitive (ISRG) a annoncé des résultats financiers solides pour le Q4 2024, avec un revenu atteignant $2,41 milliards, soit une augmentation de 25% par rapport au Q4 2023. Le nombre de procédures da Vinci dans le monde a augmenté de 18% d'une année sur l'autre, tandis que les placements de systèmes ont atteint 493 unités, dont 174 systèmes da Vinci 5. Le parc installé s'est élargi à 9 902 systèmes, marquant une augmentation de 15% par rapport à l'année précédente.
Le revenu net selon les normes GAAP a augmenté à 686 millions de dollars (1,88 $ par action diluée), contre 606 millions de dollars (1,69 $ par action diluée) au Q4 2023. Le revenu net non-GAAP a atteint 805 millions de dollars (2,21 $ par action diluée). L'entreprise a terminé le Q4 avec 8,83 milliards de dollars en espèces et investissements.
Pour les perspectives 2025, Intuitive s'attend à ce que les procédures da Vinci dans le monde augmentent de 13 à 16%, avec une marge bénéficiaire brute non-GAAP prévue entre 67 et 68% et une croissance des dépenses d'exploitation de 10 à 15%.
Intuitive (ISRG) berichtete über starke Finanzresultate für das 4. Quartal 2024 mit einem Umsatz von $2,41 Milliarden, was einem Anstieg von 25% im Vergleich zum 4. Quartal 2023 entspricht. Die Anzahl der da Vinci-Verfahren weltweit wuchs im Jahresvergleich um 18%, während die Systemplatzierungen auf 493 Einheiten anstiegen, darunter 174 da Vinci 5-Systeme. Der installierte Bestand erweiterte sich auf 9.902 Systeme, was einem Anstieg von 15% im Vergleich zum Vorjahr entspricht.
Der GAAP-Nettoeinkommen stieg auf $686 Millionen ($1,88 pro verwässerter Aktie) im Vergleich zu $606 Millionen ($1,69 pro verwässerter Aktie) im 4. Quartal 2023. Das Nicht-GAAP-Nettoeinkommen erreichte $805 Millionen ($2,21 pro verwässerter Aktie). Das Unternehmen schloss das 4. Quartal mit $8,83 Milliarden in bar und Investitionen ab.
Für den Ausblick 2025 erwartet Intuitive, dass die da Vinci-Verfahren weltweit um 13-16% wachsen werden, mit einer prognostizierten Nicht-GAAP-Bruttomarge zwischen 67-68% und einem Anstieg der Betriebsausgaben von 10-15%.
- Revenue increased 25% YoY to $2.41 billion in Q4 2024
- Da Vinci procedures grew 18% compared to Q4 2023
- System placements increased to 493 units from 415 in Q4 2023
- Installed base grew 15% YoY to 9,902 systems
- Non-GAAP net income rose to $805 million from $574 million YoY
- Cash position strengthened to $8.83 billion
- Expected slowdown in procedure growth for 2025 (13-16%) compared to 2024 (17%)
- Projected decline in non-GAAP gross profit margin to 67-68% in 2025 from 69.1% in 2024
- Higher operating expense growth projected for 2025 (10-15%)
Insights
The Q4 2024 results demonstrate ISRG's continued dominance in robotic surgery and strong execution across all key business segments. Revenue growth of
Key performance indicators reveal important trends:
- The
18% procedure growth suggests accelerating adoption of robotic surgery, particularly noteworthy given the already substantial base - System placements of 493 units (vs 415 last year) indicate strong market demand, with 174 being new da Vinci 5 systems - important for future competitive positioning
- The
23% growth in instruments and accessories revenue to$1.41B highlights the strength of ISRG's recurring revenue model
The placement of 222 systems under operating leases (140 usage-based) represents a strategic approach to market expansion, lowering initial barriers to adoption while building long-term revenue streams. This model proves particularly effective in penetrating price-sensitive markets and new therapeutic areas.
Looking ahead to 2025, management's procedure growth guidance of
The robust cash position of
SUNNYVALE, Calif., Jan. 23, 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 December 31, 2024.
Q4 Highlights
- Worldwide da Vinci procedures grew approximately
18% compared with the fourth quarter of 2023. - The Company placed 493 da Vinci surgical systems, compared with 415 in the fourth quarter of 2023. The fourth quarter 2024 da Vinci surgical system placements included 174 da Vinci 5 systems.
- The Company grew its da Vinci surgical system installed base to 9,902 systems as of December 31, 2024, an increase of
15% compared with 8,606 as of December 31, 2023. - Fourth quarter 2024 revenue of
$2.41 billion increased25% compared with$1.93 billion in the fourth quarter of 2023. - Fourth quarter 2024 GAAP net income attributable to Intuitive was
$686 million , or$1.88 per diluted share, compared with$606 million , or$1.69 per diluted share, in the fourth quarter of 2023. - Fourth quarter 2024 non-GAAP* net income attributable to Intuitive was
$805 million , or$2.21 per diluted share, compared with$574 million , or$1.60 per diluted share, in the fourth quarter of 2023. - Fourth quarter 2024 expenses included a
$45 million contribution to the Intuitive Foundation, compared with a$40 million contribution to the Intuitive Foundation in the fourth quarter of 2023.
Q4 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.
Fourth quarter 2024 revenue was
Fourth quarter 2024 instruments and accessories revenue increased by
Fourth quarter 2024 systems revenue was
Fourth quarter 2024 GAAP income from operations increased to
Fourth quarter 2024 GAAP net income attributable to Intuitive Surgical, Inc. was
Fourth quarter 2024 non-GAAP* net income attributable to Intuitive Surgical, Inc. was
The Company ended the fourth quarter of 2024 with
2025 Financial Outlook
The Company expects the following results for the full year of 2025:
- The Company expects worldwide da Vinci procedures to increase approximately
13% to16% in 2025 as compared to 2024. Worldwide da Vinci procedure growth was17% in 2024 as compared to 2023. - The Company expects non-GAAP* gross profit margin to be within a range of
67% and68% of net revenue in 2025, compared to69.1% in 2024. This range does not include any potential impact of new tariffs on our business, which could be material. - The Company expects non-GAAP* operating expense growth to be within a range of
10% to15% in 2025, compared to10% in 2024.
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.
Impact of COVID-19 Pandemic
During 2024, the Company did not experience noticeable procedure volume disruptions due to COVID-19. During the first quarter of 2023, in January, the Company saw COVID-19 resurgences impact da Vinci procedure volumes in China, with a recovery during February and March. The Company also believes that a large portion of the patients in the backlog that required treatment during the COVID-19 pandemic were treated in 2023 and prior and, therefore, the impact of patient backlog was immaterial to procedure volumes in 2024.
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. PST today to discuss the fourth quarter 2024 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.vevent.com/register/BI19317b7619544e91862e6c29f4b0492e 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 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 potential new tariffs imposed by the current U.S. presidential administration on imports from Mexico, where we currently manufacture a significant majority of our instruments); 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, 2023, 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, a facilities asset abandonment charge, litigation charges and recoveries, 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, a facilities asset abandonment charge, litigation charges and recoveries, gains on the sale of a business, gains and losses on strategic investments, tax adjustments, including the excess tax benefits or deficiencies associated with SBC arrangements, a one-time tax benefit from re-measurement of Swiss deferred tax assets, a one-time tax benefit from receipt of certain tax assets by the Company’s Swiss entity, 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 | |||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||
| Revenue: | |||||||||||
| Instruments and accessories | $ | 1,411.5 | $ | 1,264.2 | $ | 1,143.7 | |||||
| Systems | 654.6 | 445.0 | 480.2 | ||||||||
| Services | 347.4 | 328.9 | 304.4 | ||||||||
| Total revenue | 2,413.5 | 2,038.1 | 1,928.3 | ||||||||
| Cost of revenue: | |||||||||||
| Product | 663.9 | 555.4 | 561.3 | ||||||||
| Service | 107.4 | 108.8 | 89.6 | ||||||||
| Total cost of revenue | 771.3 | 664.2 | 650.9 | ||||||||
| Gross profit | 1,642.2 | 1,373.9 | 1,277.4 | ||||||||
| Operating expenses: | |||||||||||
| Selling, general and administrative (1) | 612.6 | 510.6 | 567.1 | ||||||||
| Research and development | 294.7 | 286.0 | 260.1 | ||||||||
| Total operating expenses | 907.3 | 796.6 | 827.2 | ||||||||
| Income from operations (2) | 734.9 | 577.3 | 450.2 | ||||||||
| Interest and other income (expense), net | 74.9 | 93.7 | 65.7 | ||||||||
| Income before taxes | 809.8 | 671.0 | 515.9 | ||||||||
| Income tax expense (benefit) (3) | 121.8 | 100.4 | (94.8 | ) | |||||||
| Net income | 688.0 | 570.6 | 610.7 | ||||||||
| Less: net income attributable to noncontrolling interest in joint venture | 2.3 | 5.5 | 4.5 | ||||||||
| Net income attributable to Intuitive Surgical, Inc. | $ | 685.7 | $ | 565.1 | $ | 606.2 | |||||
| Net income per share attributable to Intuitive Surgical, Inc.: | |||||||||||
| Basic | $ | 1.92 | $ | 1.59 | $ | 1.72 | |||||
| Diluted (4) | $ | 1.88 | $ | 1.56 | $ | 1.69 | |||||
| Weighted average shares outstanding: | |||||||||||
| Basic | 356.4 | 355.8 | 352.1 | ||||||||
| Diluted | 363.9 | 362.7 | 358.2 | ||||||||
| (1) Selling, general and administrative includes the effect of the following item: | |||||||||||
| Contribution to the Intuitive Foundation | $ | 45.0 | $ | — | $ | 40.0 | |||||
| (2) Income from operations includes the effect of the following items: | |||||||||||
| Amortization of intangible assets | $ | (3.1 | ) | $ | (3.5 | ) | $ | (5.1 | ) | ||
| Expensed IP charged to R&D | $ | (5.7 | ) | $ | — | $ | (2.0 | ) | |||
| (3) Income tax expense includes the effect of the following items: | |||||||||||
| One-time tax benefit from re-measurement of Swiss deferred tax assets | $ | — | $ | — | $ | (67.1 | ) | ||||
| One-time tax benefit from receipt of certain tax assets by our Swiss entity | $ | — | $ | — | $ | (92.3 | ) | ||||
| Excess tax benefits related to share-based compensation arrangements | $ | (34.3 | ) | $ | (42.2 | ) | $ | (21.7 | ) | ||
| Discrete tax benefit from release of unrecognized tax benefits | $ | (18.9 | ) | $ | (7.5 | ) | $ | (22.8 | ) | ||
| (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 | ) | $ | — | $ | (0.09 | ) | |||
| Amortization of intangible assets, net of tax | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | ||
| Expensed IP charged to R&D, net of tax | $ | (0.01 | ) | $ | — | $ | — | ||||
| One-time tax benefit from re-measurement of certain deferred tax assets | $ | — | $ | — | $ | 0.19 | |||||
| One-time tax benefit from receipt of certain tax assets by our Swiss entity | $ | — | $ | — | $ | 0.26 | |||||
| Excess tax benefits related to share-based compensation arrangements | $ | 0.09 | $ | 0.12 | $ | 0.06 | |||||
| Discrete tax benefit from release of unrecognized tax benefits | $ | 0.05 | $ | 0.02 | $ | 0.06 | |||||
| INTUITIVE SURGICAL, INC. UNAUDITED TWELVE MONTHS ENDED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (IN MILLIONS, EXCEPT PER SHARE DATA) | |||||||
| Twelve Months Ended | |||||||
| December 31, | |||||||
| 2024 | 2023 | ||||||
| Revenue: | |||||||
| Instruments and accessories | $ | 5,079.0 | $ | 4,276.6 | |||
| Systems | 1,966.0 | 1,679.7 | |||||
| Services | 1,307.1 | 1,167.8 | |||||
| Total revenue | 8,352.1 | 7,124.1 | |||||
| Cost of revenue: | |||||||
| Product | 2,313.1 | 2,041.8 | |||||
| Service | 404.8 | 352.8 | |||||
| Total cost of revenue | 2,717.9 | 2,394.6 | |||||
| Gross profit | 5,634.2 | 4,729.5 | |||||
| Operating expenses: | |||||||
| Selling, general and administrative (1) | 2,140.0 | 1,963.9 | |||||
| Research and development | 1,145.3 | 998.8 | |||||
| Total operating expenses | 3,285.3 | 2,962.7 | |||||
| Income from operations (2) | 2,348.9 | 1,766.8 | |||||
| Interest and other income, net | 324.9 | 192.1 | |||||
| Income before taxes | 2,673.8 | 1,958.9 | |||||
| Income tax expense (3) | 336.3 | 141.6 | |||||
| Net income | 2,337.5 | 1,817.3 | |||||
| Less: net income attributable to noncontrolling interest in joint venture | 14.9 | 19.3 | |||||
| Net income attributable to Intuitive Surgical, Inc. | $ | 2,322.6 | $ | 1,798.0 | |||
| Net income per share attributable to Intuitive Surgical, Inc.: | |||||||
| Basic | $ | 6.54 | $ | 5.12 | |||
| Diluted (4) | $ | 6.42 | $ | 5.03 | |||
| Weighted average shares outstanding: | |||||||
| Basic | 355.2 | 351.2 | |||||
| Diluted | 362.0 | 357.4 | |||||
| (1) Selling, general and administrative includes the effect of the following item: | |||||||
| Contribution to the Intuitive Foundation | $ | 45.0 | $ | 40.0 | |||
| (2) Income from operations includes the effect of the following items: | |||||||
| Amortization of intangible assets | $ | (16.7 | ) | $ | (20.2 | ) | |
| Expensed IP charged to R&D | $ | (5.9 | ) | $ | (11.0 | ) | |
| (3) Income tax expense includes the effect of the following items: | |||||||
| One-time tax benefit from re-measurement of Swiss deferred tax assets | $ | — | $ | (67.1 | ) | ||
| One-time tax benefit from receipt of certain tax assets by our Swiss entity | $ | — | $ | (92.3 | ) | ||
| Excess tax benefits related to share-based compensation arrangements | $ | (223.3 | ) | $ | (107.9 | ) | |
| Discrete tax benefit from release of unrecognized tax benefits | $ | (27.0 | ) | $ | (22.8 | ) | |
| (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 | ) | $ | (0.09 | ) | |
| Amortization of intangible assets, net of tax | $ | (0.04 | ) | $ | (0.04 | ) | |
| Expensed IP charged to R&D, net of tax | $ | (0.01 | ) | $ | (0.02 | ) | |
| One-time tax benefit from re-measurement of Swiss deferred tax assets | $ | — | $ | 0.19 | |||
| One-time tax benefit from receipt of certain tax assets by our Swiss entity | $ | — | $ | 0.26 | |||
| Excess tax benefits related to share-based compensation arrangements | $ | 0.62 | $ | 0.30 | |||
| Discrete tax benefit from release of unrecognized tax benefits | $ | 0.07 | $ | 0.06 | |||
| INTUITIVE SURGICAL, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (IN MILLIONS) | |||||
| December 31, 2024 | December 31, 2023 | ||||
| Cash, cash equivalents, and investments | $ | 8,832.4 | $ | 7,343.2 | |
| Accounts receivable, net | 1,225.4 | 1,130.2 | |||
| Inventory | 1,487.2 | 1,220.6 | |||
| Property, plant, and equipment, net | 4,646.6 | 3,537.6 | |||
| Goodwill | 347.5 | 348.7 | |||
| Deferred tax assets | 1,045.1 | 910.5 | |||
| Other assets | 1,159.0 | 950.7 | |||
| Total assets | $ | 18,743.2 | $ | 15,441.5 | |
| Accounts payable and other liabilities | $ | 1,690.7 | $ | 1,552.5 | |
| Deferred revenue | 522.9 | 491.7 | |||
| Total liabilities | 2,213.6 | 2,044.2 | |||
| Stockholders’ equity | 16,529.6 | 13,397.3 | |||
| Total liabilities and stockholders’ equity | $ | 18,743.2 | $ | 15,441.5 | |
| INTUITIVE SURGICAL, INC. UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (IN MILLIONS, EXCEPT PER SHARE DATA) | ||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||
| GAAP gross profit | $ | 1,642.2 | $ | 1,373.9 | $ | 1,277.4 | $ | 5,634.2 | $ | 4,729.5 | ||||||||||
| Share-based compensation expense | 33.6 | 31.3 | 29.3 | 123.7 | 109.6 | |||||||||||||||
| Long-term incentive plan expense | 0.2 | 0.2 | 0.3 | 0.8 | 1.1 | |||||||||||||||
| Amortization of intangible assets | 2.4 | 2.4 | 3.8 | 12.3 | 14.4 | |||||||||||||||
| Non-GAAP gross profit | $ | 1,678.4 | $ | 1,407.8 | $ | 1,310.8 | $ | 5,771.0 | $ | 4,854.6 | ||||||||||
| GAAP income from operations | $ | 734.9 | $ | 577.3 | $ | 450.2 | $ | 2,348.9 | $ | 1,766.8 | ||||||||||
| Share-based compensation expense | 177.0 | 172.9 | 150.4 | 676.8 | 592.8 | |||||||||||||||
| Long-term incentive plan expense | 1.2 | 1.2 | 1.9 | 5.6 | 7.8 | |||||||||||||||
| Amortization of intangible assets | 3.1 | 3.5 | 5.1 | 16.7 | 20.2 | |||||||||||||||
| Facilities asset abandonment charge | — | — | 13.4 | — | 13.4 | |||||||||||||||
| Litigation charges (recoveries) | 12.6 | — | — | 19.8 | (4.0 | ) | ||||||||||||||
| Gain on sale of business | (1.1 | ) | — | — | (1.1 | ) | — | |||||||||||||
| Non-GAAP income from operations | $ | 927.7 | $ | 754.9 | $ | 621.0 | $ | 3,066.7 | $ | 2,397.0 | ||||||||||
| GAAP net income attributable to Intuitive Surgical, Inc. | $ | 685.7 | $ | 565.1 | $ | 606.2 | $ | 2,322.6 | $ | 1,798.0 | ||||||||||
| Share-based compensation expense | 177.0 | 172.9 | 150.4 | 676.8 | 592.8 | |||||||||||||||
| Long-term incentive plan expense | 1.2 | 1.2 | 1.9 | 5.6 | 7.8 | |||||||||||||||
| Amortization of intangible assets | 3.1 | 3.5 | 5.1 | 16.7 | 20.2 | |||||||||||||||
| Facilities asset abandonment charge | — | — | 13.4 | — | 13.4 | |||||||||||||||
| Litigation charges (recoveries) | 12.6 | — | — | 19.8 | (4.0 | ) | ||||||||||||||
| Gain on sale of business | (1.1 | ) | — | — | (1.1 | ) | — | |||||||||||||
| (Gains) losses on strategic investments | 12.7 | 0.9 | 1.4 | 9.2 | 9.3 | |||||||||||||||
| Tax adjustments (1) | (86.0 | ) | (74.0 | ) | (204.1 | ) | (391.5 | ) | (393.7 | ) | ||||||||||
| Adjustments attributable to noncontrolling interest in joint venture | (0.5 | ) | (0.5 | ) | (0.7 | ) | (2.2 | ) | (2.3 | ) | ||||||||||
| Non-GAAP net income attributable to Intuitive Surgical, Inc. | $ | 804.7 | $ | 669.1 | $ | 573.6 | $ | 2,655.9 | $ | 2,041.5 | ||||||||||
| GAAP net income per share attributable to Intuitive Surgical, Inc. - diluted | $ | 1.88 | $ | 1.56 | $ | 1.69 | $ | 6.42 | $ | 5.03 | ||||||||||
| Share-based compensation expense | 0.49 | 0.48 | 0.42 | 1.87 | 1.66 | |||||||||||||||
| Long-term incentive plan expense | — | — | 0.01 | 0.02 | 0.02 | |||||||||||||||
| Amortization of intangible assets | 0.01 | 0.01 | 0.01 | 0.05 | 0.06 | |||||||||||||||
| Facilities asset abandonment charge | — | — | 0.04 | — | 0.04 | |||||||||||||||
| Litigation charges (recoveries) | 0.03 | — | — | 0.05 | (0.01 | ) | ||||||||||||||
| Gain on sale of business | — | — | — | — | — | |||||||||||||||
| (Gains) losses on strategic investments | 0.04 | — | — | 0.02 | 0.02 | |||||||||||||||
| Tax adjustments (1) | (0.24 | ) | (0.21 | ) | (0.57 | ) | (1.08 | ) | (1.10 | ) | ||||||||||
| Adjustments attributable to noncontrolling interest in joint venture | — | — | — | (0.01 | ) | (0.01 | ) | |||||||||||||
| Non-GAAP net income per share attributable to Intuitive Surgical, Inc. - diluted | $ | 2.21 | $ | 1.84 | $ | 1.60 | $ | 7.34 | $ | 5.71 | ||||||||||
| (1) For the three months ended December 31, 2024, tax adjustments included: (a) excess tax benefits associated with share-based compensation arrangements of | ||||||||||||||||||||
| For the twelve months ended December 31, 2024, tax adjustments included: (a) excess tax benefits associated with share-based compensation arrangements of | ||||||||||||||||||||
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