(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
Exhibit No. | Description | ||||
99.1 | Press release issued by Intuitive Surgical, Inc., dated April 18, 2024 | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
INTUITIVE SURGICAL, INC. | ||||||||||||||
Date: April 18, 2024 | By: | /s/ JAMIE E. SAMATH | ||||||||||||
Name: Jamie E. Samath | ||||||||||||||
Title: Senior Vice President and Chief Financial Officer |
Contact: Investor Relations (408) 523-2161 |
Three Months Ended | |||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||
Revenue: | |||||||||||||||||
Instruments and accessories | $ | 1,158.9 | $ | 1,143.7 | $ | 985.6 | |||||||||||
Systems | 418.2 | 480.2 | 427.4 | ||||||||||||||
Services | 313.5 | 304.4 | 283.2 | ||||||||||||||
Total revenue | 1,890.6 | 1,928.3 | 1,696.2 | ||||||||||||||
Cost of revenue: | |||||||||||||||||
Product | 554.4 | 561.3 | 493.0 | ||||||||||||||
Service | 90.8 | 89.6 | 90.2 | ||||||||||||||
Total cost of revenue | 645.2 | 650.9 | 583.2 | ||||||||||||||
Gross profit | 1,245.4 | 1,277.4 | 1,113.0 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Selling, general and administrative (1) | 491.5 | 567.1 | 480.5 | ||||||||||||||
Research and development | 284.5 | 260.1 | 244.9 | ||||||||||||||
Total operating expenses | 776.0 | 827.2 | 725.4 | ||||||||||||||
Income from operations (2) | 469.4 | 450.2 | 387.6 | ||||||||||||||
Interest and other income (expense), net | 69.1 | 65.7 | 34.2 | ||||||||||||||
Income before taxes | 538.5 | 515.9 | 421.8 | ||||||||||||||
Income tax expense (3) | (8.9) | (94.8) | 61.0 | ||||||||||||||
Net income | 547.4 | 610.7 | 360.8 | ||||||||||||||
Less: net income attributable to noncontrolling interest in joint venture | 2.5 | 4.5 | 5.5 | ||||||||||||||
Net income attributable to Intuitive Surgical, Inc. | $ | 544.9 | $ | 606.2 | $ | 355.3 | |||||||||||
Net income per share attributable to Intuitive Surgical, Inc.: | |||||||||||||||||
Basic | $ | 1.54 | $ | 1.72 | $ | 1.01 | |||||||||||
Diluted (4) | $ | 1.51 | $ | 1.69 | $ | 1.00 | |||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 353.5 | 352.1 | 350.2 | ||||||||||||||
Diluted | 360.5 | 358.2 | 356.0 | ||||||||||||||
(1) Selling, general and administrative includes the effect of the following item: | |||||||||||||||||
Contribution to the Intuitive Foundation | $ | — | $ | 40.0 | $ | — | |||||||||||
(2) Income from operations includes the effect of the following items: | |||||||||||||||||
Amortization of intangible assets | $ | (5.1) | $ | (5.1) | $ | (5.0) | |||||||||||
Expensed IP charged to R&D | $ | — | $ | (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 | $ | (111.1) | $ | (21.7) | $ | (22.5) | |||||||||||
Discrete tax benefit from release of unrecognized tax benefits | $ | — | $ | (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 | $ | — | $ | (0.09) | $ | — | |||||||||||
Amortization of intangible assets, net of tax | $ | (0.01) | $ | (0.01) | $ | (0.01) | |||||||||||
Expensed IP charged to R&D, net of tax | $ | — | $ | — | $ | — | |||||||||||
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 | $ | 0.31 | $ | 0.06 | $ | 0.06 | |||||||||||
Discrete tax benefit from release of unrecognized tax benefits | $ | — | $ | 0.06 | $ | — | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Cash, cash equivalents, and investments | $ | 7,322.7 | $ | 7,343.2 | |||||||
Accounts receivable, net | 1,127.9 | 1,130.2 | |||||||||
Inventory | 1,299.3 | 1,220.6 | |||||||||
Property, plant, and equipment, net | 3,799.6 | 3,537.6 | |||||||||
Goodwill | 348.2 | 348.7 | |||||||||
Deferred tax assets | 917.8 | 910.5 | |||||||||
Other assets | 1,012.5 | 950.7 | |||||||||
Total assets | $ | 15,828.0 | $ | 15,441.5 | |||||||
Accounts payable and other liabilities | $ | 1,293.9 | $ | 1,552.5 | |||||||
Deferred revenue | 487.7 | 491.7 | |||||||||
Total liabilities | 1,781.6 | 2,044.2 | |||||||||
Stockholders’ equity | 14,046.4 | 13,397.3 | |||||||||
Total liabilities and stockholders’ equity | $ | 15,828.0 | $ | 15,441.5 | |||||||
Three Months Ended | ||||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | ||||||||||||||||||
GAAP gross profit | $ | 1,245.4 | $ | 1,277.4 | $ | 1,113.0 | ||||||||||||||
Share-based compensation expense | 29.1 | 29.3 | 23.5 | |||||||||||||||||
Long-term incentive plan expense | 0.3 | 0.3 | 0.4 | |||||||||||||||||
Amortization of intangible assets | 3.8 | 3.8 | 3.4 | |||||||||||||||||
Non-GAAP gross profit | $ | 1,278.6 | $ | 1,310.8 | $ | 1,140.3 | ||||||||||||||
GAAP income from operations | $ | 469.4 | $ | 450.2 | $ | 387.6 | ||||||||||||||
Share-based compensation expense | 153.3 | 150.4 | 139.8 | |||||||||||||||||
Long-term incentive plan expense | 2.2 | 1.9 | 2.3 | |||||||||||||||||
Amortization of intangible assets | 5.1 | 5.1 | 5.0 | |||||||||||||||||
Facilities asset abandonment charge | — | 13.4 | — | |||||||||||||||||
Non-GAAP income from operations | $ | 630.0 | $ | 621.0 | $ | 534.7 | ||||||||||||||
GAAP net income attributable to Intuitive Surgical, Inc. | $ | 544.9 | $ | 606.2 | $ | 355.3 | ||||||||||||||
Share-based compensation expense | 153.3 | 150.4 | 139.8 | |||||||||||||||||
Long-term incentive plan expense | 2.2 | 1.9 | 2.3 | |||||||||||||||||
Amortization of intangible assets | 5.1 | 5.1 | 5.0 | |||||||||||||||||
Facilities asset abandonment charge | — | 13.4 | — | |||||||||||||||||
Losses on strategic investments | 3.4 | 1.4 | 0.4 | |||||||||||||||||
Tax adjustments (1) | (167.0) | (204.1) | (64.8) | |||||||||||||||||
Adjustments attributable to noncontrolling interest in joint venture | (0.8) | (0.7) | (1.1) | |||||||||||||||||
Non-GAAP net income attributable to Intuitive Surgical, Inc. | $ | 541.1 | $ | 573.6 | $ | 436.9 | ||||||||||||||
GAAP net income per share attributable to Intuitive Surgical, Inc. - diluted | $ | 1.51 | $ | 1.69 | $ | 1.00 | ||||||||||||||
Share-based compensation expense | 0.42 | 0.42 | 0.39 | |||||||||||||||||
Long-term incentive plan expense | 0.01 | 0.01 | 0.01 | |||||||||||||||||
Amortization of intangible assets | 0.01 | 0.01 | 0.01 | |||||||||||||||||
Facilities asset abandonment charge | — | 0.04 | — | |||||||||||||||||
Losses on strategic investments | 0.01 | — | — | |||||||||||||||||
Tax adjustments (1) | (0.46) | (0.57) | (0.18) | |||||||||||||||||
Adjustments attributable to noncontrolling interest in joint venture | — | — | — | |||||||||||||||||
Non-GAAP net income per share attributable to Intuitive Surgical, Inc. - diluted | $ | 1.50 | $ | 1.60 | $ | 1.23 | ||||||||||||||
(1) For the three months ended March 31, 2024, tax adjustments included: (a) excess tax benefits associated with share-based compensation arrangements of $(111.1) million, or $(0.31) per diluted share; (b) the tax impact related to intra-entity transfers of non-inventory assets of $10.2 million, or $0.03 per diluted share; and (c) other tax adjustments effects determined by applying a calculated non-GAAP effective tax rate of $(66.1) million, or $(0.18) per diluted share. For the three months ended March 31, 2023, tax adjustments included: (a) excess tax benefits associated with share-based compensation arrangements of $(22.5) million, or $(0.06) per diluted share; (b) the tax impact related to intra-entity transfers of non-inventory assets of $7.0 million, or $0.02 per diluted share; and (c) other tax adjustments effects determined by applying a calculated non-GAAP effective tax rate of $(49.3) million, or $(0.14) per diluted share. | ||||||||||||||||||||
Cover |
Apr. 18, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 18, 2024 |
Entity Registrant Name | INTUITIVE SURGICAL, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 000-30713 |
Entity Tax Identification Number | 77-0416458 |
Entity Address, Address Line One | 1020 Kifer Road |
Entity Address, City or Town | Sunnyvale |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94086 |
City Area Code | 408 |
Local Phone Number | 523-2100 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Trading Symbol | ISRG |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001035267 |
Amendment Flag | false |
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end
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