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, 2023.
Q1 Highlights
- Worldwide da Vinci procedures grew
approximately 26% compared with the first quarter of 2022. The
first quarter of 2023 reflected continued disruptions from COVID-19
in China, which negatively impacted procedure volumes in January.
The first quarter of 2022 also reflected COVID-19 disruptions in
January in the U.S. and, in the latter part of the quarter, in
Asia, which negatively impacted procedure volumes. The compound
annual growth rate between the first quarter of 2019 and the first
quarter of 2023 was approximately 18%.
- The Company placed 312 da Vinci
Surgical Systems, compared with 311 in the first quarter of
2022.
- The Company grew its da Vinci
Surgical System installed base to 7,779 systems as of
March 31, 2023, an increase of 12% compared with 6,920 as of
the end of the first quarter of 2022.
- First quarter 2023 revenue of $1.70
billion increased 14% compared with $1.49 billion in the first
quarter of 2022.
- First quarter 2023 GAAP net income
attributable to Intuitive was $355 million, or $1.00 per diluted
share, compared with $366 million, or $1.00 per diluted share, in
the first quarter of 2022.
- First quarter 2023 non-GAAP* net
income attributable to Intuitive was $437 million, or $1.23 per
diluted share, compared with $413 million, or $1.13 per diluted
share, in the first quarter of 2022.
- In March 2023, the Company obtained
European certification for its Ion endoluminal system. The Company
plans to initially focus on the UK market and on the collection of
clinical data in support of its European reimbursement
strategy.
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. Additionally, constant currency
revenue growth is reported on a 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 2023 revenue was $1.70
billion, an increase of 14% compared with $1.49 billion
in the first quarter of 2022. The higher first quarter
revenue was driven by growth in da Vinci procedure volume,
partially offset by foreign currency impacts. On a constant
currency basis, first quarter 2023 revenue increased 17% compared
to the first quarter of 2022.
First quarter 2023 instruments and accessories
revenue increased by 22% to $986 million, compared with $810
million in the first quarter of 2022. The increase in instruments
and accessories revenue was primarily driven by approximately 26%
growth in da Vinci procedure volume, partially offset by customer
buying patterns and foreign currency impacts.
First quarter 2023 systems revenue was $427
million, compared with $428 million in the first quarter of 2022.
The Company placed 312 da Vinci Surgical Systems in the first
quarter of 2023, compared with 311 systems in the first quarter of
2022. The first quarter 2023 system placements included
131 systems placed under operating lease and usage-based
arrangements, compared with 108 systems in the first quarter
of 2022.
First quarter 2023 GAAP income from operations
decreased to $388 million, compared with $408 million in the first
quarter of 2022. First quarter 2023 GAAP income from operations
included share-based compensation expense of $141 million, compared
with $121 million in the first quarter of 2022. First quarter 2023
non-GAAP* income from operations increased to $535 million,
compared with $533 million in the first quarter of 2022.
First quarter 2023 GAAP net income attributable
to Intuitive Surgical, Inc. was $355 million, or $1.00 per diluted
share, compared with $366 million, or $1.00 per diluted share, in
the first quarter of 2022. First quarter 2023 GAAP net income
attributable to Intuitive Surgical, Inc. included excess tax
benefits of $23 million, or $0.06 per diluted share, compared with
$53 million, or $0.14 per diluted share, in the first quarter of
2022.
First quarter 2023 non-GAAP* net income
attributable to Intuitive Surgical, Inc. was $437 million, or $1.23
per diluted share, compared with $413 million, or $1.13 per diluted
share, in the first quarter of 2022.
The Company ended the first quarter of 2023 with
$6.58 billion in cash, cash equivalents, and investments, a
decrease of $163 million during the quarter, primarily driven by
share repurchases of $350 million and capital expenditures,
partially offset by cash generated from operations.
Impact of COVID-19 Pandemic
During 2022, COVID-19 resurgences continued to
impact da Vinci procedure volumes. The first quarter of 2023
reflected continued disruptions from COVID-19 in China, which
negatively impacted procedure volumes in January. The impact of the
COVID-19 pandemic on the Company’s business has, and continues to,
differ by geography and region. COVID-19 has had, and may continue
to have, an adverse impact on the Company’s procedure volumes.
“Our core business was lifted by positive
surgical trends and continued interest in robotic-assisted surgery
when compared with other surgical approaches,” said Gary Guthart,
Intuitive CEO. “We continue our focus on increased adoption,
pursuit of expanded indications and product launches, excellence in
supply and product quality, and increased productivity as we scale
our business.”
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 2023 financial results.
The call will be webcast by Nasdaq OMX and can be accessed on
Intuitive’s website at www.intuitive.com or by dialing (844)
867-6169 using the access code 5175532. 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 surgery. Our technologies include
the da Vinci surgical system 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 Surgical 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, statements related to the expected impacts of the
COVID-19 pandemic on the Company’s business, financial condition,
and results of operations, future results of operations, future
financial position, the Company’s financing plans and future
capital requirements, the Company’s potential tax assets or
liabilities, and statements based on current expectations,
estimates, forecasts, and projections about the economies and
markets in which the Company operates and the Company’s beliefs and
assumptions regarding these economies and markets. 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 impacts customer
spending and the Company’s costs, including increased inflation and
interest rates, the conflict in Ukraine, disruption to the
Company’s supply chain, including increased difficulties in
obtaining a sufficient supply of materials in the semiconductor and
other markets, the risk that the COVID-19 pandemic could lead to
material delays and cancellations of, or reduced demand for,
procedures; curtailed or delayed capital spending by hospitals;
closures of the Company’s facilities; delays in surgeon training;
delays in gathering clinical evidence; delays in obtaining new
product approvals, clearances, or certifications from the U.S. Food
and Drug Administration (“FDA”), comparable regulatory authorities,
or notified bodies; diversion of resources to respond to COVID-19
outbreaks; the impact of global and regional economic and credit
market conditions on healthcare spending; 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; guidelines and
recommendations in the healthcare and patient communities;
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 market 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, including Orpheus Medical;
procedure counts; intellectual property positions and litigation;
competition in the medical device industry and in the specific
markets of surgery in which the Company operates; risks associated
with the Company’s operations and any expansion outside of the
United States; unanticipated manufacturing disruptions or the
inability to meet demand for products; the Company’s reliance on
sole-sourced and single-sourced suppliers; the results of legal
proceedings to which we are or may become a party, including but
not limited to product liability claims; 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; 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, 2022, 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: constant currency
revenue, non-GAAP gross profit, non-GAAP income from operations,
non-GAAP net income attributable to Intuitive Surgical, Inc.,
non-GAAP net income per diluted share attributable to Intuitive
Surgical, Inc. (“EPS”), and non-GAAP diluted shares outstanding.
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 presents
constant currency revenue to provide a framework for assessing how
the Company’s underlying business performed excluding the effect of
foreign currency fluctuations. 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.
Constant currency revenue growth. The Company
calculates constant currency revenue by translating current period
revenue using prior period exchange rates. The constant currency
revenue percentage change is calculated by determining the increase
in the current period constant currency revenue over the prior
period revenue. First quarter 2023 as reported revenue increased
14% compared to the first quarter of 2022. Foreign
currency fluctuations had a 3% unfavorable impact on first quarter
2023 revenue. First quarter 2023 constant currency revenue
increased 17% compared to the first quarter of 2022.
Non-GAAP gross profit. The Company defines
non-GAAP gross profit as gross profit, excluding amortization of
intangible assets and SBC and long-term incentive plan
expenses.
Non-GAAP income from operations. The Company
defines non-GAAP income from operations as income from operations,
excluding amortization of intangible assets, SBC and long-term
incentive plan expenses, litigation charges and recoveries, and a
gain 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
amortization of intangible assets, SBC and long-term incentive plan
expenses, litigation charges and recoveries, a gain on the sale of
a business, gains (losses) on strategic investments, adjustments
attributable to noncontrolling interest in joint venture, net of
the related tax effects, and 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. 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 on-going
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 non-GAAP
diluted shares, 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 amortization of intangible
assets, SBC and long-term incentive plan expenses, 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 31,2023 |
|
December 31,2022 |
|
March 31,2022 |
Revenue: |
|
|
|
|
|
|
Instruments and accessories |
|
$ |
985.6 |
|
|
$ |
940.7 |
|
|
$ |
810.3 |
|
Systems |
|
|
427.4 |
|
|
|
451.0 |
|
|
|
428.1 |
|
Services |
|
|
283.2 |
|
|
|
263.3 |
|
|
|
249.3 |
|
Total revenue |
|
|
1,696.2 |
|
|
|
1,655.0 |
|
|
|
1,487.7 |
|
Cost of revenue: |
|
|
|
|
|
|
Product |
|
|
493.0 |
|
|
|
460.4 |
|
|
|
397.3 |
|
Service |
|
|
90.2 |
|
|
|
83.7 |
|
|
|
80.7 |
|
Total cost of revenue |
|
|
583.2 |
|
|
|
544.1 |
|
|
|
478.0 |
|
Gross profit |
|
|
1,113.0 |
|
|
|
1,110.9 |
|
|
|
1,009.7 |
|
Operating expenses: |
|
|
|
|
|
|
Selling, general and administrative |
|
|
480.5 |
|
|
|
494.3 |
|
|
|
391.1 |
|
Research and development |
|
|
244.9 |
|
|
|
244.1 |
|
|
|
210.5 |
|
Total operating expenses |
|
|
725.4 |
|
|
|
738.4 |
|
|
|
601.6 |
|
Income from operations
(1) |
|
|
387.6 |
|
|
|
372.5 |
|
|
|
408.1 |
|
Interest and other income
(expense), net (2) |
|
|
34.2 |
|
|
|
22.2 |
|
|
|
(5.7 |
) |
Income before taxes |
|
|
421.8 |
|
|
|
394.7 |
|
|
|
402.4 |
|
Income tax expense (3) |
|
|
61.0 |
|
|
|
58.0 |
|
|
|
33.0 |
|
Net income |
|
|
360.8 |
|
|
|
336.7 |
|
|
|
369.4 |
|
Less: net income attributable to noncontrolling interest in joint
venture |
|
|
5.5 |
|
|
|
11.8 |
|
|
|
3.8 |
|
Net income attributable to
Intuitive Surgical, Inc. |
|
$ |
355.3 |
|
|
$ |
324.9 |
|
|
$ |
365.6 |
|
Net income per share
attributable to Intuitive Surgical, Inc.: |
|
|
|
|
|
|
Basic |
|
$ |
1.01 |
|
|
$ |
0.93 |
|
|
$ |
1.02 |
|
Diluted (4) |
|
$ |
1.00 |
|
|
$ |
0.91 |
|
|
$ |
1.00 |
|
Weighted average
shares outstanding: |
|
|
|
|
|
|
Basic |
|
|
350.2 |
|
|
|
351.1 |
|
|
|
358.4 |
|
Diluted |
|
|
356.0 |
|
|
|
357.0 |
|
|
|
366.7 |
|
|
|
|
|
|
|
|
(1) Income from operations
includes the effect of the following items: |
|
|
|
|
|
|
Amortization of intangible assets |
|
$ |
(5.0 |
) |
|
$ |
(7.6 |
) |
|
$ |
(6.1 |
) |
Expensed IP charged to R&D |
|
$ |
— |
|
|
$ |
(7.7 |
) |
|
$ |
(7.8 |
) |
(2) Interest and other income
(expense), net includes the effect of the following item: |
|
|
|
|
|
|
Gains (losses) on strategic investments |
|
$ |
0.2 |
|
|
$ |
0.3 |
|
|
$ |
(17.3 |
) |
(3) Income tax expense
includes the effect of the following item: |
|
|
|
|
|
|
Excess tax benefits related to share-based compensation
arrangements |
|
$ |
(22.5 |
) |
|
$ |
(18.3 |
) |
|
$ |
(53.0 |
) |
(4) Diluted net income per
share attributable to Intuitive Surgical, Inc. includes the effect
of the following items: |
|
|
|
|
|
|
Amortization of intangible assets, net of tax |
|
$ |
(0.01 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.01 |
) |
Expensed IP charged to R&D, net of tax |
|
$ |
— |
|
|
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
Gains (losses) on strategic investments, net of tax |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.04 |
) |
Excess tax benefits related to share-based compensation
arrangements |
|
$ |
0.06 |
|
|
$ |
0.05 |
|
|
$ |
0.14 |
|
INTUITIVE SURGICAL, INC.UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS(IN MILLIONS) |
|
|
March 31,2023 |
|
December 31,2022 |
Cash, cash equivalents, and investments |
|
$ |
6,578.6 |
|
|
$ |
6,741.5 |
|
Accounts receivable, net |
|
|
925.3 |
|
|
|
942.1 |
|
Inventory |
|
|
946.6 |
|
|
|
893.2 |
|
Property, plant, and
equipment, net |
|
|
2,580.2 |
|
|
|
2,374.2 |
|
Goodwill |
|
|
348.6 |
|
|
|
348.5 |
|
Deferred tax assets |
|
|
644.7 |
|
|
|
664.6 |
|
Other assets |
|
|
1,029.2 |
|
|
|
1,009.9 |
|
Total assets |
|
$ |
13,053.2 |
|
|
$ |
12,974.0 |
|
|
|
|
|
|
Accounts payable and other
accrued liabilities |
|
$ |
1,296.5 |
|
|
$ |
1,423.1 |
|
Deferred revenue |
|
|
462.5 |
|
|
|
438.3 |
|
Total liabilities |
|
|
1,759.0 |
|
|
|
1,861.4 |
|
Stockholders’ equity |
|
|
11,294.2 |
|
|
|
11,112.6 |
|
Total liabilities and stockholders’ equity |
|
$ |
13,053.2 |
|
|
$ |
12,974.0 |
|
INTUITIVE SURGICAL, INC.UNAUDITED RECONCILIATION
OF GAAP TO NON-GAAP FINANCIAL MEASURES(IN MILLIONS, EXCEPT
PER SHARE DATA) |
|
|
Three Months Ended |
|
|
March 31,2023 |
|
December 31,2022 |
|
March 31,2022 |
GAAP gross profit |
|
$ |
1,113.0 |
|
|
$ |
1,110.9 |
|
|
$ |
1,009.7 |
|
Share-based compensation
expense |
|
|
23.5 |
|
|
|
11.9 |
|
|
|
24.0 |
|
Long-term incentive plan
expense |
|
|
0.4 |
|
|
|
0.3 |
|
|
|
0.3 |
|
Amortization of intangible
assets |
|
|
3.4 |
|
|
|
5.6 |
|
|
|
3.8 |
|
Non-GAAP gross
profit |
|
$ |
1,140.3 |
|
|
$ |
1,128.7 |
|
|
$ |
1,037.8 |
|
|
|
|
|
|
|
|
GAAP income from
operations |
|
$ |
387.6 |
|
|
$ |
372.5 |
|
|
$ |
408.1 |
|
Share-based compensation
expense |
|
|
139.8 |
|
|
|
127.6 |
|
|
|
120.8 |
|
Long-term incentive plan
expense |
|
|
2.3 |
|
|
|
1.3 |
|
|
|
2.0 |
|
Amortization of intangible
assets |
|
|
5.0 |
|
|
|
7.6 |
|
|
|
6.1 |
|
Litigation charges |
|
|
— |
|
|
|
20.8 |
|
|
|
— |
|
Gain on sale of business |
|
|
— |
|
|
|
— |
|
|
|
(3.8 |
) |
Non-GAAP income from
operations |
|
$ |
534.7 |
|
|
$ |
529.8 |
|
|
$ |
533.2 |
|
|
|
|
|
|
|
|
GAAP net income
attributable to Intuitive Surgical, Inc. |
|
$ |
355.3 |
|
|
$ |
324.9 |
|
|
$ |
365.6 |
|
Share-based compensation
expense |
|
|
139.8 |
|
|
|
127.6 |
|
|
|
120.8 |
|
Long-term incentive plan
expense |
|
|
2.3 |
|
|
|
1.3 |
|
|
|
2.0 |
|
Amortization of intangible
assets |
|
|
5.0 |
|
|
|
7.6 |
|
|
|
6.1 |
|
Litigation charges |
|
|
— |
|
|
|
20.8 |
|
|
|
— |
|
Gain on sale of business |
|
|
— |
|
|
|
— |
|
|
|
(3.8 |
) |
(Gains) losses on strategic
investments |
|
|
0.4 |
|
|
|
(0.4 |
) |
|
|
17.2 |
|
Tax adjustments (1) |
|
|
(64.8 |
) |
|
|
(42.4 |
) |
|
|
(93.9 |
) |
Adjustments attributable to
noncontrolling interest in joint venture |
|
|
(1.1 |
) |
|
|
(0.7 |
) |
|
|
(0.9 |
) |
Non-GAAP net income
attributable to Intuitive Surgical, Inc. |
|
$ |
436.9 |
|
|
$ |
438.7 |
|
|
$ |
413.1 |
|
|
|
|
|
|
|
|
GAAP net income per
share attributable to Intuitive Surgical, Inc. -
diluted |
|
$ |
1.00 |
|
|
$ |
0.91 |
|
|
$ |
1.00 |
|
Share-based compensation
expense |
|
|
0.39 |
|
|
|
0.36 |
|
|
|
0.33 |
|
Long-term incentive plan
expense |
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
Amortization of intangible
assets |
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.02 |
|
Litigation charges |
|
|
— |
|
|
|
0.06 |
|
|
|
— |
|
Gain on sale of business |
|
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
(Gains) losses on strategic
investments |
|
|
— |
|
|
|
— |
|
|
|
0.05 |
|
Tax adjustments (1) |
|
|
(0.18 |
) |
|
|
(0.12 |
) |
|
|
(0.26 |
) |
Adjustments attributable to
noncontrolling interest in joint venture |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-GAAP net income
per share attributable to Intuitive Surgical, Inc. -
diluted |
|
$ |
1.23 |
|
|
$ |
1.23 |
|
|
$ |
1.13 |
|
|
|
|
|
|
|
|
(1) 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) 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. |
|
|
Contact: Investor Relations (408) 523-2161
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