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, 2023.
Q4
Highlights
- Worldwide da
Vinci procedures grew approximately 21% compared with the fourth
quarter of 2022.
- The Company
placed 415 da Vinci surgical systems, compared with 369 in the
fourth quarter of 2022.
- The Company grew
its da Vinci surgical system installed base to 8,606 systems as of
December 31, 2023, an increase of 14% compared with 7,544 as
of the end of the fourth quarter of 2022.
- Fourth quarter
2023 revenue of $1.93 billion increased 17% compared with $1.66
billion in the fourth quarter of 2022.
- Fourth quarter
2023 GAAP net income attributable to Intuitive was $606 million, or
$1.69 per diluted share, compared with $325 million, or $0.91 per
diluted share, in the fourth quarter of 2022.
- Fourth quarter
2023 non-GAAP* net income attributable to Intuitive was $574
million, or $1.60 per diluted share, compared with $439 million, or
$1.23 per diluted share, in the fourth quarter of 2022.
- Fourth quarter
2023 expenses included a $40 million contribution to the
Intuitive Foundation.
- In January 2024, the Company
obtained CE mark certification for the da Vinci single-port (SP)
surgical system for use in endoscopic abdominopelvic,
thoracoscopic, transoral otolaryngology, transanal colorectal, and
breast surgical procedures. The Company plans to commercialize the
SP system in select major European countries throughout 2024 as
part of a measured rollout strategy.
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 2023 revenue was $1.93
billion, an increase of 17% compared with $1.66 billion
in the fourth quarter of 2022. The higher fourth quarter
revenue was driven by growth in da Vinci procedure volume and an
increase in the installed base of systems.
Fourth quarter 2023 instruments and accessories
revenue increased by 22% to $1.14 billion, compared with $0.94
billion in the fourth quarter of 2022. The increase in instruments
and accessories revenue was primarily driven by approximately 21%
growth in da Vinci procedure volume and higher pricing, partially
offset by customer buying patterns.
Fourth quarter 2023 systems revenue was $480
million, compared with $451 million in the fourth quarter of 2022.
The Company placed 415 da Vinci surgical systems in the fourth
quarter of 2023, compared with 369 systems in the fourth quarter of
2022. The fourth quarter 2023 da Vinci surgical system placements
included 201 systems placed under operating lease
arrangements, of which 109 systems were placed under usage-based
operating lease arrangements, compared with 154 systems placed
under operating lease arrangements, of which 70 systems were placed
under usage-based operating lease arrangements in the fourth
quarter of 2022.
Fourth quarter 2023 GAAP income from operations
increased to $450 million, compared with $373 million in the fourth
quarter of 2022. Fourth quarter 2023 GAAP income from operations
included share-based compensation expense of $152 million, compared
with $129 million in the fourth quarter of 2022. Fourth quarter
2023 non-GAAP* income from operations increased to $621 million,
compared with $530 million in the fourth quarter of 2022.
Fourth quarter 2023 GAAP net income attributable
to Intuitive Surgical, Inc. was $606 million, or $1.69 per diluted
share, compared with $325 million, or $0.91 per diluted share, in
the fourth quarter of 2022. Fourth quarter 2023 GAAP net income
attributable to Intuitive Surgical, Inc. included excess tax
benefits of $22 million, or $0.06 per diluted share, compared with
$18 million, or $0.05 per diluted share, in the fourth quarter of
2022. Fourth quarter 2023 GAAP net income attributable to Intuitive
Surgical, Inc. also included income tax benefits arising from the
re-measurement of our Swiss deferred tax assets of $67 million, or
$0.19 per diluted share, and the receipt of certain tax assets by
our Swiss entity of $92 million, or $0.26 per diluted share. These
benefits are excluded from non-GAAP net income.
Fourth quarter 2023 non-GAAP* net income
attributable to Intuitive Surgical, Inc. was $574 million, or $1.60
per diluted share, compared with $439 million, or $1.23 per diluted
share, in the fourth quarter of 2022. Fourth quarter 2023 GAAP and
non-GAAP* net income included a discrete tax benefit of $23
million, or $0.06 per diluted share, arising from the release of
unrecognized tax benefits due to statute expiration in various
jurisdictions.
The Company ended the fourth quarter of 2023
with $7.34 billion in cash, cash equivalents, and investments, a
decrease of $177 million during the quarter, primarily driven by
capital expenditures, partially offset by cash generated from
operations.
Impact of COVID-19 Pandemic
The fourth quarter of 2023 did not reflect any
significant disruptions from COVID-19. During the fourth quarter of
2022, the Company saw COVID-19 resurgences impact da Vinci
procedure volumes in China. COVID-19 has had in the past, and could
have in the future, an adverse impact on the Company’s procedure
volumes.
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 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 6678899. 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 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 future results of operations,
future financial position, and the expected impacts of COVID-19 on
the Company’s business, financial condition, and results of
operations. These forward-looking statements should be considered
in light of various important factors, including, but not limited
to, the following: the overall macroeconomic environment, including
the levels of inflation and interest rates, the conflict in
Ukraine, the conflict between Israel and Hamas, disruption to the
Company’s supply chain, including increased difficulties in
obtaining a sufficient supply of materials in the semiconductor and
other markets; curtailed or delayed capital spending by hospitals;
the impact of global and regional economic and credit market
conditions on healthcare spending; the risk that COVID-19 could
lead to material delays and cancellations of, or reduced demand
for, procedures; 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; 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;
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
the Company is 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 and the Company’s Quarterly
Report on Form 10-Q for the quarter ended September 30, 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 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, a facilities asset abandonment charge,
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, a facilities asset abandonment charge, 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, 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 our Swiss entity, 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 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 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 |
|
December 31,2023 |
|
September 30,2023 |
|
December 31,2022 |
Revenue: |
|
|
|
|
|
Instruments and accessories |
$ |
1,143.7 |
|
|
$ |
1,071.4 |
|
|
$ |
940.7 |
|
Systems |
|
480.2 |
|
|
|
379.4 |
|
|
|
451.0 |
|
Services |
|
304.4 |
|
|
|
292.9 |
|
|
|
263.3 |
|
Total revenue |
|
1,928.3 |
|
|
|
1,743.7 |
|
|
|
1,655.0 |
|
Cost of revenue: |
|
|
|
|
|
Product |
|
561.3 |
|
|
|
489.5 |
|
|
|
460.4 |
|
Service |
|
89.6 |
|
|
|
87.0 |
|
|
|
83.7 |
|
Total cost of revenue |
|
650.9 |
|
|
|
576.5 |
|
|
|
544.1 |
|
Gross profit |
|
1,277.4 |
|
|
|
1,167.2 |
|
|
|
1,110.9 |
|
Operating expenses: |
|
|
|
|
|
Selling, general and administrative (1) |
|
567.1 |
|
|
|
452.0 |
|
|
|
494.3 |
|
Research and development |
|
260.1 |
|
|
|
249.4 |
|
|
|
244.1 |
|
Total operating expenses |
|
827.2 |
|
|
|
701.4 |
|
|
|
738.4 |
|
Income from operations
(2) |
|
450.2 |
|
|
|
465.8 |
|
|
|
372.5 |
|
Interest and other income
(expense), net |
|
65.7 |
|
|
|
56.2 |
|
|
|
22.2 |
|
Income before taxes |
|
515.9 |
|
|
|
522.0 |
|
|
|
394.7 |
|
Income tax expense (3) |
|
(94.8 |
) |
|
|
102.2 |
|
|
|
58.0 |
|
Net income |
|
610.7 |
|
|
|
419.8 |
|
|
|
336.7 |
|
Less: net income attributable to noncontrolling interest in joint
venture |
|
4.5 |
|
|
|
4.1 |
|
|
|
11.8 |
|
Net income attributable to
Intuitive Surgical, Inc. |
$ |
606.2 |
|
|
$ |
415.7 |
|
|
$ |
324.9 |
|
Net income per share
attributable to Intuitive Surgical, Inc.: |
|
|
|
|
|
Basic |
$ |
1.72 |
|
|
$ |
1.18 |
|
|
$ |
0.93 |
|
Diluted (4) |
$ |
1.69 |
|
|
$ |
1.16 |
|
|
$ |
0.91 |
|
Weighted average
shares outstanding: |
|
|
|
|
|
Basic |
|
352.1 |
|
|
|
351.7 |
|
|
|
351.1 |
|
Diluted |
|
358.2 |
|
|
|
358.2 |
|
|
|
357.0 |
|
|
|
|
|
|
|
(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 |
) |
|
$ |
(7.6 |
) |
Expensed IP charged to R&D |
$ |
(2.0 |
) |
|
$ |
(7.5 |
) |
|
$ |
(7.7 |
) |
(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 |
$ |
(21.7 |
) |
|
$ |
(22.0 |
) |
|
$ |
(18.3 |
) |
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 |
) |
|
$ |
(0.02 |
) |
Expensed IP charged to R&D, net of tax |
$ |
— |
|
|
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
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 |
$ |
0.06 |
|
|
$ |
0.06 |
|
|
$ |
0.05 |
|
Discrete tax benefit from release of unrecognized tax benefits |
$ |
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, |
|
|
2023 |
|
|
|
2022 |
|
Revenue: |
|
|
|
Instruments and accessories |
$ |
4,276.6 |
|
|
$ |
3,517.9 |
|
Systems |
|
1,679.7 |
|
|
|
1,680.1 |
|
Services |
|
1,167.8 |
|
|
|
1,024.2 |
|
Total revenue |
|
7,124.1 |
|
|
|
6,222.2 |
|
Cost of revenue: |
|
|
|
Product |
|
2,041.8 |
|
|
|
1,700.3 |
|
Service |
|
352.8 |
|
|
|
325.9 |
|
Total cost of revenue |
|
2,394.6 |
|
|
|
2,026.2 |
|
Gross profit |
|
4,729.5 |
|
|
|
4,196.0 |
|
Operating expenses: |
|
|
|
Selling, general and administrative (1) |
|
1,963.9 |
|
|
|
1,739.9 |
|
Research and development |
|
998.8 |
|
|
|
879.0 |
|
Total operating expenses |
|
2,962.7 |
|
|
|
2,618.9 |
|
Income from operations
(2) |
|
1,766.8 |
|
|
|
1,577.1 |
|
Interest and other income,
net |
|
192.1 |
|
|
|
29.7 |
|
Income before taxes |
|
1,958.9 |
|
|
|
1,606.8 |
|
Income tax expense (3) |
|
141.6 |
|
|
|
262.4 |
|
Net income |
|
1,817.3 |
|
|
|
1,344.4 |
|
Less: net income attributable to noncontrolling interest in joint
venture |
|
19.3 |
|
|
|
22.1 |
|
Net income attributable to
Intuitive Surgical, Inc. |
$ |
1,798.0 |
|
|
$ |
1,322.3 |
|
Net income per share
attributable to Intuitive Surgical, Inc.: |
|
|
|
Basic |
$ |
5.12 |
|
|
$ |
3.72 |
|
Diluted (4) |
$ |
5.03 |
|
|
$ |
3.65 |
|
Weighted average
shares outstanding: |
|
|
|
Basic |
|
351.2 |
|
|
|
355.7 |
|
Diluted |
|
357.4 |
|
|
|
362.0 |
|
|
|
|
|
(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 |
$ |
(20.2 |
) |
|
$ |
(27.8 |
) |
Expensed IP charged to R&D |
$ |
(11.0 |
) |
|
$ |
(17.6 |
) |
(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 |
$ |
(107.9 |
) |
|
$ |
(98.7 |
) |
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 |
$ |
(0.04 |
) |
|
$ |
(0.06 |
) |
Expensed IP charged to R&D, net of tax |
$ |
(0.02 |
) |
|
$ |
(0.04 |
) |
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 |
$ |
0.30 |
|
|
$ |
0.27 |
|
Discrete tax benefit from release of unrecognized tax benefits |
$ |
0.06 |
|
|
$ |
— |
|
|
INTUITIVE SURGICAL, INC. |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(IN MILLIONS) |
|
|
December 31,2023 |
|
December 31,2022 |
Cash, cash equivalents, and investments |
$ |
7,343.2 |
|
|
$ |
6,741.5 |
|
Accounts receivable, net |
|
1,130.2 |
|
|
|
942.1 |
|
Inventory |
|
1,220.6 |
|
|
|
893.2 |
|
Property, plant, and
equipment, net |
|
3,537.6 |
|
|
|
2,374.2 |
|
Goodwill |
|
348.7 |
|
|
|
348.5 |
|
Deferred tax assets |
|
910.5 |
|
|
|
664.6 |
|
Other assets |
|
950.7 |
|
|
|
1,009.9 |
|
Total assets |
$ |
15,441.5 |
|
|
$ |
12,974.0 |
|
|
|
|
|
Accounts payable and other
accrued liabilities |
$ |
1,552.5 |
|
|
$ |
1,423.1 |
|
Deferred revenue |
|
491.7 |
|
|
|
438.3 |
|
Total liabilities |
|
2,044.2 |
|
|
|
1,861.4 |
|
Stockholders’ equity |
|
13,397.3 |
|
|
|
11,112.6 |
|
Total liabilities and stockholders’ equity |
$ |
15,441.5 |
|
|
$ |
12,974.0 |
|
|
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 31,2023 |
|
September 30,2023 |
|
December 31,2022 |
|
December 31,2023 |
|
December 31,2022 |
GAAP gross profit |
$ |
1,277.4 |
|
|
$ |
1,167.2 |
|
|
$ |
1,110.9 |
|
|
$ |
4,729.5 |
|
|
$ |
4,196.0 |
|
Share-based compensation
expense |
|
29.3 |
|
|
|
29.5 |
|
|
|
11.9 |
|
|
|
109.6 |
|
|
|
90.0 |
|
Long-term incentive plan
expense |
|
0.3 |
|
|
|
0.1 |
|
|
|
0.3 |
|
|
|
1.1 |
|
|
|
1.1 |
|
Amortization of intangible
assets |
|
3.8 |
|
|
|
3.7 |
|
|
|
5.6 |
|
|
|
14.4 |
|
|
|
19.2 |
|
Non-GAAP gross
profit |
$ |
1,310.8 |
|
|
$ |
1,200.5 |
|
|
$ |
1,128.7 |
|
|
$ |
4,854.6 |
|
|
$ |
4,306.3 |
|
|
|
|
|
|
|
|
|
|
|
GAAP income from
operations |
$ |
450.2 |
|
|
$ |
465.8 |
|
|
$ |
372.5 |
|
|
$ |
1,766.8 |
|
|
$ |
1,577.1 |
|
Share-based compensation
expense |
|
150.4 |
|
|
|
156.1 |
|
|
|
127.6 |
|
|
|
592.8 |
|
|
|
513.2 |
|
Long-term incentive plan
expense |
|
1.9 |
|
|
|
0.7 |
|
|
|
1.3 |
|
|
|
7.8 |
|
|
|
6.8 |
|
Amortization of intangible
assets |
|
5.1 |
|
|
|
5.1 |
|
|
|
7.6 |
|
|
|
20.2 |
|
|
|
27.8 |
|
Facilities asset abandonment
charge |
|
13.4 |
|
|
|
— |
|
|
|
— |
|
|
|
13.4 |
|
|
|
— |
|
Litigation charges
(recoveries) |
|
— |
|
|
|
(4.0 |
) |
|
|
20.8 |
|
|
|
(4.0 |
) |
|
|
27.7 |
|
Gain on sale of business |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3.8 |
) |
Non-GAAP income from
operations |
$ |
621.0 |
|
|
$ |
623.7 |
|
|
$ |
529.8 |
|
|
$ |
2,397.0 |
|
|
$ |
2,148.8 |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to Intuitive Surgical, Inc. |
$ |
606.2 |
|
|
$ |
415.7 |
|
|
$ |
324.9 |
|
|
$ |
1,798.0 |
|
|
$ |
1,322.3 |
|
Share-based compensation
expense |
|
150.4 |
|
|
|
156.1 |
|
|
|
127.6 |
|
|
|
592.8 |
|
|
|
513.2 |
|
Long-term incentive plan
expense |
|
1.9 |
|
|
|
0.7 |
|
|
|
1.3 |
|
|
|
7.8 |
|
|
|
6.8 |
|
Amortization of intangible
assets |
|
5.1 |
|
|
|
5.1 |
|
|
|
7.6 |
|
|
|
20.2 |
|
|
|
27.8 |
|
Facilities asset abandonment
charge |
|
13.4 |
|
|
|
— |
|
|
|
— |
|
|
|
13.4 |
|
|
|
— |
|
Litigation charges
(recoveries) |
|
— |
|
|
|
(4.0 |
) |
|
|
20.8 |
|
|
|
(4.0 |
) |
|
|
27.7 |
|
Gain on sale of business |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3.8 |
) |
Losses (gains) on strategic
investments |
|
1.4 |
|
|
|
1.7 |
|
|
|
(0.4 |
) |
|
|
9.3 |
|
|
|
21.2 |
|
Tax adjustments (1) |
|
(204.1 |
) |
|
|
(51.0 |
) |
|
|
(42.4 |
) |
|
|
(393.7 |
) |
|
|
(217.1 |
) |
Adjustments attributable to
noncontrolling interest in joint venture |
|
(0.7 |
) |
|
|
(0.3 |
) |
|
|
(0.7 |
) |
|
|
(2.3 |
) |
|
|
(3.3 |
) |
Non-GAAP net income
attributable to Intuitive Surgical, Inc. |
$ |
573.6 |
|
|
$ |
524.0 |
|
|
$ |
438.7 |
|
|
$ |
2,041.5 |
|
|
$ |
1,694.8 |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per
share attributable to Intuitive Surgical, Inc. -
diluted |
$ |
1.69 |
|
|
$ |
1.16 |
|
|
$ |
0.91 |
|
|
$ |
5.03 |
|
|
$ |
3.65 |
|
Share-based compensation
expense |
|
0.42 |
|
|
|
0.44 |
|
|
|
0.36 |
|
|
|
1.66 |
|
|
|
1.42 |
|
Long-term incentive plan
expense |
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
0.02 |
|
|
|
0.02 |
|
Amortization of intangible
assets |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.06 |
|
|
|
0.07 |
|
Facilities asset abandonment
charge |
|
0.04 |
|
|
|
— |
|
|
|
— |
|
|
|
0.04 |
|
|
|
— |
|
Litigation charges
(recoveries) |
|
— |
|
|
|
(0.01 |
) |
|
|
0.06 |
|
|
|
(0.01 |
) |
|
|
0.08 |
|
Gain on sale of business |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
Losses (gains) on strategic
investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.02 |
|
|
|
0.06 |
|
Tax adjustments (1) |
|
(0.57 |
) |
|
|
(0.14 |
) |
|
|
(0.12 |
) |
|
|
(1.10 |
) |
|
|
(0.60 |
) |
Adjustments attributable to
noncontrolling interest in joint venture |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
Non-GAAP net income
per share attributable to Intuitive Surgical, Inc. -
diluted |
$ |
1.60 |
|
|
$ |
1.46 |
|
|
$ |
1.23 |
|
|
$ |
5.71 |
|
|
$ |
4.68 |
|
|
|
|
|
|
|
|
|
|
|
(1) For the three months ended December 31, 2023, tax
adjustments included: (a) excess tax benefits associated with
share-based compensation arrangements of $(21.7) million, or
$(0.06) per diluted share; (b) a one-time tax benefit from receipt
of certain tax assets by our Swiss entity of $(92.3) million, or
$(0.26) per diluted share; (c) a one-time tax benefit from
re-measurement of Swiss deferred tax assets related to intra-entity
transfers of non-inventory assets, net of 2023 utilization of the
incremental deferred tax asset, of $(67.1) million, or $(0.19) per
diluted share; (d) tax impact related to intra-entity transfers of
non-inventory assets of $7.0 million, or $0.02 per diluted share;
and (e) other tax adjustments effects determined by applying a
calculated non-GAAP effective tax rate of $(30.0) million, or
$(0.08) per diluted share. For the twelve months ended
December 31, 2023, tax adjustments included: (a) excess tax
benefits associated with share-based compensation arrangements of
$(107.9) million, or $(0.30) per diluted share; (b) a one-time tax
benefit from receipt of certain tax assets by our Swiss entity of
$(92.3) million, or $(0.26) per diluted share; (c) a one-time tax
benefit from re-measurement of Swiss deferred tax assets related to
intra-entity transfers of non-inventory assets, net of 2023
utilization of the incremental deferred tax asset, of $(67.1)
million, or $(0.19) per diluted share; (d) tax impact related to
intra-entity transfers of non-inventory assets of $28.0 million, or
$0.08 per diluted share; and (e) other tax adjustments effects
determined by applying a calculated non-GAAP effective tax rate of
$(154.4) million, or $(0.43) per diluted share. |
Contact: Investor Relations(408) 523-2161
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