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 June 30, 2024.
Q2 Highlights
- Worldwide da
Vinci procedures grew approximately 17% compared with the second
quarter of 2023.
- The Company
placed 341 da Vinci surgical systems, compared with 331 in the
second quarter of 2023. The second quarter 2024 da Vinci surgical
system placements included 70 da Vinci 5 systems.
- The Company grew
its da Vinci surgical system installed base to 9,203 systems as of
June 30, 2024, an increase of 14% compared with 8,042 as of
the end of the second quarter of 2023.
- Second quarter
2024 revenue of $2.01 billion increased 14% compared with $1.76
billion in the second quarter of 2023.
- Second quarter
2024 GAAP net income attributable to Intuitive was $527 million, or
$1.46 per diluted share, compared with $421 million, or $1.18 per
diluted share, in the second quarter of 2023.
- Second quarter
2024 non-GAAP* net income attributable to Intuitive was $641
million, or $1.78 per diluted share, compared with $507 million, or
$1.42 per diluted share, in the second quarter of 2023.
Q2 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.
Second quarter 2024 revenue was $2.01
billion, an increase of 14% compared with $1.76 billion
in the second quarter of 2023. The higher second quarter
revenue was driven by growth in da Vinci procedure volume and an
increase in the installed base of systems.
Second quarter 2024 instruments and accessories
revenue increased by 16% to $1.24 billion, compared with $1.08
billion in the second quarter of 2023. The increase in instruments
and accessories revenue was primarily driven by approximately 17%
growth in da Vinci procedure volume and approximately 82% growth in
Ion procedure volume, partially offset by customer buying
patterns.
Second quarter 2024 systems revenue was $448
million, compared with $393 million in the second quarter of 2023.
The Company placed 341 da Vinci surgical systems, including 70 da
Vinci 5 systems, in the second quarter of 2024, compared with 331
systems in the second quarter of 2023. The second quarter 2024 da
Vinci surgical system placements included 175 systems placed
under operating lease arrangements, of which 92 systems were placed
under usage-based operating lease arrangements, compared with 164
systems placed under operating lease arrangements, of which 91
systems were placed under usage-based operating lease arrangements
in the second quarter of 2023.
Second quarter 2024 GAAP income from operations
increased to $567 million, compared with $463 million in the second
quarter of 2023. Second quarter 2024 GAAP income from operations
included share-based compensation expense of $176 million, compared
with $148 million in the second quarter of 2023. Second quarter
2024 non-GAAP* income from operations increased to $754 million,
compared with $618 million in the second quarter of 2023.
Second quarter 2024 GAAP net income attributable
to Intuitive Surgical, Inc. was $527 million, or $1.46 per diluted
share, compared with $421 million, or $1.18 per diluted share, in
the second quarter of 2023. Second quarter 2024 GAAP net income
attributable to Intuitive Surgical, Inc. included excess tax
benefits of $36 million, or $0.10 per diluted share, compared with
$42 million, or $0.12 per diluted share, in the second quarter of
2023.
Second quarter 2024 non-GAAP* net income
attributable to Intuitive Surgical, Inc. was $641 million, or $1.78
per diluted share, compared with $507 million, or $1.42 per diluted
share, in the second quarter of 2023.
The Company ended the second quarter of 2024
with $7.68 billion in cash, cash equivalents, and investments, an
increase of $360 million during the quarter, primarily driven by
cash generated from operations, partially offset by capital
expenditures.
Impact of COVID-19 Pandemic
The first half of 2024 did not reflect any
noticeable procedure volume disruptions from 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. Additionally, we believe that
the high patient treatment backlogs that developed during the
COVID-19 pandemic contributed positively to the 2023 procedure
volumes, as those patients returned for diagnosis and
treatment.
“Our business was healthy this quarter, and we
are pleased by feedback on da Vinci 5 as well as the continued
adoption of SP and Ion,” said Gary Guthart, Intuitive CEO. “We
remain focused on delivering the goals we share with our customers,
centered on improving patient outcomes.”
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 second quarter 2024 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 6035714. 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, statements related to future results of operations,
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 the levels of inflation and interest
rates; the conflict in Ukraine; conflicts in the Middle East,
including Israel; 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; the risk that COVID-19 could lead to
material delays and cancellations of, or reduced demand for,
procedures; delays in surgeon training; delays in obtaining new
product approvals, clearances, or certifications from the United
States (“U.S.”) Food and Drug Administration (“FDA”), comparable
regulatory authorities, or notified bodies; the risk of the
Company’s inability to comply with complex FDA and other
regulations, which may result in significant enforcement actions;
regulatory approvals, clearances, certifications, and restrictions
or any dispute that may occur with any regulatory body; healthcare
reform legislation in the U.S. and its impact on hospital spending,
reimbursement, and fees levied on certain medical device revenues;
changes in hospital admissions and actions by payers to limit or
manage surgical procedures; the timing and success of product
development and customer acceptance of developed products; the
results of any collaborations, in-licensing arrangements, joint
ventures, strategic alliances, or partnerships, including the joint
venture with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.; the
Company’s completion of and ability to successfully integrate
acquisitions; intellectual property positions and litigation; risks
associated with the Company’s operations and any expansion outside
of the United States; 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,
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, 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, and litigation charges.
Non-GAAP net income attributable to Intuitive
Surgical, Inc. and EPS. The Company defines non-GAAP net income as
net income attributable to Intuitive Surgical, Inc., excluding SBC
and long-term incentive plan expenses, amortization of intangible
assets, litigation charges, gains 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 |
|
June 30,2024 |
|
March 31,2024 |
|
June 30,2023 |
Revenue: |
|
|
|
|
|
Instruments and accessories |
$ |
1,244.4 |
|
|
$ |
1,158.9 |
|
|
$ |
1,075.9 |
|
Systems |
|
448.2 |
|
|
|
418.2 |
|
|
|
392.7 |
|
Services |
|
317.3 |
|
|
|
313.5 |
|
|
|
287.3 |
|
Total revenue |
|
2,009.9 |
|
|
|
1,890.6 |
|
|
|
1,755.9 |
|
Cost of revenue: |
|
|
|
|
|
Product |
|
539.4 |
|
|
|
554.4 |
|
|
|
498.0 |
|
Service |
|
97.8 |
|
|
|
90.8 |
|
|
|
86.0 |
|
Total cost of revenue |
|
637.2 |
|
|
|
645.2 |
|
|
|
584.0 |
|
Gross profit |
|
1,372.7 |
|
|
|
1,245.4 |
|
|
|
1,171.9 |
|
Operating expenses: |
|
|
|
|
|
Selling, general and administrative |
|
525.3 |
|
|
|
491.5 |
|
|
|
464.3 |
|
Research and development |
|
280.1 |
|
|
|
284.5 |
|
|
|
244.4 |
|
Total operating expenses |
|
805.4 |
|
|
|
776.0 |
|
|
|
708.7 |
|
Income from operations
(1) |
|
567.3 |
|
|
|
469.4 |
|
|
|
463.2 |
|
Interest and other income
(expense), net |
|
87.2 |
|
|
|
69.1 |
|
|
|
36.0 |
|
Income before taxes |
|
654.5 |
|
|
|
538.5 |
|
|
|
499.2 |
|
Income tax expense (2) |
|
123.0 |
|
|
|
(8.9 |
) |
|
|
73.2 |
|
Net income |
|
531.5 |
|
|
|
547.4 |
|
|
|
426.0 |
|
Less: net income attributable to noncontrolling interest in joint
venture |
|
4.6 |
|
|
|
2.5 |
|
|
|
5.2 |
|
Net income attributable to
Intuitive Surgical, Inc. |
$ |
526.9 |
|
|
$ |
544.9 |
|
|
$ |
420.8 |
|
Net income per share
attributable to Intuitive Surgical, Inc.: |
|
|
|
|
|
Basic |
$ |
1.48 |
|
|
$ |
1.54 |
|
|
$ |
1.20 |
|
Diluted (3) |
$ |
1.46 |
|
|
$ |
1.51 |
|
|
$ |
1.18 |
|
Weighted average
shares outstanding: |
|
|
|
|
|
Basic |
|
355.0 |
|
|
|
353.5 |
|
|
|
350.9 |
|
Diluted |
|
361.0 |
|
|
|
360.5 |
|
|
|
357.3 |
|
|
|
|
|
|
|
(1) Income from operations
includes the effect of the following items: |
|
|
|
|
|
Amortization of intangible assets |
$ |
(5.0 |
) |
|
$ |
(5.1 |
) |
|
$ |
(5.0 |
) |
Expensed IP charged to R&D |
$ |
(0.2 |
) |
|
$ |
— |
|
|
$ |
(1.5 |
) |
(2) Income tax expense
includes the effect of the following items: |
|
|
|
|
|
Excess tax benefits related to share-based compensation
arrangements |
$ |
(35.7 |
) |
|
$ |
(111.1 |
) |
|
$ |
(41.7 |
) |
(3) 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 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
Expensed IP charged to R&D, net of tax |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Excess tax benefits related to share-based compensation
arrangements |
$ |
0.10 |
|
|
$ |
0.31 |
|
|
$ |
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTUITIVE SURGICAL, INC. UNAUDITED SIX
MONTHS ENDED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN MILLIONS, EXCEPT PER SHARE DATA) |
|
|
Six Months Ended |
|
June 30, |
|
|
2024 |
|
|
|
2023 |
|
Revenue: |
|
|
|
Instruments and accessories |
$ |
2,403.3 |
|
|
$ |
2,061.5 |
|
Systems |
|
866.4 |
|
|
|
820.1 |
|
Services |
|
630.8 |
|
|
|
570.5 |
|
Total revenue |
|
3,900.5 |
|
|
|
3,452.1 |
|
Cost of revenue: |
|
|
|
Product |
|
1,093.8 |
|
|
|
991.0 |
|
Service |
|
188.6 |
|
|
|
176.2 |
|
Total cost of revenue |
|
1,282.4 |
|
|
|
1,167.2 |
|
Gross profit |
|
2,618.1 |
|
|
|
2,284.9 |
|
Operating expenses: |
|
|
|
Selling, general and administrative |
|
1,016.8 |
|
|
|
944.8 |
|
Research and development |
|
564.6 |
|
|
|
489.3 |
|
Total operating expenses |
|
1,581.4 |
|
|
|
1,434.1 |
|
Income from operations
(1) |
|
1,036.7 |
|
|
|
850.8 |
|
Interest and other income,
net |
|
156.3 |
|
|
|
70.2 |
|
Income before taxes |
|
1,193.0 |
|
|
|
921.0 |
|
Income tax expense (2) |
|
114.1 |
|
|
|
134.2 |
|
Net income |
|
1,078.9 |
|
|
|
786.8 |
|
Less: net income attributable to noncontrolling interest in joint
venture |
|
7.1 |
|
|
|
10.7 |
|
Net income attributable to
Intuitive Surgical, Inc. |
$ |
1,071.8 |
|
|
$ |
776.1 |
|
Net income per share
attributable to Intuitive Surgical, Inc.: |
|
|
|
Basic |
$ |
3.03 |
|
|
$ |
2.21 |
|
Diluted (3) |
$ |
2.97 |
|
|
$ |
2.18 |
|
Weighted average
shares outstanding: |
|
|
|
Basic |
|
354.2 |
|
|
|
350.6 |
|
Diluted |
|
360.8 |
|
|
|
356.6 |
|
|
|
|
|
(1) Income from operations
includes the effect of the following items: |
|
|
|
Amortization of intangible assets |
$ |
(10.1 |
) |
|
$ |
(10.0 |
) |
Expensed IP charged to R&D |
$ |
(0.2 |
) |
|
$ |
(1.5 |
) |
(2) Income tax expense
includes the effect of the following items: |
|
|
|
Excess tax benefits related to share-based compensation
arrangements |
$ |
(146.8 |
) |
|
$ |
(64.2 |
) |
(3) Diluted net income per
share attributable to Intuitive Surgical, Inc. includes the effect
of the following items: |
|
|
|
Amortization of intangible assets, net of tax |
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
Expensed IP charged to R&D, net of tax |
$ |
— |
|
|
$ |
— |
|
Excess tax benefits related to share-based compensation
arrangements |
$ |
0.41 |
|
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
INTUITIVE SURGICAL, INC. UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS (IN
MILLIONS) |
|
|
June 30,2024 |
|
December 31,2023 |
Cash, cash equivalents, and investments |
$ |
7,683.1 |
|
|
$ |
7,343.2 |
|
Accounts receivable, net |
|
1,109.1 |
|
|
|
1,130.2 |
|
Inventory |
|
1,383.9 |
|
|
|
1,220.6 |
|
Property, plant, and
equipment, net |
|
4,116.8 |
|
|
|
3,537.6 |
|
Goodwill |
|
348.0 |
|
|
|
348.7 |
|
Deferred tax assets |
|
946.9 |
|
|
|
910.5 |
|
Other assets |
|
1,062.1 |
|
|
|
950.7 |
|
Total assets |
$ |
16,649.9 |
|
|
$ |
15,441.5 |
|
|
|
|
|
Accounts payable and other
liabilities |
$ |
1,376.0 |
|
|
$ |
1,552.5 |
|
Deferred revenue |
|
477.4 |
|
|
|
491.7 |
|
Total liabilities |
|
1,853.4 |
|
|
|
2,044.2 |
|
Stockholders’ equity |
|
14,796.5 |
|
|
|
13,397.3 |
|
Total liabilities and stockholders’ equity |
$ |
16,649.9 |
|
|
$ |
15,441.5 |
|
|
|
|
|
|
|
|
|
INTUITIVE SURGICAL, INC.UNAUDITED
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES(IN MILLIONS, EXCEPT PER SHARE
DATA) |
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30,2024 |
|
March 31,2024 |
|
June 30,2023 |
|
June 30,2024 |
|
June 30,2023 |
GAAP gross profit |
$ |
1,372.7 |
|
|
$ |
1,245.4 |
|
|
$ |
1,171.9 |
|
|
$ |
2,618.1 |
|
|
$ |
2,284.9 |
|
Share-based compensation
expense |
|
29.7 |
|
|
|
29.1 |
|
|
|
27.3 |
|
|
|
58.8 |
|
|
|
50.8 |
|
Long-term incentive plan
expense |
|
0.1 |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
|
0.4 |
|
|
|
0.7 |
|
Amortization of intangible
assets |
|
3.7 |
|
|
|
3.8 |
|
|
|
3.5 |
|
|
|
7.5 |
|
|
|
6.9 |
|
Non-GAAP gross
profit |
$ |
1,406.2 |
|
|
$ |
1,278.6 |
|
|
$ |
1,203.0 |
|
|
$ |
2,684.8 |
|
|
$ |
2,343.3 |
|
|
|
|
|
|
|
|
|
|
|
GAAP income from
operations |
$ |
567.3 |
|
|
$ |
469.4 |
|
|
$ |
463.2 |
|
|
$ |
1,036.7 |
|
|
$ |
850.8 |
|
Share-based compensation
expense |
|
173.6 |
|
|
|
153.3 |
|
|
|
146.5 |
|
|
|
326.9 |
|
|
|
286.3 |
|
Long-term incentive plan
expense |
|
1.0 |
|
|
|
2.2 |
|
|
|
2.9 |
|
|
|
3.2 |
|
|
|
5.2 |
|
Amortization of intangible
assets |
|
5.0 |
|
|
|
5.1 |
|
|
|
5.0 |
|
|
|
10.1 |
|
|
|
10.0 |
|
Litigation charges |
|
7.2 |
|
|
|
— |
|
|
|
— |
|
|
|
7.2 |
|
|
|
— |
|
Non-GAAP income from
operations |
$ |
754.1 |
|
|
$ |
630.0 |
|
|
$ |
617.6 |
|
|
$ |
1,384.1 |
|
|
$ |
1,152.3 |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to Intuitive Surgical, Inc. |
$ |
526.9 |
|
|
$ |
544.9 |
|
|
$ |
420.8 |
|
|
$ |
1,071.8 |
|
|
$ |
776.1 |
|
Share-based compensation
expense |
|
173.6 |
|
|
|
153.3 |
|
|
|
146.5 |
|
|
|
326.9 |
|
|
|
286.3 |
|
Long-term incentive plan
expense |
|
1.0 |
|
|
|
2.2 |
|
|
|
2.9 |
|
|
|
3.2 |
|
|
|
5.2 |
|
Amortization of intangible
assets |
|
5.0 |
|
|
|
5.1 |
|
|
|
5.0 |
|
|
|
10.1 |
|
|
|
10.0 |
|
Litigation charges |
|
7.2 |
|
|
|
— |
|
|
|
— |
|
|
|
7.2 |
|
|
|
— |
|
(Gains) losses on strategic
investments |
|
(7.8 |
) |
|
|
3.4 |
|
|
|
5.8 |
|
|
|
(4.4 |
) |
|
|
6.2 |
|
Tax adjustments (1) |
|
(64.5 |
) |
|
|
(167.0 |
) |
|
|
(73.8 |
) |
|
|
(231.5 |
) |
|
|
(138.6 |
) |
Adjustments attributable to
noncontrolling interest in joint venture |
|
(0.4 |
) |
|
|
(0.8 |
) |
|
|
(0.2 |
) |
|
|
(1.2 |
) |
|
|
(1.3 |
) |
Non-GAAP net income
attributable to Intuitive Surgical, Inc. |
$ |
641.0 |
|
|
$ |
541.1 |
|
|
$ |
507.0 |
|
|
$ |
1,182.1 |
|
|
$ |
943.9 |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per
share attributable to Intuitive Surgical, Inc. -
diluted |
$ |
1.46 |
|
|
$ |
1.51 |
|
|
$ |
1.18 |
|
|
$ |
2.97 |
|
|
$ |
2.18 |
|
Share-based compensation
expense |
|
0.48 |
|
|
|
0.42 |
|
|
|
0.41 |
|
|
|
0.90 |
|
|
|
0.80 |
|
Long-term incentive plan
expense |
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
Amortization of intangible
assets |
|
0.02 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.03 |
|
|
|
0.03 |
|
Litigation charges |
|
0.02 |
|
|
|
— |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
(Gains) losses on strategic
investments |
|
(0.02 |
) |
|
|
0.01 |
|
|
|
0.02 |
|
|
|
(0.01 |
) |
|
|
0.02 |
|
Tax adjustments (1) |
|
(0.18 |
) |
|
|
(0.46 |
) |
|
|
(0.21 |
) |
|
|
(0.64 |
) |
|
|
(0.39 |
) |
Adjustments attributable to
noncontrolling interest in joint venture |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-GAAP net income
per share attributable to Intuitive Surgical, Inc. -
diluted |
$ |
1.78 |
|
|
$ |
1.50 |
|
|
$ |
1.42 |
|
|
$ |
3.28 |
|
|
$ |
2.65 |
|
|
|
|
|
|
|
|
|
|
|
(1) For the three months ended June 30, 2024, tax adjustments
included: (a) excess tax benefits associated with share-based
compensation arrangements of $(35.7) million, or $(0.10) 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 $(39.0) million, or
$(0.11) per diluted share. For the three months ended June 30,
2023, tax adjustments included: (a) excess tax benefits associated
with share-based compensation arrangements of $(41.7) million, or
$(0.12) 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
$(39.1) million, or $(0.11) per diluted share. |
For the six months ended June 30, 2024, tax adjustments
included: (a) excess tax benefits associated with share-based
compensation arrangements of $(146.8) million, or $(0.41) per
diluted share; (b) tax impact related to intra-entity transfers of
non-inventory assets of $20.4 million, or $0.06 per diluted share;
and (c) other tax adjustments effects determined by applying a
calculated non-GAAP effective tax rate of $(105.1) million, or
$(0.29) per diluted share. For the six months ended June 30,
2023, tax adjustments included: (a) excess tax benefits associated
with share-based compensation arrangements of $(64.2) million, or
$(0.18) per diluted share; (b) tax impact related to intra-entity
transfers of non-inventory assets of $14.0 million, or $0.04 per
diluted share; and (c) other tax adjustments effects determined by
applying a calculated non-GAAP effective tax rate of $(88.4)
million, or $(0.25) per diluted share. |
|
Contact: Investor Relations(408) 523-2161
Intuitive Surgical (NASDAQ:ISRG)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Intuitive Surgical (NASDAQ:ISRG)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024