Workflow
Intuitive(ISRG) - 2024 Q3 - Quarterly Results
ISRGIntuitive(ISRG)2024-10-17 20:02

da Vinci Surgical System Performance - Worldwide da Vinci procedures grew approximately 18% compared with the third quarter of 2023[1] - The Company placed 379 da Vinci surgical systems, including 110 da Vinci 5 systems, in Q3 2024, up from 312 systems in Q3 2023[1] - The da Vinci surgical system installed base grew to 9,539 systems as of September 30, 2024, a 15% increase from 8,285 systems at the end of Q3 2023[1] - In October 2024, the Company obtained regulatory clearance in South Korea for the da Vinci 5 surgical system for use in multiple surgical procedures[1] Revenue and Financial Performance - Q3 2024 revenue increased 17% to 2.04billioncomparedto2.04 billion compared to 1.74 billion in Q3 2023[1] - Total revenue for Q3 2024 reached 2,038.1million,up16.92,038.1 million, up 16.9% YoY from 1,743.7 million in Q3 2023[13] - Nine-month total revenue for 2024 reached 5,938.6million,up14.35,938.6 million, up 14.3% YoY from 5,195.8 million in 2023[16] - Instruments and accessories revenue increased by 18% to 1.26billioninQ32024,drivenby181.26 billion in Q3 2024, driven by 18% growth in da Vinci procedure volume and 73% growth in Ion procedure volume[2] - Instruments and accessories revenue grew 18.0% YoY to 1,264.2 million in Q3 2024[13] - Systems revenue was 445millioninQ32024,comparedto445 million in Q3 2024, compared to 379 million in Q3 2023, with 220 systems placed under operating lease arrangements, including 141 under usage-based leases[2] Net Income and Earnings Per Share - Q3 2024 GAAP net income attributable to Intuitive was 565million,or565 million, or 1.56 per diluted share, compared to 416million,or416 million, or 1.16 per diluted share, in Q3 2023[1] - Q3 2024 non-GAAP net income attributable to Intuitive was 669million,or669 million, or 1.84 per diluted share, compared to 524million,or524 million, or 1.46 per diluted share, in Q3 2023[1] - Net income attributable to Intuitive Surgical, Inc. increased 35.9% YoY to 565.1millioninQ32024[13]−Dilutednetincomepersharerose34.5565.1 million in Q3 2024[13] - Diluted net income per share rose 34.5% YoY to 1.56 in Q3 2024[13] - Nine-month net income attributable to Intuitive Surgical, Inc. increased 37.3% YoY to 1,636.9million[16]−GAAPnetincomeattributabletoIntuitiveSurgical,Inc.fortheninemonthsendedSeptember30,2024,was1,636.9 million[16] - GAAP net income attributable to Intuitive Surgical, Inc. for the nine months ended September 30, 2024, was 1,636.9 million, compared to 1,191.8millionforthesameperiodin2023[23]−Non−GAAPnetincomeattributabletoIntuitiveSurgical,Inc.fortheninemonthsendedSeptember30,2024,was1,191.8 million for the same period in 2023[23] - Non-GAAP net income attributable to Intuitive Surgical, Inc. for the nine months ended September 30, 2024, was 1,851.2 million, compared to 1,467.9millionforthesameperiodin2023[23]−GAAPnetincomepershareattributabletoIntuitiveSurgical,Inc.−dilutedfortheninemonthsendedSeptember30,2024,was1,467.9 million for the same period in 2023[23] - GAAP net income per share attributable to Intuitive Surgical, Inc. - diluted for the nine months ended September 30, 2024, was 4.53, compared to 3.34forthesameperiodin2023[23]−Non−GAAPnetincomepershareattributabletoIntuitiveSurgical,Inc.−dilutedfortheninemonthsendedSeptember30,2024,was3.34 for the same period in 2023[23] - Non-GAAP net income per share attributable to Intuitive Surgical, Inc. - diluted for the nine months ended September 30, 2024, was 5.12, compared to 4.11forthesameperiodin2023[23]Cash,Investments,andAssets−TheCompanyendedQ32024with4.11 for the same period in 2023[23] Cash, Investments, and Assets - The Company ended Q3 2024 with 8.31 billion in cash, cash equivalents, and investments, an increase of 628millionduringthequarter[3]−Cash,cashequivalents,andinvestmentsgrew13.2628 million during the quarter[3] - Cash, cash equivalents, and investments grew 13.2% to 8,311.5 million as of September 30, 2024[19] - Property, plant, and equipment increased 25.3% to 4,433.0millionasofSeptember30,2024[19]−Totalassetsgrew14.94,433.0 million as of September 30, 2024[19] - Total assets grew 14.9% to 17,743.4 million as of September 30, 2024[19] - Stockholders' equity increased 17.0% to 15,677.5millionasofSeptember30,2024[20]GrossProfitandExpenses−GAAPgrossprofitfortheninemonthsendedSeptember30,2024,was15,677.5 million as of September 30, 2024[20] Gross Profit and Expenses - GAAP gross profit for the nine months ended September 30, 2024, was 3,992.0 million, compared to 3,452.1millionforthesameperiodin2023[23]−Non−GAAPgrossprofitfortheninemonthsendedSeptember30,2024,was3,452.1 million for the same period in 2023[23] - Non-GAAP gross profit for the nine months ended September 30, 2024, was 4,092.6 million, compared to 3,543.8millionforthesameperiodin2023[23]−Share−basedcompensationexpensefortheninemonthsendedSeptember30,2024,was3,543.8 million for the same period in 2023[23] - Share-based compensation expense for the nine months ended September 30, 2024, was 499.8 million, compared to 442.4millionforthesameperiodin2023[23]−Long−termincentiveplanexpensefortheninemonthsendedSeptember30,2024,was442.4 million for the same period in 2023[23] - Long-term incentive plan expense for the nine months ended September 30, 2024, was 4.4 million, compared to 5.9millionforthesameperiodin2023[23]−AmortizationofintangibleassetsfortheninemonthsendedSeptember30,2024,was5.9 million for the same period in 2023[23] - Amortization of intangible assets for the nine months ended September 30, 2024, was 13.6 million, compared to 15.1millionforthesameperiodin2023[23]−Litigationcharges(recoveries)fortheninemonthsendedSeptember30,2024,was15.1 million for the same period in 2023[23] - Litigation charges (recoveries) for the nine months ended September 30, 2024, was 7.2 million, compared to $(4.0) million for the same period in 2023[23]