Intuitive(US:ISRG)2025-04-22 20:03Revenue and Growth - First quarter 2025 revenue was $2.25 billion, an increase of 19% compared to $1.89 billion in the first quarter of 2024[5] - Instruments and accessories revenue increased by 18% to $1.37 billion, driven by approximately 17% growth in da Vinci procedure volume and approximately 58% growth in Ion procedure volume[6] - The company expects worldwide da Vinci procedure growth of approximately 15% to 17% in 2025, compared to 17% in 2024[19] - Total revenue for the three months ended March 31, 2025, was $2,253.4 million, a decrease of 6.6% from $2,413.5 million in the previous quarter and an increase of 19.2% from $1,890.6 million in the same quarter last year[28] Surgical Systems and Procedures - The company placed 367 da Vinci surgical systems in Q1 2025, compared to 313 in Q1 2024, including 147 da Vinci 5 systems[7] - The installed base of da Vinci surgical systems grew to 10,189 systems as of March 31, 2025, an increase of 15% compared to 8,887 systems as of March 31, 2024[11] Income and Profitability - GAAP net income attributable to Intuitive Surgical, Inc. was $698 million, or $1.92 per diluted share, compared to $545 million, or $1.51 per diluted share, in Q1 2024[9] - Non-GAAP net income attributable to Intuitive Surgical, Inc. was $662 million, or $1.81 per diluted share, compared to $541 million, or $1.50 per diluted share, in Q1 2024[10] - Net income attributable to Intuitive Surgical, Inc. for Q1 2025 was $698.4 million, compared to $685.7 million in Q4 2024 and $544.9 million in Q1 2024, reflecting a year-over-year increase of 28.2%[28] - Diluted net income per share attributable to Intuitive Surgical, Inc. was $1.92 for Q1 2025, compared to $1.88 in Q4 2024 and $1.51 in Q1 2024, representing a year-over-year increase of 27.1%[31] Cash and Assets - The company ended Q1 2025 with $9.10 billion in cash, cash equivalents, and investments, an increase of $269 million during the quarter[12] - Cash, cash equivalents, and investments increased to $9,101.2 million as of March 31, 2025, up from $8,832.4 million at the end of 2024[30] - Total assets rose to $19,220.4 million as of March 31, 2025, compared to $18,743.2 million at the end of the previous quarter[30] - Total liabilities decreased to $2,012.7 million from $2,213.6 million quarter-over-quarter[30] Expenses - Non-GAAP gross profit margin is expected to be within a range of 65% and 66.5% of revenue in 2025, compared to 69.1% in 2024[19] - Non-GAAP operating expense growth is projected to be 10% to 14% in 2025, compared to 10% in 2024[19] - The company reported a significant increase in research and development expenses, totaling $316.2 million for Q1 2025, compared to $294.7 million in Q4 2024 and $284.5 million in Q1 2024[28] - The company continues to face significant recurring expenses related to share-based compensation, which amounted to $36.2 million in Q1 2025[31]