Intuitive(US:ISRG)2025-10-21 20:03Revenue Growth - Q3 2025 revenue was $2.51 billion, a 23% increase from $2.04 billion in Q3 2024[5] - Total revenue for the three months ended September 30, 2025, was $2,505.1 million, a 22.9% increase from $2,038.1 million in the same period of 2024[27] - Total revenue for the nine months ended September 30, 2025, reached $7,198.5 million, a 21.2% increase from $5,938.6 million in the same period of 2024[28] Profitability - GAAP net income attributable to Intuitive was $704 million, or $1.95 per diluted share, up from $565 million, or $1.56 per diluted share, in Q3 2024[10] - Non-GAAP net income attributable to Intuitive was $867 million, or $2.40 per diluted share, compared to $669 million, or $1.84 per diluted share, in Q3 2024[11] - Net income attributable to Intuitive Surgical, Inc. for the three months ended September 30, 2025, was $704.4 million, up from $565.1 million in the same period of 2024, representing a 24.6% increase[27] - Non-GAAP EPS for the three months ended September 30, 2025, was $1.95, compared to $1.56 for the same period in 2024, reflecting a 25.0% increase[27] Operating Performance - Instruments and accessories revenue rose by 20% to $1.52 billion, driven by 19% growth in da Vinci procedure volume and 52% growth in Ion procedure volume[6] - The company placed 427 da Vinci surgical systems in Q3 2025, compared to 379 in Q3 2024, including 240 da Vinci 5 systems[7] - The installed base of da Vinci surgical systems grew to 10,763, a 13% increase from 9,539 as of September 30, 2024[9] Cash and Investments - The company ended Q3 2025 with $8.43 billion in cash, a decrease of $1.10 billion during the quarter[11] - Cash, cash equivalents, and investments as of September 30, 2025, were $8,432.5 million, down from $8,832.4 million as of December 31, 2024[30] Expense Management - Non-GAAP gross profit margin is expected to be between 67% and 67.5% of revenue in 2025, down from 69.1% in 2024[17] - Non-GAAP operating expense growth is projected at 11% to 13% in 2025, compared to 10% in 2024[17] - Operating expenses for the nine months ended September 30, 2025, totaled $2,656.8 million, up from $2,378.0 million in the same period of 2024, a 11.7% increase[28] Research and Development - The company continues to invest significantly in research and development, with R&D expenses for the nine months ended September 30, 2025, amounting to $958.9 million, compared to $850.6 million in the same period of 2024[28] Tax and Share-Based Compensation - The company reported share-based compensation expense of $203.5 million for Q3 2025, compared to $172.9 million in Q3 2024, an increase of 17.7%[31] - Tax adjustments for Q3 2025 included excess tax benefits associated with share-based compensation arrangements of $(24.2) million, impacting diluted share by $(0.07)[31]