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 September 30, 2020.
Q3 Highlights
- Worldwide da
Vinci procedures increased approximately 7% compared with the third
quarter of 2019, reflecting a partial recovery from the significant
disruption caused by the COVID-19 pandemic.
- The Company
shipped 195 da Vinci Surgical Systems, a decrease of 29% compared
with 275 in the third quarter of 2019.
- The Company grew
its da Vinci Surgical System installed base to 5,865 systems as of
September 30, 2020, an increase of 8% compared with 5,406 as
of the end of the third quarter of 2019.
- Third quarter
2020 revenue of $1,078 million decreased 4% compared with $1,128
million in the third quarter of 2019. Third quarter 2020 revenue
included a $23 million decrease in service revenue relating to
our previously announced Customer Relief Program.
- Third quarter
2020 GAAP net income was $314 million, or $2.60 per diluted
share, compared with $397 million, or $3.33 per diluted share,
in the third quarter of 2019. Third quarter 2020 GAAP net income
included $62 million, or $0.51 per diluted share, of other
income related to unrealized gains on strategic investments.
- Third quarter
2020 non-GAAP* net income was $334 million, or $2.77 per diluted
share, compared with $409 million, or $3.43 per diluted share, in
the third quarter of 2019.
- The Company
launched Intuitive Ventures, an inaugural $100 million fund
focused on investment opportunities in companies that share
Intuitive's commitment to advancing positive outcomes in
healthcare.
Q3 Financial Summary
Gross profit, income from operations, net
income, net income per diluted share, and diluted shares 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.
Third quarter 2020 revenue was $1,078
million, a decrease of 4% compared with $1,128 million in
the third quarter of 2019. Lower third quarter
revenue was driven by fewer system placements, primarily as a
result of the significant impact of the COVID-19 pandemic, as well
as a $23 million decrease in service revenue related to
service fee credits from the previously announced Customer Relief
Program.
Third quarter 2020 instruments and accessories
revenue increased by 4% to $631 million, compared with $606 million
in the third quarter of 2019, primarily driven by approximately 7%
growth in da Vinci procedure volume.
Third quarter 2020 systems revenue decreased by
21% to $268 million, compared with $339 million in the third
quarter of 2019. The Company shipped 195 da Vinci Surgical Systems
in the third quarter of 2020, compared with 275 systems in the
third quarter of 2019. The third quarter 2020 system shipments
included 68 systems shipped under operating lease and
usage-based arrangements, compared with 92 systems in
the third quarter of 2019.
Third quarter 2020 GAAP income from operations
decreased to $270 million, compared with $366 million in the
third quarter of 2019, primarily as a result of the significant
impact caused by the COVID-19 pandemic and the effects of the
Customer Relief Program. Third quarter 2020 GAAP income from
operations included share-based compensation expense of $107
million, compared with $89 million in the third quarter of 2019.
Third quarter 2020 non-GAAP* income from operations decreased to
$402 million, compared with $462 million in the third quarter of
2019.
Third quarter 2020 GAAP net income was
$314 million, or $2.60 per diluted share, compared with
$397 million, or $3.33 per diluted share, in the third quarter
of 2019. Third quarter 2020 GAAP net income included excess tax
benefits of $48 million, or $0.40 per share, compared with $29
million, or $0.24 per share, in the third quarter of 2019. Third
quarter 2020 GAAP net income included $62 million, or $0.51
per diluted share, of other income related to unrealized gains on
strategic investments. As a result of the enactment of Swiss tax
reform, third quarter 2019 GAAP net income included a tax benefit
from the re-measurement of Swiss deferred tax assets of
$51 million, or $0.43 per diluted share. These benefits are
excluded from non-GAAP net income.
Third quarter 2020 non-GAAP* net income was $334
million, or $2.77 per diluted share, compared with $409 million, or
$3.43 per diluted share, in the third quarter of 2019.
The Company ended the third quarter of 2020 with
$6.4 billion in cash, cash equivalents, and investments, an
increase of $287 million during the quarter, primarily driven
by cash generated from operations.
Impact of COVID-19 Pandemic
During the first nine months of 2020, the
Company has experienced a significant impact to its procedure
volumes and system placements, as healthcare systems around the
world diverted resources to meet the increasing demands of
responding to and managing COVID-19. The impact and timing of the
COVID-19 pandemic on the Company's business differs by geography.
In the U.S., for example, while da Vinci procedures have recovered
a significant portion of the pre-COVID-19 levels, the resurgence of
COVID-19 in some states has had, and will likely continue to have,
an adverse impact on the Company’s procedure volumes. Due to the
continued uncertainty around the scope and duration of the pandemic
and the timing of global recovery and economic normalization, we
cannot, at this time, reliably estimate the future impact on our
operations and financial results.
“We are pleased with procedure results in the
third quarter and the concerted efforts of our team across our
business," said Intuitive CEO Gary Guthart. “We remain focused on
supporting our customers and on product and process innovation now
and in the long term.”
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 third quarter 2020 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 (877)
692-8955 using the access code 4083020.
About Intuitive
Intuitive (Nasdaq: ISRG), headquartered in
Sunnyvale, California, is a global technology leader in minimally
invasive care and the pioneer of robotic-assisted surgery. At
Intuitive, we believe that minimally invasive care is
life-enhancing care. Through ingenuity and intelligent technology,
we expand the potential of physicians to heal without
constraints.
Intuitive brings more than two decades of
leadership in robotic-assisted surgical technology and solutions to
its offerings and develops, manufactures, and markets the
da Vinci Surgical System and the Ion endoluminal
system.
Da Vinci® and IonTM are trademarks or registered
trademarks of Intuitive Surgical, Inc.
For more information, please visit the Company’s
website at www.intuitive.com.
Forward-Looking Statements
This press release contains forward-looking
statements. These forward-looking statements are necessarily
estimates reflecting the best 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 the expected
impacts of the COVID-19 pandemic on our business, financial
condition, and results of operations, the strength of our long-term
fundamentals, the potential decline of procedure volume, our
acquisitions, expected new product introductions, procedures and
procedure adoption, future results of operations, future financial
position, our ability to increase our revenues, the anticipated mix
of our revenues between product and service revenues, our financing
plans and future capital requirements, anticipated costs of
revenue, anticipated expenses, our potential tax assets or
liabilities, the effect of recent accounting pronouncements, our
investments, anticipated cash flows, our ability to finance
operations from cash flows and similar matters, and statements
based on current expectations, estimates, forecasts, and
projections about the economies and markets in which we operate and
our beliefs and assumptions regarding these economies and markets.
These forward-looking statements should, therefore, be considered
in light of various important factors, including, but not limited
to, the following: our ability to obtain accurate procedure volume
in the midst of the COVID-19 pandemic; the risk that the COVID-19
pandemic could lead to further material delays and cancellations
of, or reduced demand for, procedures; curtailed or delayed capital
spending by hospitals; disruption to our supply chain; closures of
our facilities; delays in surgeon training; delays in gathering
clinical evidence; the evaluation of the risks of robotic-assisted
surgery in the presence of infectious diseases; diversion of
management and other resources to respond to the COVID-19 outbreak;
the impact of global and regional economic and credit market
conditions on healthcare spending; the risk that the COVID-19
pandemic disrupts local economies and causes economies in our key
markets to enter prolonged recessions; 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.; our
completion of and ability to successfully integrate acquisitions,
including Schölly Fiberoptic's robotic endoscope business and
Orpheus Medical; procedure counts; regulatory approvals,
clearances, and restrictions or any dispute that may occur with any
regulatory body; guidelines and recommendations in the healthcare
and patient communities; intellectual property positions and
litigation; competition in the medical device industry and in the
specific markets of surgery in which we operate; risks associated
with our operations outside of the United States; unanticipated
manufacturing disruptions or the inability to meet demand for
products; our reliance on sole and single source suppliers; the
results of legal proceedings to which we are or may become a party;
product liability and other litigation claims; adverse publicity
regarding us and the safety of our products and adequacy of
training; our ability to expand into foreign markets; the impact of
changes to tax legislation, guidance, and interpretations; changes
in tariffs, trade barriers, and regulatory requirements; and other
risk factors. Readers are cautioned not to place undue reliance on
these forward-looking statements, 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 fiscal year ended
December 31, 2019, as updated by the Company’s other filings with
the Securities and Exchange Commission. 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. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. 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
accounting principles generally accepted in the United States
(“GAAP”), the Company uses the following non-GAAP financial
measures: non-GAAP gross profit, non-GAAP income from operations,
non-GAAP net income, non-GAAP net income per diluted share (“EPS”),
and non-GAAP diluted shares. 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 and liquidity by
excluding items such as intangible asset charges, share-based
compensation (“SBC”) expenses, and other special items. Intangible
asset charges consist of non-cash charges, such as the amortization
of intangible assets, as well as in-process R&D charges. 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 and
liquidity. 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 intangible asset
charges, expenses related to SBC, and litigation charges and
recoveries.
Non-GAAP income from operations. The Company
defines non-GAAP income from operations as income from operations,
excluding intangible asset charges, certain acquisition-related
items for the re-measurement of contingent consideration, expenses
related to SBC, and litigation charges and recoveries.
Non-GAAP net income and EPS. The Company defines
non-GAAP net income as net income (loss), excluding intangible
asset charges, non-cash impairment charges and recoveries, certain
acquisition-related items for the re-measurement of contingent
consideration, expenses related to SBC, litigation charges and
recoveries, unrealized gains 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, the
one-time impact of the enactment of the 2019 Swiss tax reform, and
the net tax effects related to intra-entity transfers of
non-inventory assets. The Company excludes the one-time impact of
the enactment of the 2019 Swiss tax reform, because it is discrete
in nature, and 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
divided by non-GAAP diluted shares, 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, and non-GAAP EPS exclude items such as
intangible asset charges, re-measurement of contingent
consideration, SBC, 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 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 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 and non-GAAP EPS and evaluating non-GAAP net
income and non-GAAP EPS together with net income (loss) and net
income (loss) per share calculated in accordance with GAAP.
|
INTUITIVE SURGICAL, INC. |
UNAUDITED QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF
INCOME |
(IN MILLIONS, EXCEPT PER SHARE DATA) |
|
|
|
Three months ended |
|
September 30, 2020 |
|
June 30, 2020 |
|
September 30, 2019 |
Revenue: |
|
|
|
|
|
Instruments and accessories |
$ |
630.6 |
|
|
$ |
460.8 |
|
|
$ |
606.2 |
|
Systems |
267.8 |
|
|
261.0 |
|
|
338.6 |
|
Services (1) |
179.3 |
|
|
130.3 |
|
|
183.4 |
|
Total revenue |
1,077.7 |
|
|
852.1 |
|
|
1,128.2 |
|
Cost of revenue: |
|
|
|
|
|
Product |
287.7 |
|
|
283.8 |
|
|
277.3 |
|
Service |
65.7 |
|
|
65.4 |
|
|
65.3 |
|
Total cost of revenue |
353.4 |
|
|
349.2 |
|
|
342.6 |
|
Gross profit |
724.3 |
|
|
502.9 |
|
|
785.6 |
|
Operating expenses: |
|
|
|
|
|
Selling, general and administrative |
298.9 |
|
|
279.1 |
|
|
284.0 |
|
Research and development |
155.0 |
|
|
143.2 |
|
|
135.9 |
|
Total operating expenses |
453.9 |
|
|
422.3 |
|
|
419.9 |
|
Income from operations
(2) |
270.4 |
|
|
80.6 |
|
|
365.7 |
|
Interest and other income, net
(3) |
84.8 |
|
|
26.6 |
|
|
33.3 |
|
Income before taxes |
355.2 |
|
|
107.2 |
|
|
399.0 |
|
Income tax expense (benefit)
(4) |
38.4 |
|
|
37.0 |
|
|
0.3 |
|
Net income |
316.8 |
|
|
70.2 |
|
|
398.7 |
|
Less: net income (loss) attributable to noncontrolling interest in
joint venture |
2.9 |
|
|
2.2 |
|
|
1.9 |
|
Net income attributable to
Intuitive Surgical, Inc. |
$ |
313.9 |
|
|
$ |
68.0 |
|
|
$ |
396.8 |
|
Net income per share
attributable to Intuitive Surgical, Inc.: |
|
|
|
|
|
Basic |
$ |
2.68 |
|
|
$ |
0.58 |
|
|
$ |
3.44 |
|
Diluted (5) |
$ |
2.60 |
|
|
$ |
0.57 |
|
|
$ |
3.33 |
|
Weighted average
shares outstanding: |
|
|
|
|
|
Basic |
117.3 |
|
|
116.8 |
|
|
115.4 |
|
Diluted |
120.6 |
|
|
119.7 |
|
|
119.3 |
|
|
|
|
|
|
|
(1) Services revenue includes
the effect of the following item: |
|
|
|
|
|
Customer relief program |
$ |
(23.1) |
|
|
$ |
(58.6) |
|
|
$ |
— |
|
(2) Income from operations
includes the effect of the following item: |
|
|
|
|
|
Intangible asset charges |
$ |
(21.6) |
|
|
$ |
(12.4) |
|
|
$ |
(10.7) |
|
(3) Interest and other income,
net includes the effect of the following item: |
|
|
|
|
|
Unrealized gains on strategic investments |
$ |
61.7 |
|
|
$ |
— |
|
|
$ |
— |
|
(4) Income tax expense
(benefit) includes the effect of the following items: |
|
|
|
|
|
Excess tax benefits related to share-based compensation
arrangements |
$ |
(47.9) |
|
|
$ |
(31.6) |
|
|
$ |
(28.8) |
|
One-time tax benefit related to the enactment of Swiss tax
reform |
$ |
— |
|
|
$ |
— |
|
|
$ |
(51.3) |
|
Discrete tax expense arising from the conclusion of a tax
matter |
$ |
— |
|
|
$ |
36.8 |
|
|
$ |
— |
|
(5) Diluted net income per
share includes the effect of the following items: |
|
|
|
|
|
Customer relief program, net of tax |
$ |
(0.15) |
|
|
$ |
(0.37) |
|
|
$ |
— |
|
Intangible asset charges, net of tax |
$ |
(0.15) |
|
|
$ |
(0.09) |
|
|
$ |
(0.08) |
|
Unrealized gains on strategic investments, net of tax |
$ |
0.39 |
|
|
$ |
— |
|
|
$ |
— |
|
Excess tax benefits related to share-based compensation
arrangements |
$ |
0.40 |
|
|
$ |
0.26 |
|
|
$ |
0.24 |
|
One-time tax benefit related to the enactment of Swiss tax
reform |
$ |
— |
|
|
$ |
— |
|
|
$ |
0.43 |
|
Discrete tax expense arising from the conclusion of a tax
matter |
$ |
— |
|
|
$ |
(0.31) |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTUITIVE SURGICAL, INC. |
UNAUDITED NINE MONTHS ENDED CONDENSED CONSOLIDATED
STATEMENTS OF INCOME |
(IN MILLIONS, EXCEPT PER SHARE DATA) |
|
|
Nine months ended |
|
September 30, |
|
2020 |
|
2019 |
Revenue: |
|
|
|
Instruments and accessories |
$ |
1,708.9 |
|
|
$ |
1,737.0 |
|
Systems |
812.1 |
|
|
929.9 |
|
Services (1) |
508.3 |
|
|
533.9 |
|
Total revenue |
3,029.3 |
|
|
3,200.8 |
|
Cost of revenue: |
|
|
|
Product |
868.2 |
|
|
807.1 |
|
Service |
195.7 |
|
|
179.5 |
|
Total cost of revenue |
1,063.9 |
|
|
986.6 |
|
Gross profit |
1,965.4 |
|
|
2,214.2 |
|
Operating expenses: |
|
|
|
Selling, general and administrative |
886.1 |
|
|
836.6 |
|
Research and development |
445.3 |
|
|
400.7 |
|
Total operating expenses |
1,331.4 |
|
|
1,237.3 |
|
Income from operations
(2) |
634.0 |
|
|
976.9 |
|
Interest and other income, net
(3) |
136.5 |
|
|
93.6 |
|
Income before taxes |
770.5 |
|
|
1,070.5 |
|
Income tax expense (4) |
67.3 |
|
|
51.4 |
|
Net income |
703.2 |
|
|
1,019.1 |
|
Less: net income (loss) attributable to noncontrolling interest in
joint venture |
7.8 |
|
|
(2.5) |
|
Net income attributable to
Intuitive Surgical, Inc. |
$ |
695.4 |
|
|
$ |
1,021.6 |
|
Net income per share
attributable to Intuitive Surgical, Inc.: |
|
|
|
Basic |
$ |
5.95 |
|
|
$ |
8.86 |
|
Diluted (5) |
$ |
5.80 |
|
|
$ |
8.56 |
|
Weighted average
shares outstanding: |
|
|
|
Basic |
116.8 |
|
|
115.3 |
|
Diluted |
120.0 |
|
|
119.4 |
|
|
|
|
|
(1) Services revenue includes
the effect of the following item: |
|
|
|
Customer relief program |
$ |
(81.7) |
|
|
$ |
— |
|
(2) Income from operations
includes the effect of the following item: |
|
|
|
Intangible asset charges |
$ |
(47.3) |
|
|
$ |
(51.5) |
|
(3) Interest and other income,
net includes the effect of the following item: |
|
|
|
Unrealized gains on strategic investments |
$ |
61.7 |
|
|
$ |
— |
|
(4) Income tax expense
includes the effect of the following items: |
|
|
|
Excess tax benefits related to share-based compensation
arrangements |
$ |
(144.8) |
|
|
$ |
(112.8) |
|
One-time tax benefit related to the enactment of Swiss tax
reform |
$ |
— |
|
|
$ |
(51.3) |
|
Discrete tax expense arising from the conclusion of a tax
matter |
$ |
36.8 |
|
|
$ |
— |
|
(5) Diluted net income per
share includes the effect of the following items: |
|
|
|
Customer relief program, net of tax |
$ |
(0.52) |
|
|
$ |
— |
|
Intangible asset charges, net of tax |
$ |
(0.34) |
|
|
$ |
(0.38) |
|
Unrealized gains on strategic investments, net of tax |
$ |
0.39 |
|
|
$ |
— |
|
Excess tax benefits related to share-based compensation
arrangements |
$ |
1.21 |
|
|
$ |
0.94 |
|
One-time tax benefit related to the enactment of Swiss tax
reform |
$ |
— |
|
|
$ |
0.43 |
|
Discrete tax expense arising from the conclusion of a tax
matter |
$ |
(0.31) |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
INTUITIVE SURGICAL, INC. |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(IN MILLIONS) |
|
|
September 30, 2020 |
|
December 31, 2019 |
Cash, cash equivalents, and investments |
$ |
6,361.4 |
|
|
$ |
5,845.2 |
|
Accounts receivable, net |
588.6 |
|
|
645.2 |
|
Inventory |
662.9 |
|
|
595.5 |
|
Property, plant, and
equipment, net |
1,509.7 |
|
|
1,272.9 |
|
Goodwill |
336.3 |
|
|
307.2 |
|
Deferred tax assets |
360.3 |
|
|
425.6 |
|
Other assets |
798.3 |
|
|
641.6 |
|
Total assets |
$ |
10,617.5 |
|
|
$ |
9,733.2 |
|
|
|
|
|
Accounts payable and other
accrued liabilities |
$ |
972.7 |
|
|
$ |
1,083.3 |
|
Deferred revenue |
358.1 |
|
|
365.2 |
|
Total liabilities |
1,330.8 |
|
|
1,448.5 |
|
Stockholders’ equity |
9,286.7 |
|
|
8,284.7 |
|
Total liabilities and stockholders’ equity |
$ |
10,617.5 |
|
|
$ |
9,733.2 |
|
|
|
|
|
|
|
|
|
INTUITIVE
SURGICAL, INC. |
UNAUDITED RECONCILIATION OF GAAP FINANCIAL MEASURES
TO NON-GAAP
FINANCIAL MEASURES |
(IN
MILLIONS, EXCEPT PER SHARE DATA) |
|
|
Three months ended |
|
Nine months ended |
|
September 30, 2020 |
|
June 30, 2020 |
|
September 30, 2019 |
|
September 30, 2020 |
|
September 30, 2019 |
GAAP gross profit |
$ |
724.3 |
|
|
$ |
502.9 |
|
|
$ |
785.6 |
|
|
$ |
1,965.4 |
|
|
$ |
2,214.2 |
|
Share-based compensation
expense |
22.6 |
|
|
19.2 |
|
|
17.8 |
|
|
59.8 |
|
|
48.9 |
|
Intangible asset charges |
9.9 |
|
|
9.8 |
|
|
8.8 |
|
|
29.4 |
|
|
25.7 |
|
Non-GAAP gross
profit |
$ |
756.8 |
|
|
$ |
531.9 |
|
|
$ |
812.2 |
|
|
$ |
2,054.6 |
|
|
$ |
2,288.8 |
|
|
|
|
|
|
|
|
|
|
|
GAAP income from
operations |
$ |
270.4 |
|
|
$ |
80.6 |
|
|
$ |
365.7 |
|
|
$ |
634.0 |
|
|
$ |
976.9 |
|
Share-based compensation
expense |
105.8 |
|
|
95.9 |
|
|
88.9 |
|
|
292.3 |
|
|
246.6 |
|
Intangible asset charges |
21.6 |
|
|
12.4 |
|
|
10.7 |
|
|
47.3 |
|
|
51.5 |
|
Litigation recoveries |
— |
|
|
— |
|
|
— |
|
|
(1.2) |
|
|
— |
|
Acquisition-related items |
4.6 |
|
|
4.4 |
|
|
(3.0) |
|
|
7.6 |
|
|
4.1 |
|
Non-GAAP income from
operations |
$ |
402.4 |
|
|
$ |
193.3 |
|
|
$ |
462.3 |
|
|
$ |
980.0 |
|
|
$ |
1,279.1 |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to Intuitive Surgical, Inc. |
$ |
313.9 |
|
|
$ |
68.0 |
|
|
$ |
396.8 |
|
|
$ |
695.4 |
|
|
$ |
1,021.6 |
|
Share-based compensation
expense |
105.8 |
|
|
95.9 |
|
|
88.9 |
|
|
292.3 |
|
|
246.6 |
|
Intangible asset charges |
21.6 |
|
|
12.4 |
|
|
10.7 |
|
|
47.3 |
|
|
51.5 |
|
Litigation recoveries |
— |
|
|
— |
|
|
— |
|
|
(1.2) |
|
|
— |
|
Impairment charges |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.7 |
|
Acquisition-related items |
4.6 |
|
|
4.4 |
|
|
(3.0) |
|
|
7.6 |
|
|
4.1 |
|
Unrealized gains on strategic
investments |
(61.7) |
|
|
— |
|
|
— |
|
|
(61.7) |
|
|
— |
|
Tax adjustments (1) |
(46.0) |
|
|
(44.1) |
|
|
(83.2) |
|
|
(180.1) |
|
|
(206.8) |
|
Adjustments attributable to
noncontrolling interest in joint venture |
(4.4) |
|
|
(4.3) |
|
|
(1.4) |
|
|
(10.7) |
|
|
(9.4) |
|
Non-GAAP net income
attributable to Intuitive Surgical, Inc. |
$ |
333.8 |
|
|
$ |
132.3 |
|
|
$ |
408.8 |
|
|
$ |
788.9 |
|
|
$ |
1,108.3 |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per
share attributable to Intuitive Surgical, Inc. -
diluted |
$ |
2.60 |
|
|
$ |
0.57 |
|
|
$ |
3.33 |
|
|
$ |
5.80 |
|
|
$ |
8.56 |
|
Share-based compensation
expense |
0.88 |
|
|
0.80 |
|
|
0.75 |
|
|
2.44 |
|
|
2.07 |
|
Intangible asset charges |
0.19 |
|
|
0.10 |
|
|
0.09 |
|
|
0.40 |
|
|
0.43 |
|
Litigation recoveries |
— |
|
|
— |
|
|
— |
|
|
(0.01) |
|
|
— |
|
Impairment charges |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.01 |
|
Acquisition-related items |
0.04 |
|
|
0.04 |
|
|
(0.03) |
|
|
0.06 |
|
|
0.03 |
|
Unrealized gains on strategic
investments |
(0.51) |
|
|
— |
|
|
— |
|
|
(0.51) |
|
|
— |
|
Tax adjustments (1) |
(0.39) |
|
|
(0.36) |
|
|
(0.70) |
|
|
(1.52) |
|
|
(1.74) |
|
Adjustments attributable to
noncontrolling interest in joint venture |
(0.04) |
|
|
(0.04) |
|
|
(0.01) |
|
|
(0.09) |
|
|
(0.08) |
|
Non-GAAP net income
per share attributable to Intuitive Surgical, Inc. -
diluted |
$ |
2.77 |
|
|
$ |
1.11 |
|
|
$ |
3.43 |
|
|
$ |
6.57 |
|
|
$ |
9.28 |
|
|
|
|
|
|
|
|
|
|
|
(1) For the three
months ended September 30, 2020, tax adjustments included: (a)
excess tax benefits associated with share-based compensation
arrangements of $(47.9) million, or $(0.40) per diluted share; (b)
tax impact related to intra-entity transfers of non-inventory
assets of $11.3 million, or $0.09 per diluted share; and (c) other
tax adjustments effects determined by applying a calculated
non-GAAP effective tax rate of $(9.4) million, or $(0.08) per
diluted share.For the nine months ended September 30, 2020,
tax adjustments included: (a) excess tax benefits associated with
share-based compensation arrangements of $(144.8) million, or
$(1.21) per diluted share; (b) tax impact related to intra-entity
transfers of non-inventory assets of $33.9 million, or $0.28 per
diluted share; and (c) other tax adjustments effects determined by
applying a calculated non-GAAP effective tax rate of $(69.1)
million, or $(0.59) per diluted share. |
|
Contact: Investor Relations(408) 523-2161
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