10-Q Filing

INTUITIVE SURGICAL INC CIK: 1035267 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001035267-19-000038`
Period End Date	20190331
Filing Date	20190419
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	isrg-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 36 Cash Flow Statement 64

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	2.50M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	2.50M	shares	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$857.90M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$875.70M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Short-term investments	`MarketableSecuritiesCurrent`	$1.93B	USD	Point-in-time
Short-term investments	`MarketableSecuritiesCurrent`	$2.21B	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$682.30M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$547.60M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$409.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$468.30M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	114.50M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	115.40M	shares	Point-in-time
Prepaids and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$200.40M	USD	Point-in-time
Prepaids and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$178.80M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.33B	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	115.40M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	114.50M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$4.03B	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$935.40M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$812.00M	USD	Point-in-time
Long-term investments	`MarketableSecuritiesNoncurrent`	$1.77B	USD	Point-in-time
Long-term investments	`MarketableSecuritiesNoncurrent`	$2.26B	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$428.60M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$392.40M	USD	Point-in-time
Intangible and other assets, net	`IntangibleAndOtherAssets`	$261.00M	USD	Point-in-time
Intangible and other assets, net	`IntangibleAndOtherAssets`	$378.70M	USD	Point-in-time
Goodwill	`Goodwill`	$247.50M	USD	Point-in-time
Goodwill	`Goodwill`	$240.60M	USD	Point-in-time
Total assets	`Assets`	$7.85B	USD	Point-in-time
Total assets	`Assets`	$8.23B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$130.60M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$100.70M	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$193.80M	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$125.10M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$294.30M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$298.40M	USD	Point-in-time
Other accrued liabilities	`OtherLiabilitiesCurrent`	$186.10M	USD	Point-in-time
Other accrued liabilities	`OtherLiabilitiesCurrent`	$231.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$740.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$820.60M	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$338.60M	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$454.30M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.16B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.19B	USD	Point-in-time
Contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, 2.5 shares authorized, $0.001 par value, issuable in series; no shares issued and outstanding as of March 31, 2019, and December 31, 2018	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, 2.5 shares authorized, $0.001 par value, issuable in series; no shares issued and outstanding as of March 31, 2019, and December 31, 2018	`PreferredStockValue`	-	USD	Point-in-time
Common stock, 300.0 shares authorized, $0.001 par value, 115.4 shares and 114.5 shares issued and outstanding as of March 31, 2019, and December 31, 2018, respectively	`CommonStockValue`	$100.00K	USD	Point-in-time
Common stock, 300.0 shares authorized, $0.001 par value, 115.4 shares and 114.5 shares issued and outstanding as of March 31, 2019, and December 31, 2018, respectively	`CommonStockValue`	$100.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$5.17B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$5.33B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.70B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.52B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-18.10M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-700.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-15.50M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-13.30M	USD	Point-in-time
Total Intuitive Surgical, Inc. stockholders equity	`StockholdersEquity`	$6.68B	USD	Point-in-time
Total Intuitive Surgical, Inc. stockholders equity	`StockholdersEquity`	$7.02B	USD	Point-in-time
Noncontrolling interest in joint venture	`MinorityInterest`	$8.70M	USD	Point-in-time
Noncontrolling interest in joint venture	`MinorityInterest`	$16.20M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.51B	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$7.04B	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.78B	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$6.69B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$7.85B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$8.23B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$847.50M	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$973.70M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$304.10M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$253.70M	USD	1 Quarter
Gross profit	`GrossProfit`	$669.60M	USD	1 Quarter
Gross profit	`GrossProfit`	$593.80M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$221.60M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$273.40M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$144.00M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$95.50M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$317.10M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$417.40M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$252.20M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$276.70M	USD	1 Quarter
Interest and other income, net	`NonoperatingIncomeExpense`	$13.20M	USD	1 Quarter
Interest and other income, net	`NonoperatingIncomeExpense`	$27.50M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$289.90M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$279.70M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-24.30M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$2.60M	USD	1 Quarter
Net income	`ProfitLoss`	$287.30M	USD	1 Quarter
Net income	`ProfitLoss`	$304.00M	USD	1 Quarter
Less: net loss attributable to noncontrolling interest in joint venture	`NetIncomeLossAttributableToNoncontrollingInterest`	$-300.00K	USD	1 Quarter
Less: net loss attributable to noncontrolling interest in joint venture	`NetIncomeLossAttributableToNoncontrollingInterest`	$-2.50M	USD	1 Quarter
Net income attributable to Intuitive Surgical, Inc.	`NetIncomeLoss`	$306.50M	USD	1 Quarter
Net income attributable to Intuitive Surgical, Inc.	`NetIncomeLoss`	$287.60M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$2.67	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$2.55	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$2.56	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$2.44	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	112.80M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	115.00M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	118.00M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	119.60M	shares	1 Quarter
Total comprehensive income attributable to Intuitive Surgical, Inc.	`ComprehensiveIncomeNetOfTax`	$285.00M	USD	1 Quarter
Total comprehensive income attributable to Intuitive Surgical, Inc.	`ComprehensiveIncomeNetOfTax`	$319.10M	USD	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$287.30M	USD	1 Quarter
Net income	`ProfitLoss`	$304.00M	USD	1 Quarter
Depreciation and loss on disposal of property, plant, and equipment	`Depreciation`	$31.60M	USD	1 Quarter
Depreciation and loss on disposal of property, plant, and equipment	`Depreciation`	$23.70M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$2.60M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$10.00M	USD	1 Quarter
Loss (gain) on investments, accretion, and amortization, net	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$1.20M	USD	1 Quarter
Loss (gain) on investments, accretion, and amortization, net	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-4.70M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$32.90M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$37.40M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$76.10M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$57.50M	USD	1 Quarter
Amortization of contract acquisition asset	`CapitalizedContractCostAmortization`	$2.70M	USD	1 Quarter
Amortization of contract acquisition asset	`CapitalizedContractCostAmortization`	$2.80M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-33.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-134.60M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$66.20M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$94.00M	USD	1 Quarter
Prepaids and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$62.70M	USD	1 Quarter
Prepaids and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$20.60M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$23.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$8.40M	USD	1 Quarter
Accrued compensation and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-68.70M	USD	1 Quarter
Accrued compensation and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-64.00M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$11.40M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-500.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-54.70M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-37.70M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$333.20M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$280.20M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireMarketableSecurities`	$433.70M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireMarketableSecurities`	$992.30M	USD	1 Quarter
Proceeds from sales of investments	`ProceedsFromSaleOfAvailableForSaleSecurities`	$44.40M	USD	1 Quarter
Proceeds from sales of investments	`ProceedsFromSaleOfAvailableForSaleSecurities`	$226.60M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$755.10M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$300.80M	USD	1 Quarter
Purchase of property, plant, and equipment and intellectual property	`PaymentsToAcquireProductiveAssets`	$114.80M	USD	1 Quarter
Purchase of property, plant, and equipment and intellectual property	`PaymentsToAcquireProductiveAssets`	$40.10M	USD	1 Quarter
Acquisition of businesses, net of cash	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$1.30M	USD	1 Quarter
Acquisition of businesses, net of cash	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$53.60M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-308.90M	USD	1 Quarter
Proceeds from issuance of common stock relating to employee stock plans	`ProceedsFromStockPlans`	$86.20M	USD	1 Quarter
Proceeds from issuance of common stock relating to employee stock plans	`ProceedsFromStockPlans`	$88.80M	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$138.60M	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$102.50M	USD	1 Quarter
Capital contribution from noncontrolling interest	`ProceedsFromMinorityShareholders`	$8.00M	USD	1 Quarter
Capital contribution from noncontrolling interest	`ProceedsFromMinorityShareholders`	$10.00M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	-	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-2.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-41.80M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.30M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.20M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$1.00M	USD	1 Quarter
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-18.70M	USD	1 Quarter
Net increase (decrease) in cash, cash equivalents, and restricted cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$326.50M	USD	1 Quarter
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$909.40M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$890.70M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$989.70M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$663.20M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$989.70M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$663.20M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$890.70M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$909.40M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.