10-Q Filing

INTUITIVE SURGICAL INC CIK: 1035267 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001035267-20-000075`
Period End Date	20200331
Filing Date	20200417
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	isrg-20200331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 36 Cash Flow Statement 66

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`	$1.17B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.22B	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`	$2.05B	USD	Point-in-time
Short-term investments	`MarketableSecuritiesCurrent`	$2.03B	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
Accounts receivable, net	`AccountsReceivableNetCurrent`	$645.20M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$527.60M	USD	Point-in-time
Inventory	`InventoryNet`	$595.50M	USD	Point-in-time
Inventory	`InventoryNet`	$620.30M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaids and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$290.20M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	116.60M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	116.00M	shares	Point-in-time
Prepaids and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$200.20M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.66B	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	116.60M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	116.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$4.69B	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$1.37B	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$1.27B	USD	Point-in-time
Long-term investments	`MarketableSecuritiesNoncurrent`	$2.64B	USD	Point-in-time
Long-term investments	`MarketableSecuritiesNoncurrent`	$2.62B	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$425.60M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$364.70M	USD	Point-in-time
Intangible and other assets, net	`IntangibleAndOtherAssets`	$441.40M	USD	Point-in-time
Intangible and other assets, net	`IntangibleAndOtherAssets`	$488.00M	USD	Point-in-time
Goodwill	`Goodwill`	$335.00M	USD	Point-in-time
Goodwill	`Goodwill`	$307.20M	USD	Point-in-time
Total assets	`Assets`	$9.73B	USD	Point-in-time
Total assets	`Assets`	$9.89B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$123.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$133.40M	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$251.60M	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$156.50M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$337.40M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$337.80M	USD	Point-in-time
Other accrued liabilities	`OtherLiabilitiesCurrent`	$318.60M	USD	Point-in-time
Other accrued liabilities	`OtherLiabilitiesCurrent`	$317.30M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$945.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.03B	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$414.70M	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$418.30M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.45B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.36B	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 September 30, 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 September 30, 2019, and December 31, 2018	`PreferredStockValue`	-	USD	Point-in-time
Common stock, 300.0 shares authorized, $0.001 par value, 115.6 shares and 114.5 shares issued and outstanding as of September 30, 2019, and December 31, 2018, respectively	`CommonStockValue`	$100.00K	USD	Point-in-time
Common stock, 300.0 shares authorized, $0.001 par value, 115.6 shares and 114.5 shares issued and outstanding as of September 30, 2019, and December 31, 2018, respectively	`CommonStockValue`	$100.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$5.76B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$5.93B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.49B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.57B	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-700.00K	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-13.30M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$8.90M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$12.40M	USD	Point-in-time
Total Intuitive Surgical, Inc. stockholders equity	`StockholdersEquity`	$8.26B	USD	Point-in-time
Total Intuitive Surgical, Inc. stockholders equity	`StockholdersEquity`	$8.51B	USD	Point-in-time
Noncontrolling interest in joint venture	`MinorityInterest`	$23.80M	USD	Point-in-time
Noncontrolling interest in joint venture	`MinorityInterest`	$20.90M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$7.04B	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$6.69B	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.28B	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.53B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$9.73B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$9.89B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$973.70M	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.10B	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$304.10M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$361.30M	USD	1 Quarter
Gross profit	`GrossProfit`	$669.60M	USD	1 Quarter
Gross profit	`GrossProfit`	$738.20M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$273.40M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$308.10M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$144.00M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$147.10M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$455.20M	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`	$283.00M	USD	1 Quarter
Interest and other income, net	`NonoperatingIncomeExpense`	$25.10M	USD	1 Quarter
Interest and other income, net	`NonoperatingIncomeExpense`	$27.50M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$279.70M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$308.10M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$-8.10M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$-24.30M	USD	1 Quarter
Net income	`ProfitLoss`	$304.00M	USD	1 Quarter
Net income	`ProfitLoss`	$316.20M	USD	1 Quarter
Less: net loss attributable to noncontrolling interest in joint venture	`NetIncomeLossAttributableToNoncontrollingInterest`	$2.70M	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`	$313.50M	USD	1 Quarter
Net income attributable to Intuitive Surgical, Inc.	`NetIncomeLoss`	$306.50M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$2.67	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$2.69	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$2.56	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$2.62	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	116.40M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	115.00M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	119.80M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	119.60M	shares	1 Quarter
Total comprehensive income attributable to Intuitive Surgical, Inc.	`ComprehensiveIncomeNetOfTax`	$310.00M	USD	1 Quarter
Total comprehensive income attributable to Intuitive Surgical, Inc.	`ComprehensiveIncomeNetOfTax`	$319.10M	USD	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$304.00M	USD	1 Quarter
Net income	`ProfitLoss`	$316.20M	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`	$51.10M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$12.30M	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`	$-200.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$32.90M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$64.50M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$76.10M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$90.60M	USD	1 Quarter
Amortization of contract acquisition assets	`CapitalizedContractCostAmortization`	$4.10M	USD	1 Quarter
Amortization of contract acquisition assets	`CapitalizedContractCostAmortization`	$2.80M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-134.60M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-118.20M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$94.00M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$65.20M	USD	1 Quarter
Prepaids and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$131.90M	USD	1 Quarter
Prepaids and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$62.70M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$21.90M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$23.00M	USD	1 Quarter
Accrued compensation and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-95.20M	USD	1 Quarter
Accrued compensation and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-68.70M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-500.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$800.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-54.70M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-34.80M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$352.80M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$333.20M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireMarketableSecurities`	$690.00M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireMarketableSecurities`	$992.30M	USD	1 Quarter
Proceeds from Sale of Investments	`ProceedsFromSaleOfAvailableForSaleSecurities`	$44.40M	USD	1 Quarter
Proceeds from Sale of Investments	`ProceedsFromSaleOfAvailableForSaleSecurities`	$98.20M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$755.10M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$617.60M	USD	1 Quarter
Purchase of property, plant, and equipment and intellectual property	`PaymentsToAcquireProductiveAssets`	$105.20M	USD	1 Quarter
Purchase of property, plant, and equipment and intellectual property	`PaymentsToAcquireProductiveAssets`	$114.80M	USD	1 Quarter
Acquisition of businesses, net of cash	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$1.30M	USD	1 Quarter
Acquisition of businesses, net of cash	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$37.70M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-117.10M	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`	$88.80M	USD	1 Quarter
Proceeds from issuance of common stock relating to employee stock plans	`ProceedsFromStockPlans`	$91.30M	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`	$148.90M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$100.00M	USD	1 Quarter
Capital contribution from noncontrolling interest	`ProceedsFromMinorityShareholders`	-	USD	1 Quarter
Capital contribution from noncontrolling interest	`ProceedsFromMinorityShareholders`	$10.00M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-2.00M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-21.10M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-178.70M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-41.80M	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`	$-800.00K	USD	1 Quarter
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$56.20M	USD	1 Quarter
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-18.70M	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`	$1.18B	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.24B	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`	$1.18B	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$909.40M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.24B	USD	Point-in-time

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