10-Q Filing

INTUITIVE SURGICAL INC CIK: 1035267 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001035267-21-000067`
Period End Date	20210331
Filing Date	20210421
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	isrg-20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 40 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.62B	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.40B	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Short-term investments	`MarketableSecuritiesCurrent`	$3.49B	USD	Point-in-time
Short-term investments	`MarketableSecuritiesCurrent`	$3.16B	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$645.50M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$654.30M	USD	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`	$601.50M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$576.80M	USD	Point-in-time
Prepaids and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$267.50M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	117.70M	shares	Point-in-time
Prepaids and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$277.80M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	118.40M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	117.70M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$6.63B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$6.07B	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	118.40M	shares	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$1.58B	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$1.59B	USD	Point-in-time
Long-term investments	`MarketableSecuritiesNoncurrent`	$1.76B	USD	Point-in-time
Long-term investments	`MarketableSecuritiesNoncurrent`	$2.67B	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$336.60M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$367.70M	USD	Point-in-time
Intangible and other assets, net	`IntangibleAndOtherAssets`	$503.60M	USD	Point-in-time
Intangible and other assets, net	`IntangibleAndOtherAssets`	$527.00M	USD	Point-in-time
Goodwill	`Goodwill`	$336.70M	USD	Point-in-time
Goodwill	`Goodwill`	$344.50M	USD	Point-in-time
Total assets	`Assets`	$11.17B	USD	Point-in-time
Total assets	`Assets`	$11.54B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$103.10M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$81.60M	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$235.00M	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$194.80M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$350.30M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$358.10M	USD	Point-in-time
Other accrued liabilities	`OtherLiabilitiesCurrent`	$298.30M	USD	Point-in-time
Other accrued liabilities	`OtherLiabilitiesCurrent`	$248.60M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$904.60M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$965.20M	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$444.60M	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$445.60M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.35B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.41B	USD	Point-in-time
Contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Contingencies (Note 8)	`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, 2021, and December 31, 2020	`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, 2021, and December 31, 2020	`PreferredStockValue`	-	USD	Point-in-time
Common stock, 300.0 shares authorized, $0.001 par value, 117.0 shares and 116.0 shares issued and outstanding as of March 31, 2021, and December 31, 2020, respectively	`CommonStockValue`	$100.00K	USD	Point-in-time
Common stock, 300.0 shares authorized, $0.001 par value, 117.0 shares and 116.0 shares issued and outstanding as of March 31, 2021, and December 31, 2020, respectively	`CommonStockValue`	$100.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$6.45B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$6.63B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.51B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.26B	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$24.90M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$11.40M	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`	$10.15B	USD	Point-in-time
Total Intuitive Surgical, Inc. stockholders equity	`StockholdersEquity`	$9.73B	USD	Point-in-time
Noncontrolling interest in joint venture	`MinorityInterest`	$36.70M	USD	Point-in-time
Noncontrolling interest in joint venture	`MinorityInterest`	$27.60M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.76B	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 stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$10.19B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$11.17B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$11.54B	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.29B	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.10B	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$389.50M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$361.30M	USD	1 Quarter
Gross profit	`GrossProfit`	$738.20M	USD	1 Quarter
Gross profit	`GrossProfit`	$902.60M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$326.00M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$308.10M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$159.80M	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`	$485.80M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$283.00M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$416.80M	USD	1 Quarter
Interest and other income, net	`NonoperatingIncomeExpense`	$25.10M	USD	1 Quarter
Interest and other income, net	`NonoperatingIncomeExpense`	$32.00M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$308.10M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$448.80M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$13.60M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$-8.10M	USD	1 Quarter
Net income	`ProfitLoss`	$316.20M	USD	1 Quarter
Net income	`ProfitLoss`	$435.20M	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`	$8.90M	USD	1 Quarter
Net income attributable to Intuitive Surgical, Inc.	`NetIncomeLoss`	$426.30M	USD	1 Quarter
Net income attributable to Intuitive Surgical, Inc.	`NetIncomeLoss`	$313.50M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$2.69	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$3.61	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$2.62	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$3.51	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	118.10M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	116.40M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	121.30M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	119.80M	shares	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$421.90M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$312.90M	USD	1 Quarter
Less: comprehensive income attributable to noncontrolling interest	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest`	$2.90M	USD	1 Quarter
Less: comprehensive income attributable to noncontrolling interest	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest`	$9.10M	USD	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`	$412.80M	USD	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$316.20M	USD	1 Quarter
Net income	`ProfitLoss`	$435.20M	USD	1 Quarter
Depreciation and loss on disposal of property, plant, and equipment	`Depreciation`	$64.80M	USD	1 Quarter
Depreciation and loss on disposal of property, plant, and equipment	`Depreciation`	$51.10M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$6.90M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$12.30M	USD	1 Quarter
Loss (gain) on investments, accretion, and amortization, net	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-200.00K	USD	1 Quarter
Loss (gain) on investments, accretion, and amortization, net	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$12.60M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$44.70M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$64.50M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$90.60M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$103.20M	USD	1 Quarter
Amortization of contract acquisition assets	`CapitalizedContractCostAmortization`	$4.90M	USD	1 Quarter
Amortization of contract acquisition assets	`CapitalizedContractCostAmortization`	$4.10M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-118.20M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$14.30M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$65.20M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$41.20M	USD	1 Quarter
Prepaids and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$131.90M	USD	1 Quarter
Prepaids and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$73.20M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$23.70M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$21.90M	USD	1 Quarter
Accrued compensation and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-40.20M	USD	1 Quarter
Accrued compensation and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-95.20M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$800.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$6.80M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-31.10M	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`	$477.60M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireMarketableSecurities`	$1.83B	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireMarketableSecurities`	$690.00M	USD	1 Quarter
Proceeds from Sale of Investments	`ProceedsFromSaleOfAvailableForSaleSecurities`	$72.00M	USD	1 Quarter
Proceeds from Sale of Investments	`ProceedsFromSaleOfAvailableForSaleSecurities`	$98.20M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$1.23B	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`	$58.60M	USD	1 Quarter
Acquisition of businesses, net of cash	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$8.70M	USD	1 Quarter
Acquisition of businesses, net of cash	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$37.70M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-597.00M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-117.10M	USD	1 Quarter
Proceeds from issuance of common stock relating to employee stock plans	`ProceedsFromStockPlans`	$91.30M	USD	1 Quarter
Proceeds from issuance of common stock relating to employee stock plans	`ProceedsFromStockPlans`	$84.00M	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$178.30M	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
Payment of deferred purchase consideration	`ProceedsFromPaymentsForOtherFinancingActivities`	$-21.10M	USD	1 Quarter
Payment of deferred purchase consideration	`ProceedsFromPaymentsForOtherFinancingActivities`	$-7.90M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-102.20M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-178.70M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-800.00K	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$800.00K	USD	1 Quarter
Net increase (decrease) in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$56.20M	USD	1 Quarter
Net increase (decrease) in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-220.80M	USD	1 Quarter
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.42B	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.64B	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, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.18B	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.24B	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`	$1.64B	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.42B	USD	Point-in-time

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