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10-Q Filing

INTUITIVE SURGICAL INC CIK: 1035267 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001035267-22-000085
Period End Date 20220331
Filing Date 20220422
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance isrg-20220331_htm.xml
Filing Contents

This filing contains the following financial statements:

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 $1.10B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.29B 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 $2.88B USD Point-in-time
Short-term investments MarketableSecuritiesCurrent $2.91B USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 600.00M shares Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $906.10M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 600.00M shares Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $782.70M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Inventory InventoryNet $587.10M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Inventory InventoryNet $653.00M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 357.70M shares Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 358.90M shares Point-in-time
Prepaids and other current assets PrepaidExpenseAndOtherAssetsCurrent $258.50M USD Point-in-time
Prepaids and other current assets PrepaidExpenseAndOtherAssetsCurrent $271.10M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 358.90M shares Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 357.70M shares Point-in-time
Total current assets AssetsCurrent $5.84B USD Point-in-time
Total current assets AssetsCurrent $5.80B USD Point-in-time
Property, plant, and equipment, net PropertyPlantAndEquipmentNet $1.97B USD Point-in-time
Property, plant, and equipment, net PropertyPlantAndEquipmentNet $1.88B USD Point-in-time
Long-term investments MarketableSecuritiesNoncurrent $4.42B USD Point-in-time
Long-term investments MarketableSecuritiesNoncurrent $4.42B USD Point-in-time
Deferred tax assets DeferredIncomeTaxAssetsNet $441.40M USD Point-in-time
Deferred tax assets DeferredIncomeTaxAssetsNet $485.40M USD Point-in-time
Intangible and other assets, net IntangibleAndOtherAssets $633.20M USD Point-in-time
Intangible and other assets, net IntangibleAndOtherAssets $662.20M USD Point-in-time
Goodwill Goodwill $343.60M USD Point-in-time
Goodwill Goodwill $343.20M USD Point-in-time
Total assets Assets $13.55B USD Point-in-time
Total assets Assets $13.68B USD Point-in-time
Accounts payable AccountsPayableCurrent $121.20M USD Point-in-time
Accounts payable AccountsPayableCurrent $128.10M USD Point-in-time
Accrued compensation and employee benefits EmployeeRelatedLiabilitiesCurrent $219.80M USD Point-in-time
Accrued compensation and employee benefits EmployeeRelatedLiabilitiesCurrent $350.10M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $386.00M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $377.20M USD Point-in-time
Other accrued liabilities OtherLiabilitiesCurrent $301.30M USD Point-in-time
Other accrued liabilities OtherLiabilitiesCurrent $378.30M USD Point-in-time
Total current liabilities LiabilitiesCurrent $1.11B USD Point-in-time
Total current liabilities LiabilitiesCurrent $1.15B USD Point-in-time
Other long-term liabilities LiabilitiesOtherThanLongtermDebtNoncurrent $409.30M USD Point-in-time
Other long-term liabilities LiabilitiesOtherThanLongtermDebtNoncurrent $453.70M USD Point-in-time
Total liabilities Liabilities $1.60B USD Point-in-time
Total liabilities Liabilities $1.52B USD Point-in-time
Contingencies CommitmentsAndContingencies - USD Point-in-time
Contingencies 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, 2022, and December 31, 2021 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, 2022, and December 31, 2021 PreferredStockValue - USD Point-in-time
Common stock, 600.0 shares authorized, $0.001 par value, 358.9 shares and 357.7 shares issued and outstanding as of March 31, 2022, and December 31, 2021, respectively CommonStockValue $400.00K USD Point-in-time
Common stock, 600.0 shares authorized, $0.001 par value, 358.9 shares and 357.7 shares issued and outstanding as of March 31, 2022, and December 31, 2021, respectively CommonStockValue $400.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $7.16B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $7.35B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $4.76B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $4.86B USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $11.40M USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-110.70M USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $24.90M USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-24.20M USD Point-in-time
Total Intuitive Surgical, Inc. stockholders equity StockholdersEquity $12.10B USD Point-in-time
Total Intuitive Surgical, Inc. stockholders equity StockholdersEquity $11.90B USD Point-in-time
Noncontrolling interest in joint venture MinorityInterest $54.60M USD Point-in-time
Noncontrolling interest in joint venture MinorityInterest $50.40M USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $9.76B USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $10.19B USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $11.95B USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $12.16B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $13.55B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $13.68B USD Point-in-time
Income Statement 50 line items
Line Item Tag Value Unit Period
Total revenue RevenueFromContractWithCustomerExcludingAssessedTax $1.49B USD 1 Quarter
Total revenue RevenueFromContractWithCustomerExcludingAssessedTax $1.29B USD 1 Quarter
Total cost of revenue CostOfGoodsAndServicesSold $478.00M USD 1 Quarter
Total cost of revenue CostOfGoodsAndServicesSold $389.50M USD 1 Quarter
Gross profit GrossProfit $902.60M USD 1 Quarter
Gross profit GrossProfit $1.01B USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $326.00M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $391.10M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $210.50M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $159.80M USD 1 Quarter
Total operating expenses OperatingExpenses $485.80M USD 1 Quarter
Total operating expenses OperatingExpenses $601.60M USD 1 Quarter
Income from operations OperatingIncomeLoss $408.10M USD 1 Quarter
Income from operations OperatingIncomeLoss $416.80M USD 1 Quarter
Interest and other income (expense), net NonoperatingIncomeExpense $32.00M USD 1 Quarter
Interest and other income (expense), net NonoperatingIncomeExpense $-5.70M USD 1 Quarter
Income before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $402.40M USD 1 Quarter
Income before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $448.80M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $33.00M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $13.60M USD 1 Quarter
Net income ProfitLoss $369.40M USD 1 Quarter
Net income ProfitLoss $435.20M USD 1 Quarter
Less: net income attributable to noncontrolling interest in joint venture NetIncomeLossAttributableToNoncontrollingInterest $3.80M USD 1 Quarter
Less: net income attributable to noncontrolling interest in joint venture NetIncomeLossAttributableToNoncontrollingInterest $8.90M USD 1 Quarter
Net income attributable to Intuitive Surgical, Inc. NetIncomeLoss $365.60M USD 1 Quarter
Net income attributable to Intuitive Surgical, Inc. NetIncomeLoss $426.30M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.02 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.20 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.00 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.17 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 358.40M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 354.20M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 364.00M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 366.70M shares 1 Quarter
Change in unrealized gains on hedge instruments OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $1.00M USD 1 Quarter
Change in unrealized gains on hedge instruments OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $6.10M USD 1 Quarter
Change in unrealized losses on available-for-sale securities OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $-10.00M USD 1 Quarter
Change in unrealized losses on available-for-sale securities OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $-90.70M USD 1 Quarter
Change in foreign currency translation gains (losses) OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-9.50M USD 1 Quarter
Change in foreign currency translation gains (losses) OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $3.50M USD 1 Quarter
Change in prior service cost for employee benefit plans OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-100.00K USD 1 Quarter
Change in prior service cost for employee benefit plans OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-100.00K USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-86.10M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-13.30M USD 1 Quarter
Total comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $421.90M USD 1 Quarter
Total comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $283.30M USD 1 Quarter
Less: comprehensive income attributable to noncontrolling interest OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest $9.10M USD 1 Quarter
Less: comprehensive income attributable to noncontrolling interest OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest $4.20M USD 1 Quarter
Total comprehensive income attributable to Intuitive Surgical, Inc. ComprehensiveIncomeNetOfTax $279.10M USD 1 Quarter
Total comprehensive income attributable to Intuitive Surgical, Inc. ComprehensiveIncomeNetOfTax $412.80M USD 1 Quarter
Cash Flow Statement 66 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $369.40M USD 1 Quarter
Net income ProfitLoss $435.20M USD 1 Quarter
Depreciation and loss on disposal of property, plant, and equipment DepreciationandGainLossonDispositionofPropertyPlantEquipment $77.70M USD 1 Quarter
Depreciation and loss on disposal of property, plant, and equipment DepreciationandGainLossonDispositionofPropertyPlantEquipment $64.80M USD 1 Quarter
Amortization of intangible assets AmortizationOfIntangibleAssets $6.10M USD 1 Quarter
Amortization of intangible assets AmortizationOfIntangibleAssets $6.90M USD 1 Quarter
Gain on sale of business GainLossOnSaleOfBusiness - USD 1 Quarter
Gain on sale of business GainLossOnSaleOfBusiness $3.80M USD 1 Quarter
Loss (gain) on investments, accretion, and amortization, net AccretionAmortizationOfDiscountsAndPremiumsInvestments $12.60M USD 1 Quarter
Loss (gain) on investments, accretion, and amortization, net AccretionAmortizationOfDiscountsAndPremiumsInvestments $-26.00M USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $-44.70M USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $14.40M USD 1 Quarter
Share-based compensation expense ShareBasedCompensation $120.80M 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 $6.60M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $123.40M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $14.30M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $120.10M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $41.20M USD 1 Quarter
Prepaids and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $73.20M USD 1 Quarter
Prepaids and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $21.70M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $23.70M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-1.90M USD 1 Quarter
Accrued compensation and employee benefits IncreaseDecreaseInEmployeeRelatedLiabilities $-40.20M USD 1 Quarter
Accrued compensation and employee benefits IncreaseDecreaseInEmployeeRelatedLiabilities $-130.30M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $6.80M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $11.40M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $20.60M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-31.10M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $223.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $477.60M USD 1 Quarter
Purchase of investments PaymentsToAcquireMarketableSecurities $1.19B USD 1 Quarter
Purchase of investments PaymentsToAcquireMarketableSecurities $1.83B USD 1 Quarter
Proceeds from sales of investments ProceedsFromSaleOfAvailableForSaleSecuritiesDebt - USD 1 Quarter
Proceeds from sales of investments ProceedsFromSaleOfAvailableForSaleSecuritiesDebt $72.00M USD 1 Quarter
Proceeds from maturities of investments ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $1.07B USD 1 Quarter
Proceeds from maturities of investments ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $1.23B USD 1 Quarter
Purchase of property, plant, and equipment and intellectual property PaymentsToAcquireProductiveAssets $95.10M 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 - USD 1 Quarter
Acquisition of businesses, net of cash PaymentsToAcquireBusinessesNetOfCashAcquired $8.70M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-597.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-214.70M USD 1 Quarter
Proceeds from issuance of common stock relating to employee stock plans ProceedsFromStockPlans $84.00M USD 1 Quarter
Proceeds from issuance of common stock relating to employee stock plans ProceedsFromStockPlans $80.00M USD 1 Quarter
Taxes paid related to net share settlement of equity awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $172.20M USD 1 Quarter
Taxes paid related to net share settlement of equity awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $178.30M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $106.50M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Payment of deferred purchase consideration PaymentForContingentConsiderationLiabilityFinancingActivities $7.90M USD 1 Quarter
Payment of deferred purchase consideration PaymentForContingentConsiderationLiabilityFinancingActivities $1.20M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-102.20M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-199.90M USD 1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $800.00K USD 1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.80M USD 1 Quarter
Net increase (decrease) in cash, cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-220.80M USD 1 Quarter
Net increase (decrease) in cash, cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-187.80M 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 $1.31B USD Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.12B 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, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.31B USD Point-in-time
Cash, cash equivalents, and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.12B USD Point-in-time
Cash, cash equivalents, and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.42B USD Point-in-time
Cash, cash equivalents, and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.64B USD Point-in-time

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

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