AI English summary of an SEC filing — figures as filed
Intuitive Surgical ISRGThe company said total revenue for the fiscal year ended December 31, 2023 rose 14% to $7.1 billion, above $6.2 billion a year earlier. It cited a 22% increase in instruments and accessories revenue and a 14% increase in service revenue as factors behind the growth.
Key points
AI summaryThe company said total revenue for the fiscal year ended December 31, 2023 rose 14% to $7.1 billion, above $6.2 billion a year earlier. It cited a 22% increase in instruments and accessories revenue and a 14% increase in service revenue as factors behind the growth.
Intuitive Surgical said instruments and accessories revenue rose 22% to $4.28 billion, driven by an increase of about 22% in da Vinci procedure volume and higher pricing. It said systems revenue was flat at $1.68 billion compared with the prior year.
The company said product gross profit rose 12% to $3.91 billion, or 65.7% of product revenue, compared with 67.3% a year earlier. Service gross profit increased 17% to $0.82 billion, or 69.8% of service revenue, compared with 68.2% a year earlier.
The company said its income tax expense was $142 million in 2023, and its effective tax rate was about 7.2%, lower than 16.3% in 2022. It cited an increase in Swiss deferred tax assets and lower U.S. tax on foreign earnings as factors behind the lower rate.
Key figures
Fiscal year ended December 31, 2023
- Revenue
- $7.1B
- Operating income
- $1.8B
- Net income
- $1.8B
- EPS
- $5.03
- Gross profit
- $4.7B
- Operating cash flow
- $1.8B
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Annual total revenue rises to $7.1 billion, up 14%
The company said total revenue for the fiscal year ended December 31, 2023 rose 14% to $7.1 billion, above $6.2 billion a year earlier. It cited a 22% increase in instruments and accessories revenue and a 14% increase in service revenue as factors behind the growth.
Source · Based on the MD&A text of the filing
da Vinci procedures up about 22%, systems revenue flat
Intuitive Surgical said instruments and accessories revenue rose 22% to $4.28 billion, driven by an increase of about 22% in da Vinci procedure volume and higher pricing. It said systems revenue was flat at $1.68 billion compared with the prior year.
Source · Based on the MD&A text of the filing
Product gross profit margin 65.7%, service 69.8%
The company said product gross profit rose 12% to $3.91 billion, or 65.7% of product revenue, compared with 67.3% a year earlier. Service gross profit increased 17% to $0.82 billion, or 69.8% of service revenue, compared with 68.2% a year earlier.
Source · Based on the MD&A text of the filing
Effective tax rate about 7.2%, Swiss deferred tax assets
The company said its income tax expense was $142 million in 2023, and its effective tax rate was about 7.2%, lower than 16.3% in 2022. It cited an increase in Swiss deferred tax assets and lower U.S. tax on foreign earnings as factors behind the lower rate.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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