AI English summary of an SEC filing — figures as filed
Intuitive Surgical ISRGThe company said total revenue for the 3 months ended March 31, 2024 rose 11% to $1.89 billion from $1.70 billion a year earlier. Instruments and accessories revenue rose 18% and service revenue rose 11%, while systems revenue fell 2%.
Key points
AI summaryThe company said total revenue for the 3 months ended March 31, 2024 rose 11% to $1.89 billion from $1.70 billion a year earlier. Instruments and accessories revenue rose 18% and service revenue rose 11%, while systems revenue fell 2%.
The company cited about 16% higher da Vinci procedure volume, about 90% higher Ion procedure volume, and higher pricing as the main drivers of the increase in instruments and accessories revenue. It said 313 da Vinci systems were installed in Q1 2024, compared with 312 a year earlier.
The company said its product gross margin for Q1 2024 was 64.8% (65.1% a year earlier), and its service gross margin was 71.0% (68.1% a year earlier). Income tax expense was $(8.9) million, for an effective tax rate of (1.7)%, and the excess tax benefit from employee equity plans was $111.1 million.
The company said operating cash flow was $265 million in Q1 2024, less than net income of $547 million. It expects capital expenditures for 2024 to be $1 billion to $1.2 billion and plans to fund them with cash generated from operations.
Key figures
Quarter ended March 31, 2024
- Revenue
- $1.9B
- Operating income
- $469M
- Net income
- $545M
- EPS
- $1.51
- Gross profit
- $1.2B
- Operating cash flow
- $265M
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.
Q1 2024 Total Revenue $1.89 billion
The company said total revenue for the 3 months ended March 31, 2024 rose 11% to $1.89 billion from $1.70 billion a year earlier. Instruments and accessories revenue rose 18% and service revenue rose 11%, while systems revenue fell 2%.
Source · Based on the MD&A text of the filing
Higher Procedures and 313 da Vinci Systems Installed
The company cited about 16% higher da Vinci procedure volume, about 90% higher Ion procedure volume, and higher pricing as the main drivers of the increase in instruments and accessories revenue. It said 313 da Vinci systems were installed in Q1 2024, compared with 312 a year earlier.
Source · Based on the MD&A text of the filing
Gross Margins and Effective Tax Rate
The company said its product gross margin for Q1 2024 was 64.8% (65.1% a year earlier), and its service gross margin was 71.0% (68.1% a year earlier). Income tax expense was $(8.9) million, for an effective tax rate of (1.7)%, and the excess tax benefit from employee equity plans was $111.1 million.
Source · Based on the MD&A text of the filing
Operating Cash Flow of $265 million and 2024 Capital Expenditure Plan
The company said operating cash flow was $265 million in Q1 2024, less than net income of $547 million. It expects capital expenditures for 2024 to be $1 billion to $1.2 billion and plans to fund them with cash generated from operations.
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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