ISRG Q3 2023 Earnings Report — Intuitive Surgical, Inc. Revenue & Financial Results | Market Cap Arena

Intuitive Surgical, Inc.ISRG

Q3 2023 Earnings

Reported October 20, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q3 2023	Q2 2023	Q3 2022	QoQ Change	YoY Change
Revenue	$1.7B	—	$1.6B	—	12.0%
Op. Income	$466M	—	$399M	—	16.8%
Gross Margin	66.9%	—	67.6%	—	-0.6pp
Net Margin	23.8%	—	20.8%	—	3.0pp
EPS (Diluted)	$1.16	—	$0.90	—	28.9%
Free Cash Flow	$292M	—	$214M	—	36.4%

Revenue Flow

Item	Amount
REVENUE	$1.7B
Cost of Revenue	$577M
GROSS PROFIT	$1.2B
R&D Expenses	$249M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$452M
Other Expenses	$0
Operating Expenses	$701M
Cost & Expenses	$1.3B
OPERATING INCOME	$466M
Interest Income	$56M
Interest Expense	$0
Other Income/Expenses	$56M
INCOME BEFORE TAX	$522M
Income Tax Expense	$102M
Net Income from Continuing Ops	$420M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$416M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$416M
D&A	$109M
EBIT	$466M
EBITDA	$574M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.7B
Cost of Revenue	$577M
GROSS PROFIT	$1.2B
R&D Expenses	$249M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$452M
Other Expenses	$0
Operating Expenses	$701M
Cost & Expenses	$1.3B
OPERATING INCOME	$466M
Interest Income	$56M
Interest Expense	$0
Other Income/Expenses	$56M
INCOME BEFORE TAX	$522M
Income Tax Expense	$102M
Net Income from Continuing Ops	$420M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$416M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$416M
D&A	$109M
EBIT	$466M
EBITDA	$574M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$420M
Depreciation & Amortization	$109M
Stock-Based Compensation	$156M
Deferred Income Tax	-$43M
Other Non-Cash Items	$8M
Change in Working Capital	-$101M
OPERATING CASH FLOW	$548M
Capital Expenditure	-$256M
Acquisitions (Net)	$200.0K
Purchases of Investments	-$806M
Sales/Maturities of Investments	$616M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$447M
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$16M
NET CASH FROM FINANCING	$62M
FREE CASH FLOW	$292M
Net Change in Cash	$165M

Balance Sheet

Item	Amount
Cash & Equivalents	$3.6B
Short-Term Investments	$2.9B
Net Receivables	$1.1B
Inventory	$1.1B
Other Current Assets	$0
TOTAL CURRENT ASSETS	$8.9B
PP&E (Net)	$3.1B
Goodwill	$348M
Intangible Assets	$638M
Long-Term Investments	$1.0B
Tax Assets	$701M
Other Non-Current Assets	$0
TOTAL NON-CURRENT ASSETS	$5.8B
TOTAL ASSETS	$14.7B
Account Payables	$196M
Short-Term Debt	$0
Deferred Revenue	$395M
Other Current Liabilities	$375M
TOTAL CURRENT LIABILITIES	$1.7B
Long-Term Debt	$0
Deferred Revenue NC	$43M
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$370M
TOTAL NON-CURRENT LIABILITIES	$413M
TOTAL LIABILITIES	$2.1B
Common Stock	$400.0K
Additional Paid-In Capital	$8.4B
Retained Earnings	$4.2B
Treasury Stock	$0
Accum. Other Comp. Income	-$57M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$12.5B
Minority Interest	$85M
TOTAL EQUITY	$12.6B
TOTAL LIABILITIES & EQUITY	$14.7B
Total Debt	$0
Net Debt	-$3.6B