Company: ISRG
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0001035267-25-000192
Chunk: 65

Company: INTUITIVE SURGICAL INC
Filing Date: 2025-07-23
Form: 10-Q
Item: Item 1
Chunk 65
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Total Revenue

Total revenue increased by 21% to $2.44 billion for the three months ended June 30, 2025, compared to $2.01 billion for the three months ended June 30, 2024, resulting from 18% higher instruments and accessories revenue, 28% higher systems revenue, and 23% higher service revenue.

Total revenue increased by 20% to $4.69 billion for the six months ended June 30, 2025, compared to $3.90 billion for the six months ended June 30, 2024, resulting from 18% higher instruments and accessories revenue, 27% higher systems revenue, and 20% higher service revenue.

We generally sell our products and services in local currencies where we have direct distribution channels. Revenue denominated in foreign currencies as a percentage of total revenue was approximately 26% for both the three and six months ended June 30, 2025, and 25% for both the three and six months ended June 30, 2024, respectively. Fluctuations in foreign currency exchange rates had a favorable impact on OUS total revenue of $14 million and $6 million for the three and six months ended June 30, 2025, respectively. Fluctuations in foreign currency exchange rates had an unfavorable impact on OUS total revenue of $16 million and $27 million for the three and six months ended June 30, 2024, respectively. The impact of fluctuations in foreign currency exchange rates was determined by comparing current period revenue converted to USD using exchange rates that were effective in the comparable prior year period, net of the impacts from foreign currency hedging.

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Revenue generated in the U.S. accounted for 67% of total revenue for both the three and six months ended June 30, 2025, respectively, and 66% of total revenue for both the three and six months ended June 30, 2024, respectively. We believe that U.S. revenue has accounted for the large majority of total revenue due to U.S. patients’ ability to choose their provider and method of treatment, reimbursement structures supportive of innovation and MIS, and our initial investments focused on U.S. infrastructure. We have been investing in our business in OUS markets, and our OUS procedures have grown faster in proportion to U.S. procedures. We expect that our OUS procedures and revenue will make up a greater portion of our business in the long term.