Company: ISRG
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0001035267-25-000109
Chunk: 103

Company: INTUITIVE SURGICAL INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Item 2
Chunk 103
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 $563.4 million, compared to $491.5 million for the three months ended March 31, 2024. The increase in selling, general and administrative expenses for the three months ended March 31, 2025, was primarily driven by higher headcount and personnel-related expenses, including share-based compensation expense, and higher legal expenses.

Selling, general and administrative expenses for the three months ended March 31, 2025, and 2024, included share-based compensation expense of $82.3 million and $68.2 million, respectively, and intangible assets amortization expense of $0.5 million and $0.8 million, respectively.

Research and Development Expenses

Research and development costs are expensed as incurred and primarily include costs associated with the design, development, testing, and significant enhancement of our products. Our main product development initiatives include multi-port, Ion, and SP platform investments as well as digital products and services.

Research and development expenses for the three months ended March 31, 2025, increased by 11% to $316.2 million, compared to $284.5 million for the three months ended March 31, 2024. The increase in research and development expenses for the three months ended March 31, 2025, was primarily driven by higher headcount and personnel-related expenses, including share-based compensation expense, and other project costs incurred to support a broad set of product development initiatives.

Research and development expenses for the three months ended March 31, 2025, and 2024, included share-based compensation expense of $69.0 million and $57.7 million, respectively, and intangible asset-related charges of $5.6 million and $0.5 million, respectively.

Research and development expenses fluctuate with project timing. Based upon our broader set of product development initiatives and the stage of the underlying projects, we expect to continue to make substantial investments in research and development and anticipate that research and development expenses will continue to increase in the future.

Interest and Other Income, Net

Interest and other income, net, for the three months ended March 31, 2025, increased by 31% to $90.4 million, compared to $69.1 million for the three months ended March 31, 2024. The increase in interest and other income, net, for the three months ended March 31, 2025, was primarily driven by higher average cash and investment balances and higher average interest rates.