Company: ISRG
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0001035267-25-000109
Chunk: 57

Company: INTUITIVE SURGICAL INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Item 1
Chunk 57
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 in joint venture5.3 — %2.5 — %Net income attributable to Intuitive Surgical, Inc.$698.4 31 %$544.9 29 %

Total Revenue

Total revenue increased by 19% to $2.25 billion for the three months ended March 31, 2025, compared to $1.89 billion for the three months ended March 31, 2024, resulting from 18% higher instruments and accessories revenue, 25% higher systems revenue, and 16% 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 25% and 26% for the three months ended March 31, 2025, and March 31, 2024, respectively. Fluctuations in foreign currency exchange rates had an unfavorable impact on OUS total revenue of $8 million and $11 million for the three months ended March 31, 2025, and 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.

Revenue generated in the U.S. accounted for 68% and 66% of total revenue in the three months ended March 31, 2025, and March 31, 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.

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The following table summarizes our revenue and system unit placements (in millions, except percentages and unit placements):

 Three Months Ended March 31, 20252024RevenueInstruments and accessories$1,367.7 $1,158.9 Systems522.7 418.2 Total product revenue1,890.4 1,577.1 Service363.0 313.5 Total revenue$2,253.4 $1,