Company: ISRG
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001035267-25-000209
Chunk: 120

Company: INTUITIVE SURGICAL INC
Filing Date: 2025-10-22
Form: 10-Q
Item: Item 2
Chunk 120
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 systems installed at customers under leasing arrangements:

Nine Months Ended September 30,20252024Da Vinci System Placements under Leasing ArrangementsFixed-payment operating lease arrangements276 227 Usage-based operating lease arrangements346 327 Total da Vinci system placements under operating lease arrangements622 554 % of Total da Vinci system placements52%54%Sales-type lease arrangements28 45 Total da Vinci system placements under leasing arrangements650 599 Da Vinci System Installed Base under Operating Leasing ArrangementsFixed-payment operating lease arrangements1,379 1,289 Usage-based operating lease arrangements1,736 1,352 Total da Vinci system installed base under operating leasing arrangements3,115 2,641 

Operating lease revenue, including the contribution from Ion systems, was $632 million for the nine months ended September 30, 2025, of which $380 million was variable lease revenue related to usage-based arrangements, compared to $473 million for the nine months ended September 30, 2024, of which $237 million was variable lease revenue related to usage-based arrangements. Revenue from Lease Buyouts was $91 million for the nine months ended September 30, 2025, compared to $81 million for the nine months ended September 30, 2024. We expect revenue from Lease Buyouts to fluctuate period to period depending on the timing of when, and if, customers choose to exercise buyout options embedded in their leases.

The da Vinci surgical system ASP, excluding systems placed under fixed-payment or usage-based operating lease arrangements, Ion systems, and the impact of specified-price trade-in rights, was approximately $1.57 million for the nine months ended September 30, 2025, compared to approximately $1.44 million for the nine months ended September 30, 2024. The higher year-to-date 2025 ASP was largely driven by favorable product mix, including from da Vinci 5 system placements, partially offset by more trade-ins. ASP fluctuates from period to period based on geographic and product mix, product pricing, systems placed involving trade-ins, and changes in foreign exchange rates.

During the nine months ended September 30, 2025, 153 Ion systems were placed compared to 202 systems during the nine months ended September 30, 2024. By geography, 133 systems were placed in the U.S., 11 in Europe, 6 in Asia, and 3 in other markets during nine months ended September 30, 202