Company: ISRG
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0001035267-25-000109
Chunk: 100

Company: INTUITIVE SURGICAL INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Item 2
Chunk 100
---
 The increase in system placements was primarily driven by continued demand for additional capacity by our customers as a result of procedure growth as well as demand for our next-generation da Vinci 5 system, including the impact from customers beginning to trade in fourth-generation da Vinci systems. As of March 31, 2025, we had a da Vinci surgical system installed base of approximately 10,189 systems, compared to an installed base of approximately 8,887 systems as of March 31, 2024. The incremental system installed base reflects continued procedure growth and further customer validation that robotic-assisted surgery addresses their Quintuple Aim objectives.

The following table summarizes our da Vinci system placements and systems installed at customers under leasing arrangements:

Three Months Ended March 31,20252024Da Vinci System Placements under Leasing ArrangementsFixed-payment operating lease arrangements91 65 Usage-based operating lease arrangements107 94 Total da Vinci system placements under operating lease arrangements198 159 % of Total da Vinci system placements54%51%Sales-type lease arrangements10 6 Total da Vinci system placements under leasing arrangements208 165 Da Vinci System Installed Base under Operating Leasing ArrangementsFixed-payment operating lease arrangements1,308 1,223 Usage-based operating lease arrangements1,598 1,112 Total da Vinci system installed base under operating leasing arrangements2,906 2,335 

Operating lease revenue, including the contribution from Ion systems, was $195 million for the three months ended March 31, 2025, of which $112 million was variable lease revenue related to usage-based arrangements, compared to $148 million for the three months ended March 31, 2024, of which $70 million was variable lease revenue related to usage-based arrangements. Revenue from Lease Buyouts was $39 million for the three months ended March 31, 2025, compared to $29 million for the three months ended March 31, 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 $1.62 million for the three months ended March 31, 2025, compared to approximately $1.38 million for the three months ended March 31, 2024. The higher first