Company: ISRG
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0001035267-25-000109
Chunk: 65

Company: INTUITIVE SURGICAL INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Item 1
Chunk 65
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31, 2025, from $8.83 billion as of December 31, 2024, primarily as a result of cash provided by operating activities and proceeds from stock option exercises and employee stock purchases, partially offset by cash used for taxes paid related to net share settlements of equity awards and capital expenditures.

Our cash requirements depend on numerous factors, including market acceptance of our products, the resources we devote to developing and supporting our products, and other factors. We expect to continue to devote substantial resources to expand procedure adoption and acceptance of our products. We have made substantial investments in our commercial operations, product development activities, facilities, and intellectual property. Based on our business model, we anticipate that we will continue to be able to fund future growth through cash provided by our operations. We believe that our current cash, cash equivalents, and investment balances, together with income to be derived from our business, will be sufficient to meet our liquidity requirements for the foreseeable future. However, we may experience reduced cash flow from operations as a result of macroeconomic and geopolitical headwinds.

See “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our Form 10-K for the fiscal year ended December 31, 2024, for discussion on the impact of interest rate risk and market risk on our investment portfolio.

Condensed Consolidated Cash Flow Data

The following table summarizes our cash flows (in millions):

Three Months Ended March 31,20252024Net cash provided by (used in):Operating activities$581.6 $265.4 Investing activities213.5 (128.5)Financing activities(235.8)(46.7)Effect of exchange rates on cash, cash equivalents, and restricted cash(4.5)6.8 Net increase in cash, cash equivalents, and restricted cash$554.8 $97.0 

Operating Activities

For the three months ended March 31, 2025, net cash provided by operating activities of $582 million was less than our net income of $704 million, primarily due to the following factors:

1.Changes in operating assets and liabilities resulted in $439 million of cash used in operating activities during the three months ended March 31, 2025. Accrued compensation and employee benefits decreased by $226 million, primarily due to payment of 2024 incentive compensation and payments for stock purchases related to our ESPP. Inventory, including the transfer of equipment from inventory to property, plant, and