Company: ISRG
Filing Date: 2025-01-31
Form Type: 10-K
Source: 0001035267-25-000017
Chunk: 28

Company: INTUITIVE SURGICAL INC
Filing Date: 2025-01-31
Form: 10-K
Item: Item 7
Chunk 28
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 $688 million and $598 million of share-based compensation expense related to employee stock plans and $22.6 million and $31.2 million of intangible asset-related charges for the years ended December 31, 2024, and 2023, respectively.

•As of December 31, 2024, we had $8.83 billion in cash, cash equivalents, and investments. Cash, cash equivalents, and investments increased by $1.49 billion, compared to $7.34 billion as of December 31, 2023, 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 capital expenditures and taxes paid related to net share settlements of equity awards.

73

Results of Operations

The following discussion should be read in conjunction with our Consolidated Financial Statements and Notes thereto. This section of the Annual Report on Form 10-K generally discusses 2024 and 2023 items and year-to-year comparisons between 2024 and 2023. Discussions of 2022 items and year-to-year comparisons between 2023 and 2022 that are not included in this report on Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

The following table sets forth, for the years indicated, certain Consolidated Statements of Income information (in millions, except percentages):

 Years Ended December 31, 2024% of total Revenue2023% of total Revenue2022% of total RevenueRevenue:Product$7,045.0 84 %$5,956.3 84 %$5,198.0 84 %Service1,307.1 16 %1,167.8 16 %1,024.2 16 %Total revenue8,352.1 100 %7,124.1 100 %6,222.2 100 %Cost of revenue:Product2,313.1 28 %2,041.8 29 %1,700.3 28 %Service404.8 5 %352.8 5 %325.9 5 %Total cost of revenue2,717.9 33 %2,394.6 34 %2