Company: ISRG
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0001035267-25-000109
Chunk: 96

Company: INTUITIVE SURGICAL INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Item 2
Chunk 96
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 March 31, 2025, we placed 49 Ion systems compared to 70 systems during the three months ended March 31, 2024.

•As of March 31, 2025, we had an Ion system installed base of approximately 853 systems, an increase of 41% compared to an installed base of approximately 604 systems as of March 31, 2024.

•Gross profit as a percentage of revenue was 64.7% for the three months ended March 31, 2025, compared to 65.9% for the three months ended March 31, 2024.

•Operating income increased by 23% to $578 million for the three months ended March 31, 2025, compared to $469 million during the three months ended March 31, 2024. Operating income included $190 million and $156 million of share-based compensation expense related to employee stock plans and $8.5 million and $5.1 million of intangible asset-related charges for the three months ended March 31, 2025, and 2024, respectively.

•As of March 31, 2025, we had $9.10 billion in cash, cash equivalents, and investments. Cash, cash equivalents, and investments increased by $0.27 billion, compared to $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.

35

Results of Operations

The following discussion should be read in conjunction with our unaudited Condensed Consolidated Financial Statements (“Financial Statements”) and Notes thereto.

Certain information from our unaudited Condensed Consolidated Statements of Income has been summarized below (in millions, except percentages):

Three Months Ended March 31, 2025% of TotalRevenue2024% of TotalRevenueRevenue:Product$1,890.4 84 %$1,577.1 83 %Service363.0 16 %313.5 17 %Total revenue2,253.4 100 %1,890.6 100 %Cost of revenue:Product670.7 30 %554.4 29 %Service125.0 5 %90.8 5 %Total cost of revenue795.