Company: ISRG
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0001035267-25-000192
Chunk: 63

Company: INTUITIVE SURGICAL INC
Filing Date: 2025-07-23
Form: 10-Q
Item: Item 1
Chunk 63
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 30, 2025, compared to 68.3% for the three months ended June 30, 2024.

•Operating income increased by 31% to $743 million for the three months ended June 30, 2025, compared to $567 million during the three months ended June 30, 2024. Operating income included $200 million and $176 million of share-based compensation expense related to employee stock plans and $4.8 million and $5.2 million of intangible asset-related charges for the three months ended June 30, 2025, and 2024, respectively.

•As of June 30, 2025, we had $9.53 billion in cash, cash equivalents, and investments. Cash, cash equivalents, and investments increased by $0.70 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, capital expenditures, and repurchases of common stock.

39

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 June 30,Six Months Ended June 30, 2025% of TotalRevenue2024% of TotalRevenue2025% of TotalRevenue2024% of TotalRevenueRevenue:Product$2,048.8 84 %$1,692.6 84 %$3,939.2 84 %$3,269.7 84 %Service391.2 16 %317.3 16 %754.2 16 %630.8 16 %Total revenue2,440.0 100 %2,009.9 100 %4,693.4 100 %3,900.5 100 %Cost of revenue:Product686.2 28 %539.4 27 %1,356.9 29 %1,093.8 28 %Service135.9 6 %97.8 5 %260.9 5 %188.