Company: ISRG
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0001035267-25-000109
Chunk: 56

Company: INTUITIVE SURGICAL INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Item 1
Chunk 56
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 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 revenue795.7 35 %645.2 34 %Product gross profit1,219.7 54 %1,022.7 54 %Service gross profit238.0 11 %222.7 12 %Gross profit1,457.7 65 %1,245.4 66 %Operating expenses:Selling, general and administrative563.4 25 %491.5 26 %Research and development316.2 14 %284.5 15 %Total operating expenses879.6 39 %776.0 41 %Income from operations578.1 26 %469.4 25 %Interest and other income, net90.4 4 %69.1 4 %Income before taxes668.5 30 %538.5 29 %Income tax benefit(35.2)(1)%(8.9)— %Net income703.7 31 %547.4 29 %Less: net income attributable to noncontrolling interest