Summary
Intuitive Surgical Inc. (ISRG) filed its 2021 10-K on February 3, 2022, reporting on its business operations and financial performance. The company, a leader in robotic-assisted minimally invasive surgery, saw a significant rebound in its business in 2021 following the disruptions of the COVID-19 pandemic in 2020. Total revenue grew 31% year-over-year, driven by strong performance across all segments, including systems, instruments, and accessories, and services. The company's core business continues to be driven by the adoption and utilization of its da Vinci Surgical Systems, which saw a 28% increase in procedures performed globally in 2021. This procedural growth fueled increased demand for instruments and accessories, as well as service revenue. Management highlighted strong system demand, with a 44% increase in da Vinci Surgical System placements compared to the prior year, indicating a recovery and expansion of its installed base. The company ended the year with a robust cash position and continues to invest in research and development to expand its product offerings and address new clinical applications.
Financial Highlights
47 data points| Revenue | $5.71B |
| Cost of Revenue | $1.75B |
| Gross Profit | $3.96B |
| R&D Expenses | $671.00M |
| SG&A Expenses | $1.47B |
| Operating Expenses | $2.14B |
| Operating Income | $1.82B |
| Net Income | $1.70B |
| EPS (Basic) | $4.79 |
| EPS (Diluted) | $4.66 |
| Shares Outstanding (Basic) | 356.10M |
| Shares Outstanding (Diluted) | 365.80M |
Key Highlights
- 1Total revenue increased 31% to $5.7 billion in 2021, recovering from a pandemic-impacted 2020.
- 2Approximately 1.59 million da Vinci procedures were performed globally in 2021, a 28% increase year-over-year.
- 3Systems revenue grew 44% to $1.69 billion in 2021, with a 44% increase in system placements to 1,347 units.
- 4Instruments and accessories revenue increased 26% to $3.10 billion, driven by higher procedure volumes.
- 5Service revenue grew 27% to $916 million, supported by an expanding installed base.
- 6The company ended 2021 with a strong cash, cash equivalents, and investments balance of $8.62 billion.
- 7Ongoing investments in R&D continue to support new product development, including advancements in the Ion endoluminal system and next-generation robotics.