ISRG · Intuitive Surgical

214 filings

8-K

ISRG 8-K Current Reports

Intuitive Surgical - 214 current reports

Filing record · 2016–202610-K1110-Q338-K100

Showing 1-50 of 214 filings

8-K

Leadership ChangesRegulation FDExhibits & Filings

Intuitive Surgical 8-K Report, Executive Changes (Nov 2, 2026)

Intuitive Surgical, Inc. (ISRG) announced on November 2, 2026, a significant addition to its Board of Directors with the appointment of Aaron Martin, effective January 1, 2027. Mr. Martin brings a wealth of experience from leadership roles in healthcare technology, insurance, and digital innovation, notably as President of Insurance at Humana and previously as Vice President of Healthcare at Amazon, where he launched Amazon Clinic. His appointment is expected to enhance the Board's strategic perspective on expanding access to minimally invasive care globally, leveraging his deep understanding of payer, provider, and patient dynamics. The company has also increased its Board size from ten to eleven members to accommodate this appointment. Mr. Martin will receive standard compensation for non-employee directors, including an annual cash retainer and restricted stock units, aligning his interests with those of the company and its shareholders. This move signals a continued focus on strategic growth and operational excellence within the evolving healthcare landscape.

Nov 2, 2026 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Oct 20, 2026)

Intuitive Surgical, Inc. (ISRG) reported its third-quarter 2026 financial results, showcasing robust top-line growth driven by increased procedure volumes and system placements. Worldwide procedures, combining da Vinci and Ion, grew approximately 15% year-over-year, with da Vinci procedures up 14% and Ion procedures seeing a significant 31% increase. This strong procedural growth translated into a 22% rise in total revenue to $3.05 billion. The company also demonstrated strong system placement growth, with 546 da Vinci systems and 56 Ion systems deployed, contributing to an expanding installed base. While revenue and procedural growth were strong, reported GAAP net income was impacted by a significant pre-tax charge of $450 million related to the settlement of antitrust class action litigation. This charge significantly affected diluted GAAP EPS, reducing it to $1.49. However, on a non-GAAP basis, which excludes this litigation charge and other items, net income grew to $1.05 billion, with non-GAAP diluted EPS reaching $3.00, indicating healthy underlying operational performance. The company also reiterated its full-year 2026 outlook, projecting continued strong da Vinci procedure growth and providing guidance for non-GAAP gross profit margin and operating expense growth.

Oct 20, 2026 8-K

Corporate ChangesExhibits & Filings

Intuitive Surgical 8-K Report, Bylaw Amendment (Jul 27, 2026)

Intuitive Surgical, Inc. (ISRG) has filed an 8-K report on July 27, 2026, detailing amendments to its Amended and Restated Bylaws, effective July 23, 2026. These changes are primarily aimed at enhancing corporate governance, clarifying procedures for shareholder actions, and aligning with new SEC universal proxy rules. Key updates include stricter requirements for shareholder nominations of directors and proposals, improved disclosure obligations for shareholders seeking to nominate directors or submit proposals, and provisions related to proxy card colors and shareholder meeting logistics. These amendments are designed to streamline the shareholder engagement process and ensure compliance with evolving regulatory standards. From an investor's perspective, these bylaw amendments signify the Company's proactive approach to corporate governance and its commitment to adapting to regulatory changes. The refined disclosure requirements for shareholder proposals and nominations provide greater transparency and may help the board in evaluating such submissions. The change in the voting standard for corporate actions to a majority of votes cast is a notable shift that could impact the outcome of future non-election-related shareholder votes. Investors should review the full text of the Amended Bylaws to understand the complete scope of these changes and their potential implications on future shareholder rights and corporate decision-making processes.

Jul 27, 2026 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Jul 16, 2026)

Intuitive Surgical (ISRG) reported strong second-quarter 2026 results, with revenue of $2.89 billion, up 19% year over year from $2.44 billion. Worldwide procedures (da Vinci and Ion combined) grew approximately 16%, with da Vinci procedures up about 15% and Ion procedures up about 36%. Instruments and accessories revenue rose 18% to $1.73 billion, and systems revenue increased to $685 million from $575 million, supported by 468 da Vinci placements (including 246 da Vinci 5 systems). GAAP operating margin was about 33.6% (income from operations of $972 million), and non-GAAP operating income was $1.22 billion. GAAP diluted EPS was $2.29 and non-GAAP diluted EPS was $2.80, both including a one-time $0.08 benefit from IEEPA tariff refunds. Gross margin improved sequentially, with GAAP gross margin of 67.8% and non-GAAP gross margin of 70.0%, the latter helped by the tariff refund benefit. Management reiterated that 2026 da Vinci procedure growth should be closer to the midpoint of its 13.5% to 15.5% range, while non-GAAP gross margin is guided to 68.0% to 69.0% and non-GAAP operating expense growth to 11% to 13%. The guidance includes an estimated 1.0% of revenue tariff impact, and management warned that any additional tariffs could have a material effect. Cash and investments ended the quarter at $8.63 billion, and the company repurchased $0.38 billion of stock. For investors, the key points are sustained double-digit growth in procedures and systems placements, continued expansion of the installed base to 11,710 da Vinci systems, and the Italy, Spain, and Portugal distributor-to-direct transition, which added goodwill. Some of the quarter's margin and EPS strength reflects one-time tariff refunds, and the company's trajectory depends on tariff developments and continued procedure growth. Note that this 8-K furnishes the earnings release under Item 2.02 and does not describe any new material event beyond the results and outlook.

Jul 16, 2026 8-K

Leadership ChangesExhibits & Filings

Intuitive Surgical 8-K Report, Executive Changes (May 28, 2026)

Intuitive Surgical (ISRG) filed an 8-K on May 28, 2026 announcing a senior leadership change in its commercial organization. Effective July 1, 2026, Taylor Patton, currently Global Senior Vice President of the Endoluminal business (Ion platform), will become Chief Commercial and Marketing Officer, succeeding Henry Charlton. Charlton, who has been with the company since 2003, will move to the newly defined role of Senior Vice President of Global Business Operations. From an investor standpoint, this is a planned internal succession rather than a signal of operational distress. Patton has nearly two decades of tenure at Intuitive and a record of launching new platforms and building commercial organizations, most notably the worldwide launch and growth of the Ion endoluminal system. Charlton is remaining with the company in a senior operating role and is expected to work closely with Patton during the handoff, which points to a managed transition. The filing does not disclose any change in compensation, employment agreements, or financial guidance. The main items to monitor are whether the handover affects commercial execution across the da Vinci and Ion franchises, and whether Patton's focus on reducing total cost to treat and expanding customer support translates into placements, procedure volume, and pricing discipline in coming quarters. The filing itself contains no quantitative financial results.

May 28, 2026 8-K

Leadership ChangesShareholder MattersRegulation FD

Intuitive Surgical 8-K Report, Executive Changes (May 4, 2026)

Intuitive Surgical, Inc. (ISRG) filed an 8-K on May 4, 2026, reporting on key outcomes from its Annual Meeting of Stockholders held on April 30, 2026. The primary focus for investors is the approval of an amended and restated 2010 Incentive Award Plan, which increases the share reserve by 5 million shares, extends the plan's term to January 2036, and clarifies change-in-control provisions. This demonstrates a continued commitment to employee and executive compensation through equity, a common practice for growth-oriented companies. Furthermore, the filing details the successful election of all ten director nominees, indicating shareholder confidence in the current board's leadership. Stockholders also provided advisory approval for executive compensation and ratified the appointment of PricewaterhouseCoopers LLP as the independent auditor for fiscal year 2026. In a significant move for capital allocation, the company announced on April 30, 2026, that its Board of Directors increased the authorized amount available under its common stock repurchase program to an aggregate of $5.0 billion, signaling a strong belief in the company's valuation and a commitment to returning capital to shareholders.

May 4, 2026 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Apr 21, 2026)

Intuitive Surgical (ISRG) reported strong first-quarter 2026 results, with revenue of $2.77 billion, up 23% year over year, driven by about 17% growth in worldwide procedures (da Vinci about 16%, Ion about 39%). GAAP income from operations rose to $855 million from $578 million, and GAAP diluted EPS was $2.28 versus $1.92. Non-GAAP diluted EPS was $2.50 versus $1.81. Systems revenue grew to $651 million on 431 da Vinci placements (232 da Vinci 5), up from 367 placements a year earlier, and the installed base reached 11,395 da Vinci systems, up 12%. The quarter also showed some balance sheet and capital allocation movement. Cash, cash equivalents, and investments fell by $1.05 billion to $7.98 billion, reflecting $1.1 billion of share repurchases (2.3 million shares) and an acquisition, which the filing links to the purchase of da Vinci and Ion distribution businesses in Italy, Spain, and Portugal. Goodwill rose from $370 million to $613 million, consistent with that acquisition. Sequentially, revenue declined from $2.87 billion in Q4 2025, which included a $70 million contribution to the Intuitive Foundation, and GAAP gross margin improved to 66.1%. Management reiterated 2026 guidance for worldwide da Vinci procedure growth of 13.5% to 15.5%, non-GAAP gross margin of 67.5% to 68.5% (including about a 1.0% tariff impact), and non-GAAP operating expense growth of 11% to 14%. The company flagged that additional tariffs beyond current expectations could materially affect results. Investors should note that non-GAAP EPS benefits from excluding share-based compensation (about $210 million per quarter) and excess tax benefits (about $73 million this quarter), which contributed meaningfully to the gap between GAAP and non-GAAP earnings.

Apr 21, 2026 8-K

Other EventsExhibits & Filings

Intuitive Surgical 8-K Report, Corporate Update (Mar 2, 2026)

On March 2, 2026, Intuitive Surgical (ISRG) filed an 8-K disclosing the completion, on March 1, 2026, of its acquisition of the da Vinci and Ion distribution business operated by ab medica, Abex, Excelencia Robótica, and their affiliates. The transaction converts these businesses from third-party distribution into wholly owned, direct operations across Italy, Spain, Portugal, Malta, San Marino, and associated territories. The business is now integrated into Intuitive's European commercial and marketing organization, led by SVP and GM Dirk Barten, and brings roughly 250 employees onto Intuitive's payroll. For investors, the strategic rationale is a shift toward a more direct, agile customer relationship in Southern Europe, a region where Intuitive has operated for more than two decades. The combined installed base exceeds 470 da Vinci systems in Italy, Spain and Portugal as of December 31, 2025, and the Ion endoluminal system was recently launched in Italy and Spain. Owning distribution rather than relying on third parties should give Intuitive more control over pricing, service, and placements, and it captures revenue and margin that previously flowed to distributors, though the filing does not disclose purchase price, financial terms, or the acquired business's revenue. The 8-K is an event disclosure rather than a financial report. It contains no quantitative financial results, guidance changes, or purchase accounting details, so investors should look to upcoming periodic filings and earnings commentary for the financial impact, integration costs, and effect on reported European revenue and operating margins.

Mar 2, 2026 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Jan 22, 2026)

Intuitive Surgical (ISRG) reported strong fourth-quarter 2025 results, with total revenue of $2.87 billion, up 19% year over year, and GAAP net income attributable to Intuitive of $795 million, or $2.21 per diluted share (non-GAAP EPS of $2.53, up from $2.21). Growth was broad-based: worldwide procedures (da Vinci plus Ion) rose about 18%, da Vinci placements reached 532 units (303 da Vinci 5 systems, versus 174 a year earlier), and the installed base grew 12% to 11,106 da Vinci systems. Ion procedures grew about 44% and the Ion installed base reached 995 systems. Instruments and accessories revenue rose 17% to $1.66 billion, supporting the recurring-revenue model. Full-year 2025 revenue was $10.06 billion, up roughly 20%, and GAAP net income attributable to Intuitive was $2.86 billion. The outlook calls for 2026 worldwide da Vinci procedure growth of 13% to 15%, a slowdown from 18% in 2025. Non-GAAP gross margin is guided to 67% to 68%, including an estimated 1.2% of revenue tariff headwind, and non-GAAP operating expense growth is guided to 11% to 15%. Management cautioned that additional or modified tariffs could have a material effect on 2026 margins. Investors will likely focus on whether procedure growth can hold in the mid-teens and how tariffs and rising operating expenses affect margin expansion. Quality-of-earnings considerations also matter. GAAP results include large share-based compensation ($207 million in Q4), and non-GAAP figures exclude it, along with excess tax benefits that contributed $0.12 per diluted share in the quarter. The quarter also included a $70 million contribution to the Intuitive Foundation, which reduced GAAP EPS by about $0.15. Cash, cash equivalents, and investments ended the year at $9.03 billion.

Jan 22, 2026 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Jan 14, 2026)

Intuitive Surgical (ISRG) preliminarily reported strong fourth-quarter and full-year 2025 results ahead of its J.P. Morgan Healthcare Conference presentation. Q4 2025 revenue was approximately $2.87 billion, up 19% from $2.41 billion, and full-year 2025 revenue was approximately $10.06 billion, up 21% from $8.35 billion. Growth was broad-based: instruments and accessories (I&A) revenue rose 17% in Q4 to $1.66 billion and 19% for the year to $6.02 billion, systems revenue rose 20% in Q4 to $786 million and 26% for the year to $2.47 billion, and service revenue rose 21% in Q4 to $422 million and 20% for the year to $1.57 billion. Recurring revenue was 81% of Q4 total revenue. Worldwide da Vinci procedures grew about 17% in Q4 and 18% for 2025 to roughly 3.15 million, led by 18% U.S. general surgery growth and 23% growth outside the U.S. The installed base reached 11,106 systems, up 12%, and the average selling price rose 7% for the year to $1.60 million. Placement mix shifted toward da Vinci 5, which drove most of the placement growth. Q4 placements totaled 532 systems (up 8%), including 303 da Vinci 5 units, and full-year placements reached 1,721 (up 13%), including 870 da Vinci 5 units versus 362 in 2024. Ion placements declined, with 42 units in Q4 (down 39%) and 195 for the year (down 28%), even though Ion procedures grew about 44% in Q4 and 51% for the year. Q4 operating expenses included a $70 million contribution to the Intuitive Foundation, up from $45 million a year earlier. Management guided to worldwide da Vinci procedure growth of 13% to 15% in 2026. All figures are unaudited and preliminary. The 2025 Form 10-K has not yet been filed, and the numbers remain subject to final closing procedures and the independent audit. Management will discuss the results in more detail on the January 22, 2026 earnings call.

Jan 14, 2026 8-K

Leadership Changes

Intuitive Surgical 8-K Report, Executive Changes (Dec 18, 2025)

Intuitive Surgical, Inc. (ISRG) has announced a leadership transition effective January 1, 2026. Brian E. Miller, Ph.D., will be stepping down as Chief Digital Officer. While this role change might initially suggest a shift in focus, Dr. Miller will remain with the company in a newly created position: Head of Digital and AI Strategy. This move indicates a continued commitment to advancing the company's digital and artificial intelligence initiatives, albeit with a restructured reporting line.

Dec 18, 2025 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Oct 21, 2025)

Intuitive Surgical (ISRG) reported third quarter 2025 results on October 21, 2025, with broad-based strength across its core businesses. Total revenue rose 23% year over year to $2.51 billion, driven by roughly 19% growth in da Vinci procedures and about 52% growth in Ion procedures. GAAP net income attributable to Intuitive was $704 million ($1.95 per diluted share), up from $565 million ($1.56) a year earlier, while non-GAAP EPS was $2.40 versus $1.84. The non-GAAP figure includes $0.12 per share of one-time tax benefits from U.S. tax reform and the release of unrecognized tax benefits, so the underlying growth rate is somewhat lower than the headline suggests. Installed base growth remained healthy, with 427 da Vinci placements (240 of them da Vinci 5) and the da Vinci installed base reaching 10,763 systems, up 13%. The main caution for investors is margin. Management now expects 2025 non-GAAP gross margin of 67% to 67.5%, down from 69.1% in 2024, with tariffs estimated to cost about 0.7% of revenue. Management also raised its expected non-GAAP operating expense growth to 11% to 13%, and it guided worldwide da Vinci procedure growth of 17% to 17.5% for the full year. Cash, equivalents and investments fell by $1.10 billion in the quarter to $8.43 billion, largely because of $1.92 billion in share repurchases and capital expenditures. The company is returning substantial capital, but it is also absorbing rising tariff and manufacturing costs, and the new tariff guidance carries additional risk if policy changes. This 8-K furnishes the earnings press release under Item 2.02, and the information is not deemed filed for Section 18 purposes. The filing itself contains no new operating events or legal disclosures beyond the press release. Investors should focus on the margin trajectory and the sustainability of procedure growth, since both will determine whether earnings growth keeps pace with revenue growth.

Oct 21, 2025 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Jul 22, 2025)

Intuitive Surgical (ISRG) reported Q2 2025 results that were strong on nearly every headline metric. Revenue rose 21% year over year to $2.44 billion, with worldwide da Vinci procedure growth of approximately 17% and Ion procedure volume up roughly 52%. The company placed 395 da Vinci systems (versus 341 a year earlier), including 180 da Vinci 5 systems (versus 70), and the installed base reached 10,488 systems, up 14%. GAAP net income attributable to Intuitive was $658 million ($1.81 per diluted share), and non-GAAP EPS was $2.19 versus $1.78. GAAP income from operations rose to $743 million from $567 million, and the company ended the quarter with $9.53 billion in cash and investments. The key watch item is margin. Management narrowed its 2025 non-GAAP gross margin guidance to 66%-67%, down from 69.1% in 2024, citing an estimated tariff impact of about 1.0% of revenue, and warned that additional or modified tariffs could have a material effect. Management also guided to worldwide da Vinci procedure growth of 15.5%-17% and non-GAAP operating expense growth of 10%-14%. Investors should note that Q2 GAAP net income was flattered by a large excess tax benefit from share-based compensation ($33 million, or $0.09 per share), and that Q1 GAAP net income benefited from an unusually large $145 million excess tax benefit. Quarterly comparisons are therefore noisier than the top-line trend suggests. Overall, the quarter shows robust demand, accelerating da Vinci 5 adoption, and continued expansion of the installed base, with the principal risks centered on tariff-driven gross margin pressure and macroeconomic or regulatory developments. The company also announced EU MDR certification for da Vinci 5 (excluding force feedback) and Japanese clearance for da Vinci 5 across most specialties. This 8-K furnishes the earnings press release under Item 2.02 and is not deemed filed under Section 18 of the Exchange Act.

Jul 22, 2025 8-K

Leadership ChangesRegulation FDExhibits & Filings

Intuitive Surgical 8-K Report, Executive Changes (May 15, 2025)

Intuitive Surgical (ISRG) announced on May 15, 2025 (via Form 8-K) a planned CEO transition effective July 1, 2025. Board-appointed President David J. Rosa, a 29-year Intuitive veteran who has served as President since May 2023 and as a director since July 2024, will succeed Gary S. Guthart, Ph.D., as Chief Executive Officer. Guthart, who has led the company for roughly 15 years, will become Executive Chair of the Board and remain an employee in a senior advisory role. Craig H. Barratt, Ph.D., the current Board Chair, will become Lead Independent Director. The changes reflect the board's succession planning rather than any disclosed performance concern, and the filing contains no reported financial results or guidance changes. For investors, the key economic terms relate to compensation. Rosa's base salary rises from $825,000 to $925,000, his target bonus increases from 125% to 150% of base salary, and he receives new equity grants of $4 million in RSUs (vesting 25% annually over four years) and $4 million in PSUs (vesting 0-125% of target on February 26, 2028 based on performance). Guthart's base salary falls from $1,050,000 to $700,000 and he will no longer be eligible for the Corporate Incentive Program bonus going forward, though he will receive a prorated FY2025 bonus for his CEO service. The Company also disclosed no related-person transactions requiring reporting under Item 404(a). From a strategic standpoint, the transition is orderly and planned: the outgoing CEO remains involved as Executive Chair, and the incoming CEO has deep, long-standing operational and strategic experience, including founding the clinical engineering and endoluminal groups that led to the da Vinci SP and Ion systems. Investors will likely focus on whether continuity of strategy and product execution holds through the handover and on how the new leadership approaches growth, global expansion, and the Quintuple Aim priorities.

May 15, 2025 8-K

Leadership ChangesShareholder MattersRegulation FD

Intuitive Surgical 8-K Report, Executive Changes (May 5, 2025)

Intuitive Surgical Inc. (ISRG) filed an 8-K report detailing outcomes from their Annual Meeting of Stockholders held on May 1, 2025, and an increase in their stock repurchase program. Key among the meeting's outcomes was the stockholder approval of the amendment and restatement of the Amended and Restated 2010 Incentive Award Plan. This amendment increases the number of shares reserved for issuance by 5 million, extends the plan's term to January 30, 2035, and clarifies treatment of awards in change-in-control scenarios. Additionally, all eleven director nominees were elected to the Board, and advisory approval was given for executive compensation. Further enhancing shareholder value initiatives, the Board of Directors approved an increase to the common stock repurchase program by $4.0 billion, encompassing previously authorized but unused amounts. This signifies management's confidence in the company's financial health and commitment to returning capital to shareholders. While most proposals passed with strong support, two shareholder proposals concerning executive compensation and golden parachutes were rejected by a significant margin.

May 5, 2025 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Apr 22, 2025)

Intuitive Surgical (ISRG) reported first quarter 2025 results on April 22, 2025, showing strong top-line and procedure growth. Revenue rose 19% year over year to $2.25 billion, driven by roughly 17% growth in da Vinci procedure volume and about 58% growth in Ion procedure volume. The company placed 367 da Vinci systems (versus 313 a year earlier), including 147 da Vinci 5 systems (versus 8), and the installed base grew 15% to 10,189 systems. GAAP net income attributable to Intuitive was $698 million, or $1.92 per diluted share, versus $1.51 a year earlier. Non-GAAP EPS was $1.81, up from $1.50, though the GAAP figure was boosted by $145 million of excess tax benefits from share-based compensation ($0.40 per share), which management excludes from non-GAAP results. The main caution in the filing is the margin outlook. Management lowered its expected 2025 non-GAAP gross margin to 65% to 66.5%, versus 69.1% in 2024, and attributed about 1.7 percentage points of that pressure to tariffs. The company warned that additional tariffs could have a material adverse effect, particularly depending on China system sales and the share of components sourced or manufactured outside the U.S. Q1 non-GAAP gross margin was about 66.4% (1,496.6 / 2,253.4), and non-GAAP operating expense growth is guided at 10% to 14%. Procedure growth guidance is 15% to 17%, down slightly from 17% in 2024. Balance sheet strength continued, with cash, cash equivalents, and investments reaching $9.10 billion, up $269 million in the quarter. Operating cash generation was partly offset by taxes paid on net share settlement of equity awards and capital expenditures. Management's commentary emphasized customer adoption of da Vinci 5 and the company's focus on patient outcomes and lower total cost to treat. The filing itself is an earnings release furnished under Item 2.02 and is not deemed filed under the Exchange Act.

Apr 22, 2025 8-K

Earnings & ResultsOther EventsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Jan 23, 2025)

Intuitive Surgical (ISRG) reported strong fourth-quarter 2024 results, with total revenue of $2.41 billion, up 25% year over year, driven by roughly 18% growth in da Vinci procedure volume and roughly 70% growth in Ion procedure volume. GAAP net income attributable to Intuitive was $686 million, or $1.88 per diluted share, versus $1.69 a year earlier, and non-GAAP EPS was $2.21 versus $1.60. The company placed 493 da Vinci systems (including 174 da Vinci 5 units), grew its installed base 15% to 9,902 systems, and ended the year with $8.83 billion in cash and investments. Full-year 2024 GAAP diluted EPS was $6.42 and non-GAAP EPS was $7.34. For 2025, management guided to worldwide da Vinci procedure growth of 13% to 16% (versus 17% in 2024), a non-GAAP gross margin of 67% to 68% (versus 69.1% in 2024), and non-GAAP operating expense growth of 10% to 15%. Management explicitly stated the gross margin outlook excludes potential new tariffs, which could be material, a key risk given that Intuitive manufactures a significant majority of its instruments in Mexico. Investors should weigh the strong growth momentum against this margin pressure and the tariff uncertainty. Separately, on January 21, 2025, Intuitive agreed to acquire the da Vinci and Ion distribution businesses in Italy, Spain, Portugal, Malta, San Marino, and associated territories from its current distributors ab medica, Abex, and Excelencia Robotica. The upfront cash payment is approximately €290 million, plus up to €31 million in commercial milestone payments, subject to closing adjustments. The transaction is expected to close in the first half of 2026, bringing these markets under direct Intuitive ownership.

Jan 23, 2025 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Jan 15, 2025)

Intuitive Surgical reported preliminary, unaudited fourth quarter and full year 2024 results ahead of its J.P. Morgan Healthcare Conference presentation. Fourth quarter revenue was approximately $2.41 billion, up 25% from $1.93 billion, and full year revenue was approximately $8.35 billion, up 17% from $7.12 billion. Growth was broad-based across segments: instruments and accessories (I&A) rose 23% in the quarter, systems revenue rose 36% (helped by a lower mix of leased systems and higher average selling prices), and services rose 14%. Worldwide da Vinci procedures grew approximately 18% in the quarter and 17% for the year to about 2.68 million, driven by U.S. general surgery (+19% for the year) and outside-the-U.S. procedures (+23%, led by cancer procedures). Management guided to 13% to 16% worldwide da Vinci procedure growth in 2025, though it did not provide revenue or earnings guidance in this filing. System placements also accelerated in the fourth quarter, with 493 da Vinci systems placed (+19%), including 174 da Vinci 5 systems. For the full year, 1,526 systems were placed (+11%), including 362 da Vinci 5 systems. Usage-based operating leases continued to grow, reaching 467 systems for the year (+32%). Several metrics were softer, however: Asia placements fell 13% in the quarter, trade-in placements fell 38% for the year, and Xi-generation placements declined as customers shifted toward da Vinci 5. The company also reported a $45 million contribution to the Intuitive Foundation in Q4 2024, versus $40 million a year earlier. All figures are preliminary and subject to final closing procedures and the annual audit, so they may change. The company has not yet filed its 2024 Form 10-K. Investors should look to the January 23, 2025 earnings call for detailed commentary on margins, expenses, and the 2025 outlook.

Jan 15, 2025 8-K

Leadership Changes

Intuitive Surgical 8-K Report, Executive Changes (Jan 6, 2025)

Intuitive Surgical, Inc. (ISRG) has filed an 8-K report detailing significant executive promotions effective January 1, 2025. Jamie E. Samath has been elevated to Executive Vice President, Chief Financial Officer, and Head of Business Technology. Concurrently, Henry L. Charlton has been promoted to Executive Vice President, Chief Commercial and Marketing Officer. These appointments signify a recognition of their contributions and likely reflect a strategic alignment within the company's leadership structure as it continues to navigate the evolving landscape of robotic-assisted surgery.

Jan 6, 2025 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Oct 17, 2024)

Intuitive Surgical reported strong third-quarter 2024 results, with revenue of $2.04 billion, up 17% year over year, driven by about 18% growth in da Vinci procedure volume and a 15% larger installed base of 9,539 systems. GAAP net income attributable to Intuitive was $565 million, or $1.56 per diluted share, compared with $1.16 a year earlier. Non-GAAP EPS was $1.84, up from $1.46. Gross margin was about 67.4% (GAAP) versus 66.9% a year earlier, and GAAP operating margin expanded to about 28.3% from 26.7%, reflecting operating leverage as revenue grew faster than operating expenses. The quarter's mix shows broad-based demand. Instruments and accessories revenue rose 18% to $1.26 billion, supported by approximately 73% growth in Ion procedure volume. Systems revenue increased to $445 million from $379 million on 379 placements, of which 110 were da Vinci 5 systems, and 220 placements were under operating leases, 141 of them usage-based. Services revenue grew to $329 million from $293 million. Cash, cash equivalents, and investments reached $8.31 billion, up $628 million in the quarter, largely from operating cash flow. The company also disclosed South Korean clearance for the da Vinci 5 in October 2024. The filing contains no formal forward guidance, and it flags macroeconomic, supply chain, regulatory, and hospital capital spending risks. Investors should note the gap between GAAP and non-GAAP results. Share-based compensation of $173 million and excess tax benefits of $0.12 per share are excluded from non-GAAP figures. Excess tax benefits boosted GAAP EPS in the quarter. Management has also noted that the long-term incentive plan expense tied to the Intuitive-Fosun joint venture can be volatile, so the GAAP figures warrant attention alongside the non-GAAP measures.

Oct 17, 2024 8-K

Leadership ChangesRegulation FDExhibits & Filings

Intuitive Surgical 8-K Report, Executive Changes (Jul 25, 2024)

Intuitive Surgical (ISRG) filed an 8-K on July 25, 2024 to disclose that David J. Rosa, the company's President, has been appointed to its Board of Directors effective July 24, 2024. The Board simultaneously increased its authorized size from eleven to twelve members, creating a newly established seat that Rosa fills. The filing reports no related-party transactions involving Rosa requiring disclosure under Item 404(a) of Regulation S-K. The appointment places two Intuitive executives on the Board: Rosa and CEO Gary S. Guthart, PhD. According to the press release furnished as Exhibit 99.1, Rosa oversees the company's core business operations, including the business unit, quality, regulatory, manufacturing, and commercial functions, while Guthart focuses on enterprise strategy and corporate functions. The company characterizes this division as adding balance between strategy and operations at the Board level. Rosa has served as President since May 2023, has nearly 27 years of tenure at Intuitive, and chairs the board of Intuitive-Fosun, the joint venture with Fosun Pharma in Shanghai. For investors, this is primarily a governance update rather than a material financial event; the filing contains no financial results, guidance, or changes to compensation arrangements. The more notable signal is the elevation of operating leadership into the Board, which may be viewed as a sign of management succession planning and deeper board-level oversight of day-to-day operations.

Jul 25, 2024 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Jul 18, 2024)

Intuitive Surgical reported strong second-quarter 2024 results, with revenue of $2.01 billion, up 14% from $1.76 billion a year earlier. Worldwide da Vinci procedures grew about 17%, and Ion procedures grew about 82%. Instruments and accessories revenue rose 16% to $1.24 billion, the main driver of the top-line growth. Systems revenue increased to $448 million from $393 million on 341 da Vinci placements, including 70 da Vinci 5 units. The installed base reached 9,203 systems, up 14% year over year. Gross margin improved to about 68.3% on a GAAP basis from about 66.7% a year earlier, and GAAP income from operations rose 22% to $567 million. Management described the business as healthy and highlighted feedback on da Vinci 5 and continued adoption of SP and Ion. Profitability was also strong. GAAP net income attributable to Intuitive was $527 million, or $1.46 per diluted share, compared with $1.18 a year earlier. Non-GAAP net income was $641 million, or $1.78 per diluted share, versus $1.42. The GAAP and non-GAAP gap is driven mainly by share-based compensation and excess tax benefits of $36 million, or $0.10 per share. A $7.2 million litigation charge was excluded from non-GAAP results. Cash, cash equivalents, and investments ended the quarter at $7.68 billion, up $360 million in the quarter, supported by operating cash flow and partially offset by capital expenditures. The 8-K is a routine earnings disclosure furnished under Item 2.02, so it is not deemed filed for Section 18 purposes. It contains no forward guidance; the full outlook would be found on the earnings call and in the press release's forward-looking statements. Investors should note that a higher share of placements was under operating leases (175 of 341, including 92 usage-based), which shifts revenue recognition toward recurring usage and makes system revenue less immediate.

Jul 18, 2024 8-K

Leadership ChangesShareholder Matters

Intuitive Surgical 8-K Report, Executive Changes (Apr 30, 2024)

Intuitive Surgical, Inc. filed an 8-K report on April 29, 2024, detailing key events from its Annual Stockholders' Meeting held on April 24, 2024. The primary focus for investors is the outcome of the shareholder votes, which saw all incumbent directors re-elected and approval of executive compensation on an advisory basis. Significant governance changes include the appointment of Lewis Chew as the new Chair of the Audit Committee and Jami Dover Nachtsheim as the new Chair of the Governance and Nominating Committee. Investors will also note the approval of the amendment and restatement of both the 2010 Incentive Award Plan and the 2000 Employee Stock Purchase Plan, indicating continued support for the company's equity incentive structures. The ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal year 2024 reinforces auditor confidence. Importantly, a shareholder proposal requesting a racial and gender pay gap report was narrowly rejected, highlighting ongoing discussions around corporate social responsibility metrics.

Apr 30, 2024 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Apr 18, 2024)

Intuitive Surgical reported first-quarter 2024 revenue of $1.89 billion, up 11% from $1.70 billion a year earlier, driven by roughly 16% growth in da Vinci procedure volume and about 90% growth in Ion procedure volume. Instruments and accessories revenue rose 18% to $1.16 billion, the core recurring engine of the business. Systems revenue was roughly flat at $418 million, with 313 da Vinci placements versus 312 a year ago, and the installed base reached 8,887 systems, up 14%. Revenue was down sequentially from $1.93 billion in Q4 2023, and systems revenue fell from $480 million, though Q4 had different one-time items. Profitability improved meaningfully. GAAP income from operations rose to $469 million from $388 million, and non-GAAP operating income rose to $630 million from $535 million. GAAP diluted EPS was $1.51 versus $1.00, but that figure includes a $0.31 per-share benefit from excess tax benefits on share-based compensation. Non-GAAP diluted EPS was $1.50 versus $1.23, a more representative measure of operating performance. Cash, cash equivalents, and investments were $7.32 billion, down only $21 million in the quarter as capital expenditures offset operating cash generation. Strategically, management highlighted the measured launch of da Vinci 5 (FDA-cleared in March 2024 for most Xi indications, with 8 units placed), CE mark certification and early European placements of the da Vinci SP (8 units), and NMPA clearance in China for the Ion system. Placements under operating leases rose to 159 from 131, with usage-based leases at 94 versus 62, which supports recurring revenue but defers system revenue recognition. The filing itself is a furnished (not filed) 8-K attaching the earnings release.

Apr 18, 2024 8-K

Regulation FDExhibits & Filings

Intuitive Surgical 8-K Report, Regulation FD Disclosure (Mar 14, 2024)

Intuitive Surgical (ISRG) announced on March 14, 2024 that the U.S. FDA granted 510(k) clearance for da Vinci 5, its fifth-generation multiport robotic surgical system. The filing is a Regulation FD disclosure (Item 7.01) furnishing a press release as Exhibit 99.1, so the information is not deemed "filed" under Section 18 of the Exchange Act. No financial results, guidance, or quantitative financial metrics are included in this 8-K, so investors should treat it primarily as a product and strategic milestone rather than a change to reported financials. The press release positions da Vinci 5 as a successor to da Vinci Xi, which has been used in more than 7 million procedures, and cites over 150 enhancements. Headline features include Force Feedback technology that measures forces on tissue (preclinical trials showed up to 43% less force exerted on tissue), more than 10,000 times the computing power of da Vinci Xi, integrated insufflation and electrosurgical capabilities, and a redesigned, more ergonomic surgeon console. The company frames these as tools for better patient outcomes, workflow efficiency, and lower total cost of care. Commercial rollout will be gradual. Da Vinci 5 will first be offered to a small number of U.S. customers who collaborated on development or have mature robotic programs, with Intuitive gathering additional clinical data before a broader U.S. and global launch. Management will discuss launch plans on a teleconference on March 18, 2024. Investors should watch the timing and pace of the broader launch, adoption by hospitals, pricing, and regulatory and competitive developments, since the 8-K provides none of these details.

Mar 14, 2024 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Jan 23, 2024)

Intuitive Surgical reported strong fourth-quarter 2023 results, with revenue of $1.93 billion, up 17% from $1.66 billion a year earlier. Growth was led by worldwide da Vinci procedure volume, which rose about 21%, and by a higher installed base. Instruments and accessories revenue grew 22% to $1.14 billion, supported by procedure growth and higher pricing, partly offset by customer buying patterns. Systems revenue rose to $480 million from $451 million on 415 placements, compared with 369 a year earlier. Service revenue increased to $304 million from $263 million. The da Vinci installed base reached 8,606 systems, up 14%. Full-year 2023 revenue was $7.12 billion, up from $6.22 billion in 2022. Profitability is harder to read than the top line. GAAP net income attributable to Intuitive was $606 million, or $1.69 per diluted share, versus $325 million, or $0.91, a year earlier. That figure includes roughly $0.45 per share of one-time Swiss tax benefits and a $0.09 per share net charge from a $40 million contribution to the Intuitive Foundation. Excluding these and other non-GAAP items, net income was $574 million, or $1.60 per diluted share, up about 30% from $1.23. Non-GAAP operating income rose to $621 million from $530 million. Operating expenses rose sharply, with SG&A reaching $567 million, which includes the Foundation contribution. Cash, cash equivalents, and investments ended the quarter at $7.34 billion, down $177 million on capital expenditures. The release contains no forward guidance, and the company said the quarter had no significant COVID-19 disruption. In January 2024 it also received CE mark certification for the da Vinci SP system, with a measured European rollout planned for 2024.

Jan 23, 2024 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Jan 9, 2024)

Intuitive Surgical (ISRG) furnished an 8-K on January 9, 2024 disclosing unaudited preliminary fourth quarter and full year 2023 results ahead of its J.P. Morgan Healthcare Conference presentation. Preliminary full-year 2023 revenue was approximately $7.12 billion, up 14% from $6.22 billion in 2022, while Q4 2023 revenue was approximately $1.93 billion, up 17%. Growth was led by instruments and accessories (I&A), which rose 22% to about $4.28 billion for the year, driven by da Vinci procedure volume growth and higher I&A pricing, partially offset by customer buying patterns. Systems revenue was flat for the full year at about $1.68 billion, though Q4 systems revenue rose 6%. Services revenue grew 14% for the year to about $1.17 billion, and recurring revenue made up roughly 83% of total 2023 revenue. Procedure volume was the central story. Worldwide da Vinci procedures grew approximately 22% in 2023 to about 2.29 million, with U.S. general surgery procedures up 25% and outside-the-U.S. procedures up 27%, mainly from cancer procedures. Placements reached 1,370 systems for the year (up 8%) and 415 in Q4 (up 12%), with Asia and usage-based operating leases showing notable gains. Management guided to 13% to 16% worldwide procedure growth in 2024. Investors should note that all figures are preliminary and unaudited, since the company had not yet filed its 2023 Form 10-K, and results remain subject to final closing procedures and audit adjustments. The company also said it would report full Q4 2023 results on January 23, 2024. The 2022 Q4 comparison was depressed by COVID-19 in China, which flatters year-over-year growth rates somewhat.

Jan 9, 2024 8-K

Leadership ChangesRegulation FDExhibits & Filings

Intuitive Surgical 8-K Report, Executive Changes (Oct 31, 2023)

Intuitive Surgical (ISRG) filed an 8-K on October 31, 2023 reporting a board change rather than a financial or operational event. The Board appointed Sreelakshmi Kolli as a director effective October 27, 2023, and increased the Board from 11 to 12 authorized members. Ms. Kolli is executive vice president and chief digital officer at Align Technology and sits on the Zimmer Biomet board. The filing contains no earnings, guidance, or material financial results. Compensation for Ms. Kolli follows the standard non-employee director program: a prorated $70,000 annual cash retainer, plus initial equity grants on November 10, 2023 of stock options and RSUs each targeted at $70,000. Share counts are set from the 60 trading-day average closing price, and the awards vest on the earlier of the first anniversary of grant or the next annual meeting. She also signed the company's standard indemnification agreement and has no related-party transactions requiring disclosure under Item 404(a). For investors, the appointment is a governance and succession update with limited direct financial impact. The company framed it as part of ongoing board balancing and succession planning, and the CEO cited her expertise in digital capabilities and customer experience as relevant to the company's strategy in minimally invasive care.

Oct 31, 2023 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Oct 19, 2023)

Intuitive Surgical (ISRG) reported third-quarter 2023 results that show strong top-line momentum and solid profitability. Revenue rose 12% year over year to $1.74 billion, driven by worldwide da Vinci procedure growth of roughly 19%, which lifted instruments and accessories revenue 23% to $1.07 billion. GAAP net income attributable to Intuitive was $416 million ($1.16 per diluted share), up from $324 million ($0.90) a year earlier, and non-GAAP EPS was $1.46 versus $1.19. The installed base grew 13% to 8,285 systems, and the company placed 312 systems, up from 305. The main watch items are systems revenue, which declined to $379 million from $426 million despite higher placements, reflecting a higher mix of usage-based operating leases (93 of 163 leased placements, versus 54 of 113 a year earlier). Gross margin was roughly flat sequentially, with product costs and inventory rising faster than revenue (inventory up to $1.15 billion from $893 million at year-end 2022). Operating expenses grew, with R&D up 15% year over year. Cash and investments reached $7.52 billion, and equity increased to $12.6 billion, leaving the balance sheet strong. The filing itself is a routine earnings disclosure under Item 2.02 and Exhibit 99.1; the press release is furnished, not filed. Investors will likely focus on procedure growth sustainability, the shift toward usage-based leasing, and the ramp of the Ion and SP platforms that management highlighted.

Oct 19, 2023 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Jul 20, 2023)

Intuitive Surgical (ISRG) reported Q2 2023 results on July 20, 2023, showing strong top-line and profit growth. Total revenue rose about 15% year over year to $1.76 billion (up 16.7% in constant currency), driven by worldwide da Vinci procedure volume growth of approximately 22%. Instruments and accessories revenue, the most important recurring driver, grew 20% to $1.08 billion, while systems revenue increased modestly to $393 million on 331 placements, up from 279 a year earlier. The installed base reached 8,042 systems, up 13%. Profitability improved meaningfully. GAAP operating income rose to $463 million from $398 million, and GAAP diluted EPS was $1.18 versus $0.85. Non-GAAP diluted EPS was $1.42 versus $1.14. Gross margin was roughly 66.7% on a GAAP basis. Share-based compensation of $148 million remains a significant recurring cost, and GAAP net income benefited from $42 million in excess tax benefits (about $0.12 per share). The company ended the quarter with $7.13 billion in cash, cash equivalents, and investments, up $553 million in the quarter. The filing itself is a routine Item 2.02 disclosure furnishing the earnings press release as Exhibit 99.1. The information is furnished rather than filed and is not subject to Section 18 liability. Management said the quarter did not reflect significant COVID-19 disruptions, though the company cautioned that the pandemic could still affect procedure volumes, and it flagged macroeconomic, supply chain, and regulatory risks.

Jul 20, 2023 8-K

Leadership ChangesRegulation FDExhibits & Filings

Intuitive Surgical 8-K Report, Executive Changes (May 16, 2023)

Intuitive Surgical (ISRG) announced on May 16, 2023 an executive leadership reshuffle. David J. Rosa, a 27-year company veteran most recently serving as EVP and Chief Strategy and Growth Officer, was promoted to President, effective immediately. He will oversee the core business, including product, digital, quality, regulatory, supply chain, manufacturing, and commercial teams. Gary Guthart relinquishes the President title but remains CEO and a board member, focusing on market presence, overall strategy, governance, culture, and early-stage business and product initiatives. Rosa and Bob DeSantis, who moves into a newly created role of EVP and Chief Strategy and Corporate Operations Officer, will both report directly to Guthart. For investors, the filing signals an organizational restructuring rather than a change in financial outlook. The filing contains no earnings, revenue, or guidance information, and the disclosure is limited to governance and compensation. The move consolidates operational and commercial responsibilities under a single leader, which the company frames as preparing it to pursue large-scale collaborations with hospitals and healthcare systems. Because the reporting lines remain unchanged and the CEO stays in place, the immediate operational risk appears modest, though the depth of management succession is now more concentrated in Rosa. Rosa's compensation package was adjusted to reflect his expanded role. His base salary rises from $652,468 to $700,000, his fiscal 2023 bonus target increases from 100% to 120% of base salary, and he receives equity grants worth roughly $5.0 million in total, split among stock options, RSUs, and PSUs. The filing also notes that Rosa has no related-party transactions requiring disclosure under Item 404(a). The announcement was furnished under Regulation FD and is not deemed filed for Exchange Act liability purposes.

May 16, 2023 8-K

Shareholder Matters

Intuitive Surgical 8-K Report, Shareholder Vote Results (May 2, 2023)

Intuitive Surgical, Inc. (ISRG) held its Annual Meeting of stockholders, where shareholders voted on five proposals as described in the Proxy Statement filed with the Securities and Exchange Commission on March 10, 2023. All eleven director nominees were elected to one-year terms expiring at the 2024 Annual Meeting. Each nominee received more votes For than Against, with Craig H. Barratt, Ph.D. receiving 272,570,649 For and 9,717,456 Against, and Alan J. Levy, Ph.D. receiving 264,252,132 For and 18,614,155 Against. Stockholders approved, on an advisory basis, the compensation of the Company's Named Executive Officers, with 256,335,720 votes For and 23,958,341 Against. In a separate advisory vote on the frequency of say-on-pay votes, 280,214,412 shares voted for one year, and the annual frequency was approved. As a result, the Company will hold an advisory, non-binding executive compensation vote annually until the next frequency vote, which will occur no later than the 2029 Annual Meeting of Shareholders. Stockholders ratified the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2023, with 306,654,434 For and 1,157,337 Against. A stockholder proposal regarding pay equity disclosure was rejected, receiving 98,764,665 For and 180,992,684 Against.

May 2, 2023 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Apr 18, 2023)

Intuitive Surgical (ISRG) reported first-quarter 2023 results that showed strong top-line momentum driven by da Vinci procedure growth. Total revenue rose 14% year over year to $1.70 billion (17% on a constant-currency basis, with foreign exchange a roughly 3-point headwind). Worldwide da Vinci procedures grew approximately 26%, offsetting COVID-19 disruptions in China during January. Instruments and accessories revenue rose 22% to $986 million, the clearest signal of recurring procedure-driven demand, while systems revenue was flat at $427 million on 312 placements (vs. 311 a year earlier). The installed base reached 7,779 systems, up 12%. Services revenue also grew, to $283 million. Profitability was mixed on a GAAP basis. Income from operations fell to $388 million from $408 million, largely because share-based compensation rose to $141 million from $121 million and SG&A grew to $480.5 million. GAAP diluted EPS was $1.00, flat year over year. Non-GAAP diluted EPS rose to $1.23 from $1.13, and non-GAAP operating income was roughly flat at $535 million, so margin pressure from operating expense growth remains the key watch item. Excess tax benefits from stock compensation, which contributed $0.06 to GAAP EPS versus $0.14 a year earlier, also weighed on GAAP results. The balance sheet remains strong, with $6.58 billion in cash, equivalents, and investments after $350 million of share repurchases and capital expenditures, and stockholders' equity of $11.3 billion. The company also obtained European certification for its Ion endoluminal system in March 2023, with an initial UK focus. The filing contains no formal guidance, and investors should note that the 8-K was furnished under Item 2.02 and is not deemed filed under the Exchange Act.

Apr 18, 2023 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Jan 24, 2023)

Intuitive Surgical (ISRG) reported Q4 2022 results that showed strong underlying demand but a mixed profit picture. Worldwide da Vinci procedures grew approximately 18% year over year, and the installed base reached 7,544 systems, up 12%. Revenue rose 7% to $1.66 billion (10% on a constant-currency basis), with instruments and accessories up 12% to $941 million. Systems revenue fell 4% to $451 million on 369 placements, down from 385. China COVID-19 resurgence weighed on procedure volumes in the quarter. Profitability was weaker than the top line. GAAP income from operations fell to $373 million from $450 million, mainly because R&D rose to $244 million from $183 million and SG&A rose to $494 million from $427 million. GAAP diluted EPS was $0.91 versus $1.04, and non-GAAP diluted EPS was $1.23 versus $1.29. Share-based compensation was $129 million, and a $21 million litigation charge was recorded. Management repurchased $1 billion of stock in the quarter, which reduced cash, cash equivalents, and investments to $6.74 billion from $8.62 billion a year earlier. For investors, the key takeaways are the continued procedure growth and expanding installed base, offset by softer system placements, higher operating expenses, and margin pressure. The filing itself is a furnished earnings release under Item 2.02, so the information is not deemed filed under Section 18 of the Exchange Act.

Jan 24, 2023 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Jan 11, 2023)

Intuitive Surgical (ISRG) furnished preliminary, unaudited fourth quarter and full year 2022 results ahead of its J.P. Morgan Healthcare Conference presentation. Full year 2022 revenue was approximately $6.22 billion, up 9% from $5.71 billion in 2021, and fourth quarter revenue was approximately $1.66 billion, up 7%. Growth was led by recurring revenue: instruments and accessories rose 13% for the year and services rose 12%, while systems revenue declined 1%. Recurring revenue reached 79% of total revenue, up from 75%, which supports the durability of the installed base model. Procedure volume was the standout metric. Worldwide da Vinci procedures grew approximately 18% in both the fourth quarter and the full year 2022, to roughly 1,875,000 procedures, with U.S. general surgery and non-U.S. cancer procedures as key drivers. Management guided to 12% to 16% worldwide procedure growth in 2023. Offsetting this, system placements fell 6% to 1,264 units for the year, and U.S. placements dropped 20%. Procedures per installed system and recurring revenue growth remain the central investor focus, while placement weakness and the COVID-19 resurgence in China in late 2022 are the key risks. The figures are preliminary and remain subject to final closing procedures and the annual audit, so they could change. The company will hold its full Q4 2022 earnings call on January 24, 2023, where it is expected to discuss the results in more detail.

Jan 11, 2023 8-K

Other Events

Intuitive Surgical 8-K Report, Corporate Update (Oct 25, 2022)

Intuitive Surgical, Inc. (ISRG) announced on October 24, 2022, that it has entered into an accelerated share repurchase (ASR) agreement with Citibank, N.A., to repurchase an aggregate of $1 billion of its common stock. Under the terms of the agreement, ISRG will make an initial payment of $1 billion and will receive an initial delivery of approximately 3.6 million shares. The final number of shares repurchased will be determined based on the volume-weighted average price during the repurchase period, with final settlement expected in late December 2022. This significant share repurchase program signals management's confidence in the company's valuation and its commitment to returning capital to shareholders. Investors should view this ASR as a positive indicator, suggesting that the company believes its stock is undervalued and that it anticipates strong future performance. The repurchase is expected to reduce the number of outstanding shares, potentially boosting earnings per share (EPS) and overall shareholder value.

Oct 25, 2022 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Oct 18, 2022)

Intuitive Surgical's Q3 2022 results (quarter ended September 30, 2022) show strong underlying demand but softer system placements and margin pressure from higher operating costs. Worldwide da Vinci procedures grew approximately 20% year over year, and the installed base reached 7,364 systems, up 13%. Revenue rose 11% to $1.56 billion (15% on a constant currency basis, with a 4% unfavorable FX impact), while instruments and accessories grew 15% to $872 million. Management attributed the quarter to growth in procedure volume and continued increases in system utilization. Profitability was mixed. GAAP net income attributable to Intuitive fell to $324 million ($0.90 per diluted share) from $381 million ($1.04) a year earlier, and GAAP operating income declined to $399 million from $443 million as R&D and SG&A expenses rose sharply. Non-GAAP EPS was flat year over year at $1.19. System placements fell 9% to 305 units, though systems revenue rose 3% to $426 million. The company repurchased $1 billion of stock during the quarter, which reduced cash, cash equivalents, and investments to $7.39 billion from $8.62 billion at year-end 2021. For investors, the key takeaways are the robust procedure growth and expanding installed base, balanced against declining placements, rising expense levels, and the cash drawdown from buybacks. The filing also notes ongoing COVID-19 effects, macroeconomic pressures, and supply chain risks. The company's Japanese regulatory clearance of the da Vinci SP for several surgical categories in September 2022 adds to its international expansion.

Oct 18, 2022 8-K

Other Events

Intuitive Surgical 8-K Report, Corporate Update (Aug 2, 2022)

Intuitive Surgical, Inc. (ISRG) announced on August 1, 2022, that it has entered into an Accelerated Share Repurchase (ASR) agreement with Goldman Sachs & Co. LLC to buy back $1 billion of its common stock. Under this agreement, the company will pay $1 billion upfront and will receive an initial delivery of approximately 3.5 million shares. The final number of shares repurchased will be determined based on the volume-weighted average price during the repurchase period, with potential adjustments at settlement. This significant capital return to shareholders signals management's confidence in the company's financial health and its stock valuation. Investors should note that the ASR is expected to conclude in approximately three months, though it may be accelerated. The terms include mechanisms for determining the final share count and potential adjustments, highlighting the complexity of such transactions. While the company expects to repurchase a substantial amount of stock, the exact number of shares will be subject to market conditions and the terms of the ASR.

Aug 2, 2022 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Jul 21, 2022)

Intuitive Surgical reported Q2 2022 results showing revenue growth driven by procedure volume, offset by weaker system placements. Total revenue was $1.52 billion, up 4% year over year (6% on a constant-currency basis, with a roughly 2-point FX headwind). Growth was led by instruments and accessories, which rose 12% to $895 million on approximately 14% growth in da Vinci procedures. Systems revenue fell 15% to $375 million as placements dropped to 279 units from 328, although the installed base grew 13% to 7,135 systems. Services revenue was $252 million. Profitability weakened. GAAP operating income fell to $398 million from $511 million, and GAAP diluted EPS fell to $0.85 from $1.42. Non-GAAP diluted EPS was $1.14 versus $1.30 a year earlier. Results were pressured by higher R&D (about $207 million versus $162 million) and SG&A (about $418 million versus $350 million). The lower GAAP EPS also reflects a smaller excess tax benefit from share-based compensation ($0.03 per share versus $0.12 a year earlier). Non-GAAP figures also changed methodology: IP and license charges expensed to R&D are no longer excluded, and historical figures were restated for comparability. Capital return remained active. The company repurchased $500 million of stock in the quarter and the Board raised the repurchase authorization to $3.5 billion in July 2022. Cash, cash equivalents, and investments ended at $8.18 billion, down $226 million for the quarter. Management noted that COVID-19 resurgences continued to weigh on procedure volumes, with effects varying by region.

Jul 21, 2022 8-K

Leadership ChangesShareholder MattersExhibits & Filings

Intuitive Surgical 8-K Report, Executive Changes (May 3, 2022)

Intuitive Surgical, Inc. (ISRG) filed an 8-K on May 2, 2022, reporting on outcomes from its Annual Meeting of Stockholders held on April 28, 2022. The primary focus of the filing is the stockholder approval of the amendment and restatement of the Amended and Restated 2010 Incentive Award Plan. This amendment increases the number of shares reserved for issuance under the plan and extends its term to 2032, indicating a continued commitment to equity-based compensation for employees and executives. Additionally, the filing provides details on the voting results for other key proposals presented at the Annual Meeting. All eleven director nominees were elected to serve a one-year term, and the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal year 2022 was ratified. The compensation of Named Executive Officers was also approved on an advisory basis, signaling continued shareholder confidence in the company's leadership and governance practices.

May 3, 2022 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Apr 21, 2022)

Intuitive Surgical (ISRG) reported first quarter 2022 results on April 21, 2022, with revenue of $1.49 billion, up 15% year over year from $1.29 billion. Worldwide da Vinci procedure volume grew approximately 19% despite another COVID-19 resurgence, and the installed base reached 6,920 systems, up 13%. Systems placements rose 4% to 311, while 108 of those were placed under operating lease or usage-based arrangements, down from 127 a year earlier. Instruments and accessories revenue rose 15% to $810 million, though growth was tempered by the lapping of Extended Use Program stocking orders in the prior-year quarter. Profitability was mixed. GAAP net income attributable to Intuitive was $366 million, or $1.00 per diluted share, versus $426 million, or $1.17, a year earlier, and GAAP operating income fell to $408 million from $417 million as share-based compensation rose to $121 million. Non-GAAP net income was $413 million, or $1.13 per diluted share, compared with $427 million, or $1.17. Investors should note that the company changed its non-GAAP methodology this quarter: it stopped excluding charges for intellectual property and license arrangements expensed to R&D, which reduced prior-period non-GAAP comparisons for consistency. The company ended the quarter with $8.40 billion in cash and investments, down $218 million, driven by share repurchases and capital expenditures. Management cited COVID-19 as an ongoing headwind to procedure volumes that varies by region, and CEO Gary Guthart described customer demand as healthy. The filing itself is a routine earnings disclosure furnished under Item 2.02 and is not deemed filed under the Exchange Act. No forward guidance is contained in the 8-K text.

Apr 21, 2022 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Jan 20, 2022)

Intuitive Surgical (ISRG) reported strong fourth-quarter 2021 results, filed via 8-K on January 20, 2022 with the earnings press release furnished as Exhibit 99.1. Q4 2021 revenue rose 17% year over year to $1.55 billion, driven by worldwide da Vinci procedure growth of roughly 19%, particularly in U.S. general surgery and outside-the-U.S. markets. Systems revenue grew 28% to $470 million on 385 systems shipped (up 18%), and instruments and accessories revenue grew 13% to $843 million. The installed base reached 6,730 systems, up 12% year over year. Full-year 2021 revenue was $5.71 billion, up about 31% from $4.36 billion in 2020, though the prior-year comparison was depressed by COVID-19. Profitability improved on a GAAP basis, with Q4 GAAP net income attributable to Intuitive of $381 million, or $1.04 per diluted share, versus $365 million, or $1.01, a year earlier. Non-GAAP net income was $477 million, or $1.30 per diluted share, compared with $1.19 in Q4 2020. Gross margin was about 68% on a GAAP basis (1,060.8 / 1,550.7). Q4 GAAP operating income of $450 million absorbed a $30 million contribution to the Intuitive Foundation and $120 million of share-based compensation. Cash, cash equivalents, and investments reached $8.6 billion, up $400 million in the quarter. Investors should note that the company continues to cite COVID-19 resurgences as an ongoing risk to procedure volumes, and that non-GAAP results exclude recurring items such as share-based compensation and intangible asset charges. Overall, the filing shows a company recovering strongly from the 2020 pandemic trough, with robust system placements, growing procedure volumes, and a healthy balance sheet. The filing itself is a routine earnings disclosure, and the key forward-looking uncertainties relate to COVID-19 resurgence, hospital capital spending, supply chain constraints, and competition.

Jan 20, 2022 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Jan 12, 2022)

Intuitive Surgical (ISRG) furnished an 8-K on January 12, 2022 disclosing unaudited, preliminary fourth-quarter and full-year 2021 results ahead of the J.P. Morgan Healthcare Conference. Preliminary Q4 2021 revenue was approximately $1.55 billion, up 17% from $1.33 billion, and full-year 2021 revenue was approximately $5.71 billion, up 31% from $4.36 billion. Growth was broad-based: instruments and accessories rose 13% in Q4 and 26% for the year, systems revenue rose 28% in Q4 and 44% for the year, and services rose 10% in Q4 and 27% for the year. Recurring revenue held at about 75% of total in 2021 versus 77% in 2020. Operationally, da Vinci procedures grew about 19% in Q4 and 28% for full-year 2021 to roughly 1,594,000, and management guided to 11% to 15% procedure growth in 2022. Da Vinci system shipments reached 385 in Q4 (up 18%) and 1,347 for the year (up 44%), with operating lease and usage-based placements rising to 517 systems in 2021 from 317. The installed base reached 6,730 systems. Management noted that COVID-19 resurgences continued to weigh on procedure volumes, particularly outside the United States, and Q4 included a $30 million contribution to the Intuitive Foundation. The figures are explicitly unaudited and subject to change pending final closing procedures and the annual audit, since the 2021 Form 10-K had not yet been filed. Management will present fuller results on a conference call on January 20, 2022. The filing also notes FDA clearance in December 2021 of the 8 mm SureForm 30 Curved-Tip Stapler.

Jan 12, 2022 8-K

Earnings & ResultsLeadership ChangesRegulation FD+1

Intuitive Surgical 8-K Report, Financial Results (Oct 19, 2021)

Intuitive Surgical (ISRG) reported strong third-quarter 2021 results on October 19, 2021, with total revenue of $1.40 billion, up 30% year over year from $1.08 billion. Growth was broad-based: instruments and accessories revenue rose 20% to $755 million, systems revenue jumped 55% to $415 million on 336 da Vinci system shipments (up 72%), and services revenue grew to $233 million. Worldwide da Vinci procedures grew approximately 20% year over year, though the quarter was affected by a COVID-19 resurgence. GAAP net income was $381 million, or $1.04 per diluted share, versus $0.87 a year earlier, while non-GAAP EPS was $1.19 versus $0.92. Operating margin compressed sequentially from the prior quarter, with GAAP income from operations of $443 million, down from $511 million in Q2 2021, as gross margin and operating expenses shifted. The company ended the quarter with $8.2 billion in cash, cash equivalents, and investments, and its installed base reached 6,525 systems, up 11%. The filing also discloses a three-for-one stock split, which began trading on a split-adjusted basis on October 5, 2021, so all per-share figures are restated. Management also announced an executive reshuffle effective January 1, 2022. Jamie Samath, currently Senior Vice President, Finance, will succeed Marshall Mohr as Chief Financial Officer after more than 15 years in that role, and Mohr will become Executive Vice President, Global Business Services. Dave Rosa becomes Executive Vice President and Chief Strategy & Growth Officer, and Henry Charlton succeeds Rosa as Chief Commercial Officer. Fredrik Widman will become Principal Accounting Officer. The transition is largely a continuity-oriented internal promotion, and the filing reports no new compensation arrangements for the incoming officers. For investors, the headline is durable top-line momentum, particularly in system placements and procedure growth, alongside a large cash position and a clear succession plan for the finance function. The main points to monitor are the sequential margin decline, the reliance on COVID-affected procedure trends, and whether the new organizational structure delivers the intended execution benefits.

Oct 19, 2021 8-K

Shareholder Matters

Intuitive Surgical 8-K Report, Shareholder Vote Results (Sep 23, 2021)

Intuitive Surgical, Inc. (ISRG) filed an 8-K on September 22, 2021, reporting the results of a Special Meeting of Stockholders held on September 20, 2021. The primary purpose of this meeting was to vote on a proposal to amend the Company's Certificate of Incorporation to increase the number of authorized common shares from 300,000,000 to 600,000,000. This increase is primarily intended to facilitate a three-for-one stock split.

Sep 23, 2021 8-K

Other EventsExhibits & Filings

Intuitive Surgical 8-K Report, Corporate Update (Aug 5, 2021)

On August 5, 2021, Intuitive Surgical (ISRG) disclosed that its Board of Directors approved a three-for-one split of its common stock, to be effected by amending the Certificate of Incorporation to increase authorized common shares from 300 million to 600 million. The split is contingent on stockholder approval at a Special Meeting scheduled for September 20, 2021. Based on the company's timetable, the record date is September 27, 2021, the distribution date is expected October 4, 2021, and split-adjusted trading is expected to begin October 5, 2021. Each holder of record will receive two additional shares for each share held, and the per-share price should be divided by three, so the economic value of a position is unchanged at the time of the split. For investors, the key point is that this is a mechanical, value-neutral corporate action rather than a fundamental operating event. The filing does not disclose new financial results, guidance, or changes to the business. Management explicitly states in the employee FAQ that the split "should not be interpreted as a signal of incremental confidence in our future financial results." The stated rationale is to enable more accurate employee compensation, make shares more affordable to a broader investor base, and improve trading liquidity. Equity compensation will be adjusted proportionally, with option and RSU share counts multiplied by three and option exercise prices divided by three, without changes to vesting schedules. The main near-term considerations are procedural. The split depends on a stockholder vote, and the Board retains the right not to proceed if it determines the split is no longer in the company's best interest. Investors who sell before the September 27 record date will not receive the additional shares, and those who sell between the record date and distribution date also forfeit them. The company states that the split should generally not be taxable for U.S. federal income tax purposes, though holders should consult their tax advisors. Investors should monitor the proxy statement, expected around August 25, 2021, for details of the proposal.

Aug 5, 2021 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Jul 20, 2021)

Intuitive Surgical (ISRG) reported second-quarter 2021 results on July 20, 2021, showing a strong rebound from the COVID-19-depressed second quarter of 2020. Total revenue rose 72% year over year to $1.46 billion, driven by a 68% increase in worldwide da Vinci procedure volume and a 84% jump in system shipments to 328 units. Instruments and accessories revenue grew 73% to $796 million, and systems revenue grew 68% to $440 million. Part of the growth reflects a base effect from 2020 and a catch-up in procedures deferred during the pandemic, so investors should weigh the two-year compound annual growth rate of 15% (2019 to 2021) as a more normalized indicator of underlying demand. Profitability improved sharply. GAAP income from operations was $511 million versus $81 million a year earlier, and non-GAAP income from operations was $630 million versus $193 million. GAAP diluted EPS was $4.25, boosted by a one-time $66 million deferred tax asset remeasurement benefit ($0.55 per share) that management excludes from non-GAAP results. Non-GAAP diluted EPS was $3.92, compared with $1.11 a year earlier. Excess tax benefits from share-based compensation also added $0.36 per share to GAAP earnings. The company ended the quarter with $7.7 billion in cash, cash equivalents, and investments, up $504 million sequentially, and total stockholders' equity increased to $10.9 billion. The filing is a furnished (not filed) earnings release under Item 2.02, so its content is not subject to Section 18 liability. Key items for investors to monitor include the sustainability of procedure growth once pandemic-related catch-up fades, the mix of operating-lease and usage-based system placements (108 of 328 shipments), and the gap between GAAP and non-GAAP earnings driven by recurring share-based compensation expense of $109 million in the quarter.

Jul 20, 2021 8-K

Leadership ChangesShareholder MattersRegulation FD+1

Intuitive Surgical 8-K Report, Executive Changes (Apr 26, 2021)

Intuitive Surgical's April 26, 2021 Form 8-K reports the outcome of its April 22, 2021 annual stockholder meeting and one notable compensation-plan action. Stockholders approved the amendment and restatement of the Amended and Restated 2010 Incentive Award Plan, which increases the share reserve from 32,450,000 to 34,450,000 shares, extends the plan term to 2031, restricts dividend payments on awards to the vesting of the underlying award, and removes references to the now-eliminated Section 162(m) qualified performance-based compensation exemption. Approval was the most contested vote of the meeting, with 23.7 million votes against (about 24% of votes cast), reflecting some investor pushback on equity dilution and plan terms. All eleven board nominees were elected to one-year terms, though director Alan J. Levy received notably weaker support, with roughly 18.9 million votes against (about 19% of votes cast). Other directors received well over 90% support in most cases. Stockholders also approved, on an advisory basis, the compensation of named executive officers, with 90.3 million for and 5.2 million against, and ratified PricewaterhouseCoopers LLP as the independent auditor for fiscal 2021 with strong support. The filing also furnished a press release announcing the board election of Dr. Monica P. Reed, a former AdventHealth executive, effective April 22, 2021. The filing contains no financial results or guidance, so its significance for investors lies mainly in governance and equity-compensation signals rather than near-term operating performance.

Apr 26, 2021 8-K

Earnings & ResultsExhibits & Filings

Intuitive Surgical 8-K Report, Financial Results (Apr 20, 2021)

Intuitive Surgical (ISRG) reported first quarter 2021 results on April 20, 2021, showing a strong rebound as COVID-19 restrictions eased. Total revenue rose 18% year over year to $1.29 billion, from $1.10 billion. Worldwide da Vinci procedure volume grew about 16%, and instruments and accessories revenue, the recurring driver of the business, increased 14% to $706 million. Systems revenue rose 30% to $369 million on 298 system shipments, up from 237, and 127 of those shipments were under operating lease or usage-based arrangements, versus 77 a year earlier. The installed base reached 6,142 systems, up 8%. Profitability improved meaningfully. GAAP income from operations rose to $417 million from $283 million, and GAAP diluted EPS was $3.51 versus $2.62. Non-GAAP diluted EPS was $3.52 versus $2.69 a year earlier. Results were helped by $73 million of excess tax benefits from share-based compensation, worth $0.61 per share, which flatters GAAP net income and is excluded from non-GAAP results. Gross margin on a GAAP basis was roughly 70% (902.6 / 1,292.1). The company ended the quarter with $7.2 billion in cash, cash equivalents and investments, up $361 million, and stockholders' equity of $10.2 billion. For investors, the quarter shows demand recovering as hospitals resumed elective procedures. Recurring instrument and procedure growth is the key metric to watch, and the lease-heavy system placements imply a shift toward recurring revenue over time. The filing also notes ongoing COVID-19 uncertainty, supply chain risk (including semiconductor shortages), and the continued cost of share-based compensation. This 8-K furnishes the earnings press release under Item 2.02 and is not deemed filed for Section 18 purposes.

Apr 20, 2021 8-K

Corporate ChangesExhibits & Filings

Intuitive Surgical 8-K Report, Bylaw Amendment (Feb 1, 2021)

Intuitive Surgical, Inc. (ISRG) filed an 8-K on February 1, 2021, primarily to announce amendments to its corporate bylaws. The key change involves the adoption of a forum selection bylaw. This bylaw designates the Court of Chancery of the State of Delaware (or federal courts in Delaware if necessary) as the exclusive venue for a broad range of internal corporate claims, including derivative actions and breaches of fiduciary duty. Additionally, federal district courts in the U.S. are designated as the exclusive forum for claims arising under the Securities Act of 1933. This amendment aims to centralize and streamline litigation concerning the company, potentially reducing legal costs and providing greater predictability in how such disputes are handled.

Feb 1, 2021

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