Summary
Intuitive Surgical Inc. (ISRG) filed an 8-K on January 24, 2014, announcing its financial results for the quarter ended December 31, 2013. The report primarily directs investors to a press release (Exhibit 99.1) and supplemental financial and procedure information (Exhibit 99.2) for detailed results. The company also provided extensive disclosure regarding its use of non-GAAP financial measures, specifically non-GAAP net income and non-GAAP EPS. These non-GAAP measures exclude amortization of intangible assets and share-based compensation (SBC) to offer a view of recurring operating results and facilitate period-to-period comparisons.
Key Highlights
- 1Intuitive Surgical released financial results for the quarter ended December 31, 2013, via press release.
- 2Detailed supplemental financial and procedure data is available in Exhibit 99.2.
- 3The company utilizes and explains its use of non-GAAP net income and non-GAAP EPS.
- 4Non-GAAP measures exclude amortization of intangible assets and share-based compensation (SBC).
- 5The rationale for non-GAAP reporting is to provide transparency on key metrics used by management and facilitate comparisons.
- 6The filing includes reconciliations of non-GAAP measures to their GAAP equivalents.
Frequently Asked Questions
The primary purpose of this 8-K filing is to announce Intuitive Surgical's financial results for the quarter ended December 31, 2013, and to provide investors with access to the associated press release and supplemental financial information.
Intuitive Surgical is reporting non-GAAP net income and non-GAAP earnings per share (EPS). These measures exclude the impact of amortization of intangible assets and share-based compensation (SBC) expense.
The company uses non-GAAP measures to provide a clearer view of its recurring operational performance and liquidity by excluding non-cash charges. They believe these measures are useful for management decision-making and for investors to assess period-to-period comparisons and compare results with competitors.
Detailed financial and procedure information is available in Exhibit 99.2 attached to this 8-K filing. This exhibit also includes reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures.