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

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed January 15, 2025
Period End
January 15, 2025
Security
ISRG
In the record · 2016–202610-K1110-Q338-K100

ISRG filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 100 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jan ’17Jan ’17
  2. Leadership change8-K · May ’22May ’22
  3. Leadership change8-K · Nov ’26Nov ’26

01—Abstract

Summary

Summary of the 8-K filed January 15, 2025. Cited figures are marked; the original filing is the authoritative source.

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 billiona, 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%b 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%c), 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 milliond 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.

02—Key points

Key Highlights

  1. Q4 2024 revenue of approximately $2.41B rose 25% YoY; FY 2024 revenue of approximately $8.35B rose 17% YoY.
  2. Q4 systems revenue grew 36% to about $655M, aided by a lower mix of leased systems and higher average selling prices (ASP up 12% in Q4 to $1.59M).
  3. Q4 I&A revenue grew 23% to about $1.41B, and FY I&A revenue grew 19% to about $5.08B, reflecting procedure growth.
  4. Worldwide da Vinci procedures grew about 18% in Q4 and 17% for FY 2024 to roughly 2.68 million, led by U.S. general surgery (+19%) and outside-U.S. cancer procedures.
  5. Q4 system placements rose 19% to 493 (174 da Vinci 5), and FY placements rose 11% to 1,526 (362 da Vinci 5); the installed base reached 9,902 systems (+15%).
  6. Management guided to 13% to 16% worldwide da Vinci procedure growth in 2025, but the filing gives no revenue or earnings guidance.
  7. Results are unaudited and preliminary; the 2024 Form 10-K has not yet been filed, and the detailed earnings call is scheduled for January 23, 2025.

03—Questions

Frequently Asked Questions

  1. How strong was Intuitive's 2024 revenue growth, and what drove it?

    Preliminary FY 2024 revenue was about $8.35B, up 17% from $7.12B. Growth came from all three revenue lines: I&A rose 19% on higher procedure volume, systems rose 17%, and services rose 12%. Q4 growth was even stronger at 25%, with systems revenue up 36% partly due to a lower mix of leased systems.

  2. What does the 2025 procedure growth guidance mean for investors?

    Management expects worldwide da Vinci procedures to grow about 13% to 16% in 2025, following 17% growth in 2024. This is a volume guidance, not a revenue or earnings forecast. Because I&A revenue is tied to procedure volume, the guidance is a key indicator of recurring revenue growth, though pricing, mix, and the leasing model also affect results.

  3. Are there any weak spots in the results?

    Yes. Asia system placements fell 13% in Q4 2024, and trade-in placements declined 38% for the full year to 150. Xi system placements also fell sharply (dual console Xi down 32% and single console Xi down 17% for the year) as customers moved to da Vinci 5. Operating expenses also rose, including a $45M Foundation contribution in Q4 2024.

  4. How reliable are these numbers, and when will final results be available?

    The figures are unaudited and preliminary, subject to final closing procedures and the annual audit. The company has not yet filed its 2024 Form 10-K, so the numbers could change. Management is scheduled to discuss full-year results in more detail on its January 23, 2025 earnings call.

04—Continue

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