Intuitive (the “Company”) (Nasdaq: ISRG), a global technology
leader in minimally invasive care and the pioneer of
robotic-assisted surgery, today announced financial results for the
quarter ended September 30, 2019.
Q3 Highlights
- Worldwide da Vinci procedures grew nearly 20% compared with the
third quarter of 2018, driven primarily by growth in U.S. general
surgery procedures and worldwide urologic procedures.
- The Company shipped 275 da Vinci Surgical Systems, an increase
of 19% compared with 231 in the third quarter of 2018.
- The Company grew its da Vinci Surgical System installed base to
5,406 systems as of September 30, 2019, an increase of 12%
compared with 4,814 as of the end of the third quarter of
2018.
- Third quarter 2019 revenue of $1,128 million grew 23% compared
with $921 million for the third quarter of 2018.
- Third quarter 2019 GAAP net income was $397 million, or $3.33
per diluted share, compared with $293 million, or $2.45 per diluted
share, for the third quarter of 2018. Third quarter 2019 GAAP net
income includes $51 million, or $0.43 per diluted share, of income
tax benefit related to the enactment of Swiss tax reform.
- Third quarter 2019 non-GAAP* net income was $409 million, or
$3.43 per diluted share, compared with $337 million, or $2.83 per
diluted share, for the third quarter of 2018.
- The Company sold the first three IonTM endoluminal systems in
the third quarter of 2019. The Ion endoluminal system is the
Company's new flexible, robotic-assisted, catheter-based platform,
which is designed to navigate through very small lung airways to
reach peripheral nodules for biopsies.
- In July 2019, the Company received U.S. Food and Drug
Administration clearance for the SureForm 45 Curved-Tip stapler, a
single-use, fully wristed stapling instrument with a curved tip,
and SureForm 45 Gray reload, a new, single-use cartridge that
contains multiple staggered rows of implantable staples and a
stainless steel knife. These have particular utility in thoracic
procedures and round out our SureForm 45 portfolio.
- In August 2019, the Company acquired Schölly Fiberoptic's
robotic endoscope business, which the Company believes will
strengthen the supply chain and increase manufacturing capacity for
imaging products.
Q3 Financial Summary
Gross profit, income from operations, net
income, net income per diluted share, and diluted shares are
reported on a GAAP and non-GAAP* basis. The non-GAAP* measures are
described below and are reconciled to the corresponding GAAP
measures at the end of this release.
Third quarter 2019 revenue was $1,128
million, an increase of 23% compared with $921 million in
the third quarter of 2018. Higher third quarter
revenue was driven by increased procedures and systems
placements.
Third quarter 2019 instrument and accessory
revenue increased by 25% to $606 million, compared with $486
million for the third quarter of 2018, primarily driven
by nearly 20% growth in da Vinci procedure volume.
Third quarter 2019 systems revenue increased by
23% to $339 million, compared with $275 million for the third
quarter of 2018. The Company shipped 275 da Vinci Surgical Systems
in the third quarter of 2019, compared with 231 in the third
quarter of 2018. The third quarter 2019 system shipments included
92 systems shipped under operating lease and usage-based
arrangements, compared with 58 during the third quarter
of 2018.
Third quarter 2019 GAAP income from operations
increased to $366 million, compared with $313 million in the third
quarter of 2018. Third quarter 2019 non-GAAP* income from
operations increased to $462 million, compared with $391 million in
the third quarter of 2018.
Third quarter 2019 GAAP net income was $397 million, or $3.33
per diluted share, compared with $293 million, or $2.45 per diluted
share, for the third quarter of 2018. As a result of the enactment
of Swiss tax reform, third quarter 2019 GAAP net income included a
tax benefit from the re-measurement of Swiss deferred tax assets of
$51 million, or $0.43 per share. This benefit is excluded from
non-GAAP net income.
Third quarter 2019 non-GAAP* net income was $409
million, or $3.43 per diluted share, compared with $337 million, or
$2.83 per diluted share, for the third quarter of 2018.
The Company ended the third quarter of 2019 with
$5.4 billion in cash, cash equivalents, and investments, an
increase of $282 million during the quarter, primarily driven by
cash generated from operations.
“We are pleased with performance in the quarter, reflected in
our support of customers in procedures performed and system
placements. Intuitive is committed to enabling care givers in
their pursuit of better outcomes while lowering their total cost of
treatment,” said Intuitive CEO Gary Guthart.
Additional supplemental financial and procedure
information has been posted to the Investor Relations section of
the Intuitive website at: https://isrg.gcs-web.com/.
Webcast and Conference Call
Information
Intuitive will hold a teleconference at 1:30
p.m. PDT today to discuss the third quarter 2019 financial results.
The call is being webcast by Nasdaq OMX and can be accessed at
Intuitive’s website at www.intuitive.com or by dialing (800)
288-8975 or (612) 332-0335.
About Intuitive
Intuitive (Nasdaq: ISRG), headquartered in
Sunnyvale, California, is a global technology leader in minimally
invasive care and the pioneer of robotic-assisted surgery. At
Intuitive, we believe that minimally invasive care is
life-enhancing care. Through ingenuity and intelligent technology,
we expand the potential of physicians to heal without
constraints.
Intuitive brings more than two decades of
leadership in robotic-assisted surgical technology and solutions to
its offerings, and develops, manufactures, and markets the
da Vinci® surgical system and the Ion™ endoluminal
system.
Da Vinci®, da Vinci SP®, IonTM, and SureFormTM
are trademarks or registered trademarks of Intuitive Surgical,
Inc.
For more information, please visit the Company’s
website at www.intuitive.com.
Forward-Looking Statements
This press release contains forward-looking
statements, including statements regarding the Company's pursuit of
better outcomes while lowering their total cost of treatment and
the potential for the acquisition of Schölly Fiberoptic's robotic
endoscope business to strengthen the Company's supply chain and
increase manufacturing capacity for imaging products. These
forward-looking statements are necessarily estimates reflecting the
best judgment of the Company’s management and involve a number of
risks and uncertainties that could cause actual results to differ
materially from those suggested by the forward-looking statements.
These forward-looking statements should, therefore, be considered
in light of various important factors, including, but not limited
to, the following: the timing and success of product development
and market acceptance of developed products, including, but not
limited to, Intuitive’s Ion endoluminal system, da Vinci SP
surgical system, and 3rd generation stapling platform; the impact
of global and regional economic and credit market conditions on
healthcare spending; competition in the medical device industry and
in the specific markets of surgery in which the Company operates;
risks associated with our operations outside of the United States;
product liability and other litigation claims; adverse publicity
regarding the Company and the safety of the Company’s products and
adequacy of training; unanticipated manufacturing disruptions or
the inability to meet demand for products; the results of legal
proceedings to which the Company is or may become a party; the
Company’s reliance on sole and single source suppliers; the results
of any collaborations, in-licensing arrangements, joint ventures,
strategic alliances, or partnerships, including the joint venture
with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.; the Company's
completion of and ability to successfully integrate the acquisition
of Schölly Fiberoptic's robotic endoscope business; healthcare
reform legislation in the United States and its impact on hospital
spending, reimbursement, and fees levied on certain medical device
revenues; changes in hospital admissions and actions by payers to
limit or manage surgical procedures; procedure counts; regulatory
approvals, clearances and restrictions or any dispute that may
occur with any regulatory body; guidelines and recommendations in
the healthcare and patient communities; intellectual property
positions and litigation; the Company’s ability to expand into
foreign markets; the impact of changes to tax legislation,
guidance, and interpretations; changes in tariffs, trade barriers,
and regulatory requirements; and other risk factors identified
under the heading “Risk Factors” in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2018, as updated by the
Company’s other filings with the Securities and Exchange
Commission. Statements using words such as “estimates,” “projects,”
“believes,” “anticipates,” “plans,” “expects,” “intends,” “may,”
“will,” “could,” “should,” “would,” “targeted,” and similar words
and expressions are intended to identify forward-looking
statements. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company undertakes no obligation to publicly
update or release any revisions to these forward-looking
statements, except as required by law.
*About Non-GAAP Financial
Measures
To supplement its consolidated financial
statements, which are prepared and presented in accordance with
accounting principles generally accepted in the United States
(“GAAP”), the Company uses the following non-GAAP financial
measures: non-GAAP gross profit, non-GAAP income from operations,
non-GAAP net income, non-GAAP net income per diluted share (“EPS”),
and non-GAAP diluted shares. The presentation of this financial
information is not intended to be considered in isolation or as a
substitute for, or superior to, the financial information prepared
and presented in accordance with GAAP.
The Company uses these non-GAAP financial
measures for financial and operational decision-making and as a
means to evaluate period-to-period comparisons. The Company
believes that these non-GAAP financial measures provide meaningful
supplemental information regarding its performance and liquidity by
excluding items such as intangible asset charges, share-based
compensation (“SBC”) expenses, and other special items. Intangible
asset charges consist of non-cash charges, such as the amortization
of intangible assets, as well as in-process R&D charges. The
Company believes that both management and investors benefit from
referring to these non-GAAP financial measures in assessing its
performance and when planning, forecasting, and analyzing future
periods. These non-GAAP financial measures also facilitate
management’s internal comparisons to its historical performance and
liquidity. The Company believes these non-GAAP financial measures
are useful to investors, because (1) they allow for greater
transparency with respect to key metrics used by management in its
financial and operational decision-making, and (2) they are used by
institutional investors and the analyst community to help them
analyze the performance of the Company’s business.
Non-GAAP gross profit. The Company defines
non-GAAP gross profit as gross profit, excluding intangible asset
charges, expenses related to SBC, and litigation charges and
recoveries.
Non-GAAP income from operations. The Company
defines non-GAAP income from operations as income from operations,
excluding intangible asset charges, certain acquisition-related
items for the re-measurement of contingent consideration, expenses
related to SBC, and litigation charges and recoveries.
Non-GAAP net income and EPS. The Company defines
non-GAAP net income as net income (loss), excluding intangible
asset charges, non-cash impairment charges and recoveries, certain
acquisition-related items for the re-measurement of contingent
consideration, expenses related to SBC, litigation charges and
recoveries, adjustments attributable to noncontrolling interest in
joint venture, net of the related tax effects, and tax adjustments,
including the excess tax benefits or deficiencies associated with
SBC arrangements, the one-time impact of the enactments of the 2017
Tax Act and the 2019 Swiss tax reform, and the net tax effects
related to intra-entity transfers of non-inventory assets. The
Company excludes the one-time impact of the enactments of the 2017
Tax Act and the 2019 Swiss tax reform, because they are discrete in
nature, and excludes the excess tax benefits or deficiencies
associated with SBC arrangements as well as the tax effects
associated with non-cash amortization of deferred tax assets
related to intra-entity non-inventory transfers, because the
Company does not believe these items correlate with the on-going
results of its core operations. The tax effects of the non-GAAP
items are determined by applying a calculated non-GAAP effective
tax rate, which is commonly referred to as the with-and-without
method. Without excluding these tax effects, investors would only
see the gross effect that these non-GAAP adjustments had on the
Company’s operating results. The Company’s calculated non-GAAP
effective tax rate is generally higher than its GAAP effective tax
rate. The Company defines non-GAAP EPS as non-GAAP net income
divided by non-GAAP diluted shares, which are calculated as GAAP
weighted average outstanding shares plus dilutive potential shares
outstanding during the period.
There are a number of limitations related to the
use of non-GAAP measures versus measures calculated in accordance
with GAAP. Non-GAAP gross profit, non-GAAP income from operations,
non-GAAP net income, and non-GAAP EPS exclude items such as
intangible asset charges, re-measurement of contingent
consideration, SBC, excess tax benefits or deficiencies associated
with SBC arrangements, and non-cash amortization of deferred tax
assets related to intra-entity transfer of non-inventory assets,
which are primarily recurring items. SBC has been, and will
continue to be for the foreseeable future, a significant recurring
expense in the Company’s business. In addition, the components of
the costs that the Company excludes in its calculation of non-GAAP
net income and non-GAAP EPS may differ from the components that its
peer companies exclude when they report their results of
operations. Management addresses these limitations by providing
specific information regarding the GAAP amounts excluded from
non-GAAP net income and non-GAAP EPS and evaluating non-GAAP net
income and non-GAAP EPS together with net income (loss) and net
income (loss) per share calculated in accordance with
GAAP.
INTUITIVE SURGICAL, INC.
UNAUDITED QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF
INCOME (IN MILLIONS, EXCEPT PER SHARE
DATA)
|
Three months ended |
|
September 30, 2019 |
|
June 30, 2019 |
|
September 30, 2018 |
Revenue: |
|
|
|
|
|
Instruments and accessories |
$ |
606.2 |
|
|
$ |
578.5 |
|
|
$ |
486.3 |
|
Systems |
338.6 |
|
|
343.8 |
|
|
274.6 |
|
Services |
183.4 |
|
|
176.6 |
|
|
160.0 |
|
Total revenue |
1,128.2 |
|
|
1,098.9 |
|
|
920.9 |
|
Cost of revenue: |
|
|
|
|
|
Product |
277.3 |
|
|
283.4 |
|
|
225.1 |
|
Service |
65.3 |
|
|
56.5 |
|
|
53.5 |
|
Total cost of revenue |
342.6 |
|
|
339.9 |
|
|
278.6 |
|
Gross profit |
785.6 |
|
|
759.0 |
|
|
642.3 |
|
Operating expenses: |
|
|
|
|
|
Selling, general and administrative |
284.0 |
|
|
279.2 |
|
|
221.4 |
|
Research and development |
135.9 |
|
|
120.8 |
|
|
107.6 |
|
Total operating expenses |
419.9 |
|
|
400.0 |
|
|
329.0 |
|
Income from operations |
365.7 |
|
|
359.0 |
|
|
313.3 |
|
Interest and other income,
net |
33.3 |
|
|
32.8 |
|
|
21.9 |
|
Income before taxes |
399.0 |
|
|
391.8 |
|
|
335.2 |
|
Income tax expense (1) |
0.3 |
|
|
75.4 |
|
|
43.4 |
|
Net income |
398.7 |
|
|
316.4 |
|
|
291.8 |
|
Less: net income (loss) attributable to noncontrolling interest in
joint venture |
1.9 |
|
|
(1.9 |
) |
|
(0.7 |
) |
Net income attributable to
Intuitive Surgical, Inc. |
$ |
396.8 |
|
|
$ |
318.3 |
|
|
$ |
292.5 |
|
Net income per share
attributable to Intuitive Surgical, Inc.: |
|
|
|
|
|
Basic |
$ |
3.44 |
|
|
$ |
2.76 |
|
|
$ |
2.57 |
|
Diluted (2) |
$ |
3.33 |
|
|
$ |
2.67 |
|
|
$ |
2.45 |
|
Weighted average
shares outstanding: |
|
|
|
|
|
Basic |
115.4 |
|
|
115.4 |
|
|
114.0 |
|
Diluted |
119.3 |
|
|
119.3 |
|
|
119.2 |
|
|
|
|
|
|
|
(1) Income tax expense
includes the effect of the following items: |
|
|
|
|
|
Excess tax benefits related to share-based compensation
arrangements |
$ |
(28.8 |
) |
|
$ |
(11.3 |
) |
|
$ |
(24.1 |
) |
One-time tax benefit related to the enactment of Swiss tax
reform |
$ |
(51.3 |
) |
|
$ |
— |
|
|
$ |
— |
|
(2) Diluted net income per
share includes the effect of the following items: |
|
|
|
|
|
Excess tax benefits related to share-based compensation
arrangements |
$ |
0.24 |
|
|
$ |
0.09 |
|
|
$ |
0.20 |
|
One-time tax benefit related to the enactment of Swiss tax
reform |
$ |
0.43 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTUITIVE SURGICAL, INC.
UNAUDITED NINE MONTHS ENDED CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (IN MILLIONS, EXCEPT PER
SHARE DATA)
|
Nine months ended |
|
September 30, |
|
2019 |
|
2018 |
Revenue: |
|
|
|
Instruments and accessories |
$ |
1,737.0 |
|
|
$ |
1,422.7 |
|
Systems |
929.9 |
|
|
786.5 |
|
Services |
533.9 |
|
|
468.5 |
|
Total revenue |
3,200.8 |
|
|
2,677.7 |
|
Cost of revenue: |
|
|
|
Product |
807.1 |
|
|
654.7 |
|
Service |
179.5 |
|
|
154.6 |
|
Total cost of revenue |
986.6 |
|
|
809.3 |
|
Gross profit |
2,214.2 |
|
|
1,868.4 |
|
Operating expenses: |
|
|
|
Selling, general and administrative (1) |
836.6 |
|
|
702.8 |
|
Research and development |
400.7 |
|
|
298.2 |
|
Total operating expenses |
1,237.3 |
|
|
1,001.0 |
|
Income from operations
(2) |
976.9 |
|
|
867.4 |
|
Interest and other income,
net |
93.6 |
|
|
53.3 |
|
Income before taxes |
1,070.5 |
|
|
920.7 |
|
Income tax expense (3) |
51.4 |
|
|
87.0 |
|
Net income |
1,019.1 |
|
|
833.7 |
|
Less: net loss attributable to noncontrolling interest in joint
venture |
(2.5 |
) |
|
(1.7 |
) |
Net income attributable to
Intuitive Surgical, Inc. |
$ |
1,021.6 |
|
|
$ |
835.4 |
|
Net income per share
attributable to Intuitive Surgical, Inc.: |
|
|
|
Basic |
$ |
8.86 |
|
|
$ |
7.37 |
|
Diluted (4) |
$ |
8.56 |
|
|
$ |
7.04 |
|
Weighted average
shares outstanding: |
|
|
|
Basic |
115.3 |
|
|
113.4 |
|
Diluted |
119.4 |
|
|
118.6 |
|
|
|
|
|
(1) Selling, general and
administrative includes the effect of the following item: |
|
|
|
Litigation charges |
$ |
0.2 |
|
|
$ |
45.2 |
|
(2) Income from operations
includes the effect of the following item: |
|
|
|
Intangible asset charges |
$ |
51.5 |
|
|
$ |
22.2 |
|
(3) Income tax expense
includes the effect of the following items: |
|
|
|
Excess tax benefits related to share-based compensation
arrangements |
$ |
(112.8 |
) |
|
$ |
(100.4 |
) |
One-time tax benefit related to the enactment of Swiss tax
reform |
$ |
(51.3 |
) |
|
$ |
— |
|
(4) Diluted net income per
share includes the effect of the following items: |
|
|
|
Litigation charges, net of tax |
$ |
— |
|
|
$ |
(0.29 |
) |
Intangible asset charges, net of tax |
$ |
(0.38 |
) |
|
$ |
(0.15 |
) |
Excess tax benefits related to share-based compensation
arrangements |
$ |
0.94 |
|
|
$ |
0.85 |
|
One-time tax benefit related to the enactment of Swiss tax
reform |
$ |
0.43 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
INTUITIVE SURGICAL, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(IN MILLIONS)
|
September 30, 2019 |
|
December 31, 2018 |
Cash, cash equivalents, and investments |
$ |
5,430.6 |
|
$ |
4,834.4 |
Accounts receivable, net |
639.0 |
|
682.3 |
Inventory |
579.6 |
|
409.0 |
Property, plant, and
equipment, net |
1,136.8 |
|
812.0 |
Goodwill |
304.7 |
|
240.6 |
Deferred tax assets |
424.1 |
|
428.6 |
Other assets |
616.5 |
|
439.8 |
Total assets |
$ |
9,131.3 |
|
$ |
7,846.7 |
|
|
|
|
Accounts payable and other
accrued liabilities |
$ |
1,018.6 |
|
$ |
831.9 |
Deferred revenue |
335.6 |
|
327.3 |
Total liabilities |
1,354.2 |
|
1,159.2 |
Stockholders’ equity |
7,777.1 |
|
6,687.5 |
Total liabilities and stockholders’ equity |
$ |
9,131.3 |
|
$ |
7,846.7 |
INTUITIVE SURGICAL,
INC.UNAUDITED RECONCILIATION OF GAAP FINANCIAL
MEASURES TO NON-GAAP FINANCIAL MEASURES(IN
MILLIONS, EXCEPT PER SHARE DATA)
|
|
Three months ended |
|
Nine months ended |
|
|
September 30, 2019 |
|
June 30, 2019 |
|
September 30, 2018 |
|
September 30, 2019 |
|
September 30, 2018 |
GAAP gross profit |
|
$ |
785.6 |
|
|
$ |
759.0 |
|
|
$ |
642.3 |
|
|
$ |
2,214.2 |
|
|
$ |
1,868.4 |
|
Share-based compensation
expense |
|
17.8 |
|
|
16.0 |
|
|
14.3 |
|
|
48.9 |
|
|
39.0 |
|
Intangible asset charges |
|
8.8 |
|
|
8.7 |
|
|
1.8 |
|
|
25.7 |
|
|
4.1 |
|
Non-GAAP gross
profit |
|
$ |
812.2 |
|
|
$ |
783.7 |
|
|
$ |
658.4 |
|
|
$ |
2,288.8 |
|
|
$ |
1,911.5 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from
operations |
|
$ |
365.7 |
|
|
$ |
359.0 |
|
|
$ |
313.3 |
|
|
$ |
976.9 |
|
|
$ |
867.4 |
|
Share-based compensation
expense |
|
88.9 |
|
|
81.6 |
|
|
70.1 |
|
|
246.6 |
|
|
190.8 |
|
Intangible asset charges |
|
10.7 |
|
|
10.6 |
|
|
9.0 |
|
|
51.5 |
|
|
22.2 |
|
Litigation charges |
|
— |
|
|
— |
|
|
(1.8 |
) |
|
— |
|
|
45.2 |
|
Acquisition-related items |
|
(3.0 |
) |
|
4.1 |
|
|
— |
|
|
4.1 |
|
|
— |
|
Non-GAAP income from
operations |
|
$ |
462.3 |
|
|
$ |
455.3 |
|
|
$ |
390.6 |
|
|
$ |
1,279.1 |
|
|
$ |
1,125.6 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to Intuitive Surgical, Inc. |
|
$ |
396.8 |
|
|
$ |
318.3 |
|
|
$ |
292.5 |
|
|
$ |
1,021.6 |
|
|
$ |
835.4 |
|
Share-based compensation
expense |
|
88.9 |
|
|
81.6 |
|
|
70.1 |
|
|
246.6 |
|
|
190.8 |
|
Intangible asset charges |
|
10.7 |
|
|
10.6 |
|
|
9.0 |
|
|
51.5 |
|
|
22.2 |
|
Litigation charges |
|
— |
|
|
— |
|
|
(1.8 |
) |
|
— |
|
|
45.2 |
|
Impairment charges
(recoveries) |
|
— |
|
|
(0.8 |
) |
|
— |
|
|
0.7 |
|
|
— |
|
Acquisition-related items |
|
(3.0 |
) |
|
4.1 |
|
|
— |
|
|
4.1 |
|
|
— |
|
Tax adjustments (1) |
|
(83.2 |
) |
|
(22.1 |
) |
|
(32.8 |
) |
|
(206.8 |
) |
|
(141.7 |
) |
Adjustments attributable to
noncontrolling interest in joint venture |
|
(1.4 |
) |
|
(4.2 |
) |
|
— |
|
|
(9.4 |
) |
|
— |
|
Non-GAAP net income
attributable to Intuitive Surgical, Inc. |
|
$ |
408.8 |
|
|
$ |
387.5 |
|
|
$ |
337.0 |
|
|
$ |
1,108.3 |
|
|
$ |
951.9 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per
share attributable to Intuitive Surgical, Inc. -
diluted |
|
$ |
3.33 |
|
|
$ |
2.67 |
|
|
$ |
2.45 |
|
|
$ |
8.56 |
|
|
$ |
7.04 |
|
Share-based compensation
expense |
|
0.75 |
|
|
0.68 |
|
|
0.59 |
|
|
2.07 |
|
|
1.61 |
|
Intangible asset charges |
|
0.09 |
|
|
0.09 |
|
|
0.08 |
|
|
0.43 |
|
|
0.19 |
|
Litigation charges |
|
— |
|
|
— |
|
|
(0.02 |
) |
|
— |
|
|
0.38 |
|
Impairment charges
(recoveries) |
|
— |
|
|
— |
|
|
— |
|
|
0.01 |
|
|
— |
|
Acquisition-related items |
|
(0.03 |
) |
|
0.03 |
|
|
— |
|
|
0.03 |
|
|
— |
|
Tax adjustments (1) |
|
(0.70 |
) |
|
(0.18 |
) |
|
(0.27 |
) |
|
(1.74 |
) |
|
(1.19 |
) |
Adjustments attributable to
noncontrolling interest in joint venture |
|
(0.01 |
) |
|
(0.04 |
) |
|
— |
|
|
(0.08 |
) |
|
— |
|
Non-GAAP net income
per share attributable to Intuitive Surgical, Inc. -
diluted |
|
$ |
3.43 |
|
|
$ |
3.25 |
|
|
$ |
2.83 |
|
|
$ |
9.28 |
|
|
$ |
8.03 |
|
|
(1) For the three
months ended September 30, 2019, tax adjustments included: (a)
excess tax benefits associated with share-based compensation
arrangements of $(28.8) million, or $(0.24) per diluted share; (b)
a tax benefit from the re-measurement of Swiss deferred tax assets
of $(51.3) million, or $(0.43) per share; (c) tax impact related to
intra-entity transfers of non-inventory assets of $10.2 million, or
$0.09 per diluted share; and (d) other tax adjustments effects
determined by applying a calculated non-GAAP effective tax rate of
$(13.3) million, or $(0.12) per diluted share. For the nine months
ended September 30, 2019, tax adjustments included: (a) excess tax
benefits associated with share-based compensation arrangements of
$(112.8) million, or $(0.94) per diluted share; (b) a tax benefit
from the re-measurement of Swiss deferred tax assets of $(51.3)
million, or $(0.43) per share; (c) tax impact related to
intra-entity transfers of non-inventory assets of $30.6 million, or
$0.26 per diluted share; and (d) other tax adjustments effects
determined by applying a calculated non-GAAP effective tax rate of
$(73.3) million, or $(0.63) per diluted share. |
Contact: Investor Relations (408) 523-2161 |
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