Intuitive Surgical, Inc. (NASDAQ:ISRG), a global technology leader
in robotic-assisted, minimally invasive surgery, today announced
financial results for the quarter ended September 30, 2017.
All share and per share information have been retroactively
adjusted to reflect a three-for-one stock split.
Q3 Highlights
- Worldwide da Vinci procedures grew approximately 15% compared
with the third quarter of 2016, driven primarily by growth in U.S.
general surgery procedures and worldwide urologic procedures.
- The Company shipped 169 da Vinci Surgical Systems compared with
134 in the third quarter of 2016.
- The Company’s stockholders approved a three-for-one split of
the Company's issued and outstanding common stock, which began
trading on a split-adjusted basis on October 6, 2017.
- Third quarter 2017 revenue of $806 million grew approximately
18% compared with $683 million for the third quarter of 2016. Third
quarter 2017 revenue included $21 million that had previously been
deferred in connection with a customer trade-out program that the
Company had offered certain first quarter 2017 customers.
- Third quarter 2017 GAAP net income was $298 million, or $2.55
per diluted share, compared with $211 million, or $1.77 per diluted
share, for the third quarter of 2016.
- Third quarter 2017 non-GAAP* net income was $324 million, or
$2.77 per diluted share, compared with $246 million, or $2.06 per
diluted share, for the third quarter of 2016. GAAP and non-GAAP*
net income per diluted share for the third quarter of 2017 and 2016
included $0.59 and $0.13, respectively, of benefits from certain
income tax items.
Q3 Financial Summary
Gross profits, income from operations, net
income, and net income per share 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 2017 revenue was $806
million, an increase of approximately 18% compared
with $683 million in the third quarter of 2016.
Higher third quarter revenue was driven by procedure growth and
higher systems placements. Third quarter 2017 revenue also included
$21 million of revenue that had previously been deferred in
connection with a customer trade-out program that the Company had
offered certain first quarter 2017 customers.
Third quarter 2017 instrument and accessory
revenue increased by approximately 15% to $401 million, compared
with $348 million for the third quarter of 2016,
primarily driven by approximately 15% growth in da Vinci procedure
volume. Third quarter 2017 service revenue increased by
approximately 13% to $147 million, compared with $130 million for
the third quarter of 2016.
Third quarter 2017 systems revenue increased by
approximately 26% to $258 million, compared with $205 million for
the third quarter of 2016. Intuitive Surgical shipped 169 da Vinci
Surgical Systems in the third quarter of 2017, compared with 134 in
the third quarter of 2016. A total of 20 of
the third quarter 2017 da Vinci Surgical
Systems were shipped under operating lease arrangements, compared
with 15 during the third quarter of 2016. Third quarter
2017 systems revenue also included revenue related to the customer
trade-out program mentioned above.
Third quarter 2017 income from operations
increased to $279 million, compared with $256 million in the third
quarter of 2016. Third quarter 2017 non-GAAP* income from
operations increased to $347 million, compared with $308 million in
the third quarter of 2016. Third quarter 2016 GAAP and non-GAAP*
income from operations benefited from a $7 million refund of
previously paid Medical Device Excise Tax.
Third quarter 2017 GAAP net income was $298
million, or $2.55 per diluted share, compared with $211 million, or
$1.77 per diluted share, for the third quarter of 2016. Third
quarter 2017 GAAP net income benefited from the adoption of a new
accounting standard in first quarter of 2017, which required that
$20 million, or $0.17 per diluted share, of excess tax benefits
related to employee share-based compensation awards be recorded as
a component of income tax expense.
Third quarter 2017 non-GAAP* net income was $324
million, or $2.77 per diluted share, compared with $246 million, or
$2.06 per diluted share, for the third quarter of 2016. The
customer trade-out program mentioned above, including the
associated deferral of product costs and income tax effect,
increased GAAP and non-GAAP* net income per diluted share by
approximately $0.09.
Third quarter 2017 GAAP and non-GAAP* net income
benefited from $68 million, or $0.59 per diluted share, related to
certain tax benefits recorded during the quarter. Third quarter
2016 GAAP and non-GAAP* income benefited from $16 million, or $0.13
per diluted share, related to certain tax benefits. Non-GAAP* net
income excludes the excess tax benefits mentioned above, as well as
litigation charges, share-based compensation expense, and
intangible asset charges.
Intuitive Surgical ended the third quarter of
2017 with $3.8 billion in cash, cash equivalents, and investments,
an increase of $379 million during the quarter, primarily driven by
cash generated from operations and employee stock option
exercises.
Commenting on the announcement, Dr. Gary
Guthart, President and CEO of Intuitive Surgical, said, “Third
quarter results were encouraging, with increases in procedures and
system placements reflecting continued interest by our customers in
building their robotic-assisted minimally invasive surgery programs
as they focus on outcomes and economic value.”
Additional supplemental financial and procedure
information has been posted to the Investor Relations section of
the Intuitive Surgical website at:
http://phx.corporate-ir.net/phoenix.zhtml?c=122359&p=irol-IRHome.
Webcast and Conference Call
InformationIntuitive Surgical will hold a teleconference
at 1:30 p.m. PDT today to discuss the third quarter 2017 financial
results. The call is being webcast by NASDAQ OMX and can be
accessed at Intuitive Surgical’s website at
https://www.intuitivesurgical.com/ or by dialing (877) 260-8896 or
(612) 332-0923.
About Intuitive Surgical,
Inc.Intuitive Surgical, Inc. (NASDAQ:ISRG),
headquartered in Sunnyvale, California, is a global technology
leader in robotic-assisted, minimally invasive
surgery. Intuitive Surgical develops, manufactures, and
markets robotic technologies designed to improve clinical outcomes
and help patients return more quickly to active and productive
lives. The Company's mission is to extend the benefits of minimally
invasive surgery to the broadest possible base of
patients. Intuitive Surgical - Taking surgery beyond the
limits of the human hand™.
About the da Vinci Surgical
System
The da Vinci Surgical System is a surgical
platform designed to enable complex surgery using a minimally
invasive approach. The da Vinci Surgical System consists of an
ergonomic surgeon console or consoles, a patient-side cart with
three or four interactive arms, a high-performance vision system
and proprietary EndoWrist instruments. Powered by state-of-the-art
technology, the da Vinci Surgical System is designed to scale,
filter, and seamlessly translate the surgeon’s hand movements into
more precise movements of the EndoWrist instruments. The net result
is an intuitive interface with improved surgical capabilities. By
providing surgeons with superior visualization, enhanced dexterity,
greater precision, and ergonomic comfort, the da Vinci Surgical
System makes it possible for skilled surgeons to perform more
minimally invasive procedures involving complex dissection or
reconstruction. Surgeons, hospitals, and patients benefit from a
large community of users and the Company’s robotic-assisted
surgical ecosystem, beginning with the robotic platforms, and also
including the broad instrument product line, imaging solutions,
training programs and technology, clinical validation, field
clinical support, field technical support, and program
optimization. For more information about clinical evidence related
to da Vinci Surgery, please visit
https://www.intuitivesurgical.com/company/clinical-evidence/.
da Vinci® and EndoWrist® are trademarks of
Intuitive Surgical, Inc.
Forward-Looking Statements
This press release contains forward-looking
statements, including statements regarding customers' continued
interest in building their robotic-assisted minimally invasive
surgery programs as they focus on outcomes and economic
value. These forward-looking statements are necessarily
estimates reflecting the best judgment of our 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 impact
of global and regional economic and credit market conditions on
healthcare spending; 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; the timing and success of product development and
market acceptance of developed products; the results of any
collaborations, in-licensing arrangements, joint ventures,
strategic alliances or partnerships; 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; competition in the medical device
industry and in the specific markets of surgery in which we
operate; unanticipated manufacturing disruptions or the inability
to meet demand for products; the results of legal proceedings to
which we are or may become a party; product liability and other
litigation claims; adverse publicity regarding the Company and the
safety of our products and adequacy of training; our ability to
expand into foreign markets; and other risk factors under the
heading “Risk Factors” in our report on Form 10-K for the year
ended December 31, 2016, as updated by our 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. We undertake 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 our consolidated financial
statements, which are prepared and presented in accordance with
accounting principles generally accepted in the United States
(“GAAP”), we use the following non-GAAP financial measures:
non-GAAP gross profit, non-GAAP income from operations, non-GAAP
net income, and non-GAAP net income per diluted share (“EPS”). 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.
We use these non-GAAP financial measures for
financial and operational decision-making and as a means to
evaluate period-to-period comparisons. We believe that these
non-GAAP financial measures provide meaningful supplemental
information regarding our 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 and also non-recurring in-process R&D charges. Other
non-cash charges include SBC expenses. We believe that both
management and investors benefit from referring to these non-GAAP
financial measures in assessing our performance and when planning,
forecasting, and analyzing future periods. These non-GAAP financial
measures also facilitate management’s internal comparisons to our
historical performance and liquidity. We believe 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 our institutional investors and the analyst
community to help them analyze the performance of our business.
Non-GAAP gross profit. We define non-GAAP gross
profit as gross profit excluding intangible asset charges, expenses
related to SBC, and litigation charges.
Non-GAAP income from operations. We define
non-GAAP income from operations as income from operations excluding
intangible asset charges, expenses related to SBC, and litigation
charges and recoveries.
Non-GAAP net income and EPS. We define non-GAAP
net income as net income excluding intangible asset charges,
expenses related to SBC, litigation charges and recoveries, net of
the related tax effects; and the excess tax benefits or
deficiencies associated with share-based compensation arrangements.
Other tax adjustments represent tax effects 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 our operating results. We define
non-GAAP EPS as non-GAAP net income divided by the weighted average
outstanding shares, on a fully-diluted basis.
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 intangible asset
charges and SBC, which are primarily recurring expenses. SBC has
been and will continue to be for the foreseeable future a
significant recurring expense in our business. In addition, the
components of the costs that we exclude in our calculation of
non-GAAP net income and non-GAAP EPS may differ from the components
that our 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 and EPS calculated
in accordance with GAAP.
Contact: Investor Relations(408) 523-2161
INTUITIVE SURGICAL,
INC.UNAUDITED QUARTERLY CONSOLIDATED STATEMENTS OF
INCOME(IN MILLIONS, EXCEPT PER SHARE
DATA) |
|
|
|
Three months ended |
In millions (except per
share data) ** |
September 30, 2017 |
|
June 30, 2017 |
|
September 30, 2016 |
Revenue: |
|
|
|
|
|
Instruments and accessories |
$ |
401.2 |
|
|
$ |
397.8 |
|
|
$ |
348.1 |
|
Systems |
258.1 |
|
|
216.4 |
|
|
205.1 |
|
Services |
146.8 |
|
|
142.0 |
|
|
129.7 |
|
Total
revenue |
806.1 |
|
|
756.2 |
|
|
682.9 |
|
Cost of revenue: |
|
|
|
|
|
Product |
195.0 |
|
|
184.3 |
|
|
158.4 |
|
Service |
44.3 |
|
|
44.0 |
|
|
37.5 |
|
Total
cost of revenue (1) |
239.3 |
|
|
228.3 |
|
|
195.9 |
|
Gross
profit |
566.8 |
|
|
527.9 |
|
|
487.0 |
|
Operating
expenses: |
|
|
|
|
|
Selling,
general and administrative |
204.8 |
|
|
185.8 |
|
|
168.0 |
|
Research
and development |
83.4 |
|
|
84.6 |
|
|
62.6 |
|
Total
operating expenses |
288.2 |
|
|
270.4 |
|
|
230.6 |
|
Income from
operations |
278.6 |
|
|
257.5 |
|
|
256.4 |
|
Interest and other
income, net |
10.8 |
|
|
10.1 |
|
|
10.4 |
|
Income before
taxes |
289.4 |
|
|
267.6 |
|
|
266.8 |
|
Income tax (benefit)
expense (2) |
(8.1 |
) |
|
46.1 |
|
|
55.8 |
|
Net income |
$ |
297.5 |
|
|
$ |
221.5 |
|
|
$ |
211.0 |
|
Net income per
share: |
|
|
|
|
|
Basic |
$ |
2.66 |
|
|
$ |
2.00 |
|
|
$ |
1.82 |
|
Diluted (3) |
$ |
2.55 |
|
|
$ |
1.92 |
|
|
$ |
1.77 |
|
Shares used in
computing net income per share: |
|
|
|
|
|
Basic |
111.8 |
|
|
111.0 |
|
|
116.1 |
|
Diluted |
116.8 |
|
|
115.2 |
|
|
119.1 |
|
|
|
|
|
|
|
(1) Includes pre-tax
medical device excise tax refund benefit as follows: |
|
|
|
|
|
Total
cost of revenue |
$ |
— |
|
|
$ |
— |
|
|
$ |
7.1 |
|
(2) Income tax
(benefit) expense includes the effect of the following items: |
|
|
|
|
|
Certain
one-time tax benefit |
$ |
68.4 |
|
|
$ |
— |
|
|
$ |
15.8 |
|
Excess
tax benefits related to share-based compensation arrangements* |
$ |
19.7 |
|
|
$ |
30.6 |
|
|
$ |
— |
|
(3) Diluted net income
per share includes the effect of the following items: |
|
|
|
|
|
Certain
one-time tax benefit |
$ |
0.59 |
|
|
$ |
— |
|
|
$ |
0.13 |
|
Excess
tax benefits related to share-based compensation arrangements* |
$ |
0.17 |
|
|
$ |
0.27 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) In the first quarter of 2017, the Company adopted
Accounting Standards Update No. 2016-09, Improvements to
Employee Share-Based Payment Accounting, which requires that all
excess tax benefits and tax deficiencies related share-based
compensation arrangements be recognized as income tax benefit or
expense, instead of in stockholders' equity as previous guidance
required. |
(**) Shares issued pursuant to the three-for-one stock
split of the Company’s issued and outstanding common stock, par
value $0.001 per share, were distributed on October 5, 2017, to
stockholders of record as of September 29, 2017. All share and per
share information have been retroactively adjusted to reflect the
stock split. |
INTUITIVE SURGICAL,
INC.UNAUDITED NINE MONTHS ENDED CONDENSED
CONSOLIDATED STATEMENTS OF INCOME(IN MILLIONS,
EXCEPT PER SHARE DATA) |
|
|
Nine months ended |
|
September 30, |
In millions (except per
share data) ** |
2017 |
|
2016 |
Revenue: |
|
|
|
Instruments and accessories |
$ |
1,179.8 |
|
|
$ |
1,009.5 |
|
Systems |
627.7 |
|
|
555.7 |
|
Services |
429.0 |
|
|
382.3 |
|
Total
revenue |
2,236.5 |
|
|
1,947.5 |
|
Cost of revenue: |
|
|
|
Product |
543.1 |
|
|
475.8 |
|
Service |
132.6 |
|
|
108.8 |
|
Total
cost of revenue (1) |
675.7 |
|
|
584.6 |
|
Gross
profit |
1,560.8 |
|
|
1,362.9 |
|
Operating
expenses: |
|
|
|
Selling,
general and administrative |
591.7 |
|
|
511.6 |
|
Research
and development |
241.5 |
|
|
170.5 |
|
Total
operating expenses |
833.2 |
|
|
682.1 |
|
Income from
operations |
727.6 |
|
|
680.8 |
|
Interest and other
income, net |
29.6 |
|
|
23.9 |
|
Income before
taxes |
757.2 |
|
|
704.7 |
|
Income tax expense
(2) |
58.4 |
|
|
172.8 |
|
Net income |
$ |
698.8 |
|
|
$ |
531.9 |
|
Net income per
share: |
|
|
|
Basic |
$ |
6.26 |
|
|
$ |
4.64 |
|
Diluted (3) |
$ |
6.03 |
|
|
$ |
4.52 |
|
Shares used in
computing net income per share: |
|
|
|
Basic |
111.6 |
|
|
114.6 |
|
Diluted |
115.9 |
|
|
117.6 |
|
|
|
|
|
(1) Includes pre-tax
medical device excise tax refund benefit as follows: |
|
|
|
Total
cost of revenue |
$ |
— |
|
|
$ |
7.1 |
|
(2) Income tax expense
includes the effect of the following items: |
|
|
|
Certain
one-time tax benefit |
$ |
60.6 |
|
|
$ |
15.8 |
|
Excess
tax benefits related to share-based compensation arrangements* |
$ |
82.9 |
|
|
$ |
— |
|
(3) Diluted net income
per share includes the effect of the following items: |
|
|
|
Certain
one-time tax benefit |
$ |
0.52 |
|
|
$ |
0.13 |
|
Excess
tax benefits related to share-based compensation arrangements* |
$ |
0.71 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
(*) In the
first quarter of 2017, the Company adopted Accounting Standards
Update No. 2016-09, Improvements to Employee Share-Based
Payment Accounting, which requires that all excess tax benefits and
tax deficiencies related share-based compensation arrangements be
recognized as income tax benefit or expense, instead of in
stockholders' equity as previous guidance required. |
(**) Shares
issued pursuant to the three-for-one stock split of the Company’s
issued and outstanding common stock, par value $0.001 per share,
were distributed on October 5, 2017, to stockholders of record as
of September 29, 2017. All share and per share information have
been retroactively adjusted to reflect the stock split. |
INTUITIVE SURGICAL,
INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS(IN MILLIONS) |
|
In millions |
September 30, 2017 |
|
December 31, 2016 |
Cash, cash equivalents
and investments |
$ |
3,802.0 |
|
|
$ |
4,837.9 |
|
Accounts receivable,
net |
468.0 |
|
|
430.2 |
|
Inventory |
225.2 |
|
|
182.3 |
|
Property, plant and
equipment, net |
584.8 |
|
|
458.4 |
|
Goodwill |
201.1 |
|
|
201.1 |
|
Deferred tax
assets |
119.8 |
|
|
150.9 |
|
Other assets |
243.7 |
|
|
226.1 |
|
Total
assets |
$ |
5,644.6 |
|
|
$ |
6,486.9 |
|
|
|
|
|
Accounts payable and
other accrued liabilities |
$ |
389.6 |
|
|
$ |
459.2 |
|
Deferred revenue |
295.1 |
|
|
249.9 |
|
Total liabilities |
684.7 |
|
|
709.1 |
|
Stockholders’
equity |
4,959.9 |
|
|
5,777.8 |
|
Total
liabilities and stockholders’ equity |
$ |
5,644.6 |
|
|
$ |
6,486.9 |
|
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 |
In millions (except per
share data) ** |
|
September 30, 2017 |
|
June 30, 2017 |
|
September 30, 2016 |
|
September 30, 2017 |
|
September 30, 2016 |
GAAP gross
profit |
|
$ |
566.8 |
|
|
$ |
527.9 |
|
|
$ |
487.0 |
|
|
$ |
1,560.8 |
|
|
$ |
1,362.9 |
|
Share-based
compensation expense |
|
10.6 |
|
|
10.1 |
|
|
10.2 |
|
|
30.6 |
|
|
28.0 |
|
Intangible asset
charges |
|
1.2 |
|
|
1.5 |
|
|
1.8 |
|
|
4.4 |
|
|
6.1 |
|
Litigation charges |
|
— |
|
|
— |
|
|
— |
|
|
7.8 |
|
|
— |
|
Non-GAAP gross
profit |
|
$ |
578.6 |
|
|
$ |
539.5 |
|
|
$ |
499.0 |
|
|
$ |
1,603.6 |
|
|
$ |
1,397.0 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income
from operations |
|
$ |
278.6 |
|
|
$ |
257.5 |
|
|
$ |
256.4 |
|
|
$ |
727.6 |
|
|
$ |
680.8 |
|
Share-based
compensation expense |
|
55.7 |
|
|
50.4 |
|
|
46.9 |
|
|
153.5 |
|
|
132.4 |
|
Intangible asset
charges |
|
3.1 |
|
|
9.1 |
|
|
4.3 |
|
|
15.9 |
|
|
14.0 |
|
Litigation charges
(recoveries) |
|
9.7 |
|
|
(4.5 |
) |
|
— |
|
|
26.5 |
|
|
6.6 |
|
Non-GAAP income
from operations |
|
$ |
347.1 |
|
|
$ |
312.5 |
|
|
$ |
307.6 |
|
|
$ |
923.5 |
|
|
$ |
833.8 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income |
|
$ |
297.5 |
|
|
$ |
221.5 |
|
|
$ |
211.0 |
|
|
$ |
698.8 |
|
|
$ |
531.9 |
|
Share-based
compensation expense |
|
55.7 |
|
|
50.4 |
|
|
46.9 |
|
|
153.5 |
|
|
132.4 |
|
Intangible asset
charges |
|
3.1 |
|
|
9.1 |
|
|
4.3 |
|
|
15.9 |
|
|
14.0 |
|
Litigation charges
(recoveries) |
|
9.7 |
|
|
(4.5 |
) |
|
— |
|
|
26.5 |
|
|
6.6 |
|
Tax adjustments -
excess tax benefits (1) |
|
(19.7 |
) |
|
(30.6 |
) |
|
— |
|
|
(82.9 |
) |
|
— |
|
Tax adjustments -
other |
|
(22.5 |
) |
|
(17.5 |
) |
|
(16.5 |
) |
|
(63.6 |
) |
|
(48.5 |
) |
Non-GAAP net
income |
|
$ |
323.8 |
|
|
$ |
228.4 |
|
|
$ |
245.7 |
|
|
$ |
748.2 |
|
|
$ |
636.4 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
per share - diluted |
|
$ |
2.55 |
|
|
$ |
1.92 |
|
|
$ |
1.77 |
|
|
$ |
6.03 |
|
|
$ |
4.52 |
|
Share-based
compensation expense |
|
0.48 |
|
|
0.44 |
|
|
0.39 |
|
|
1.32 |
|
|
1.13 |
|
Intangible asset
charges |
|
0.03 |
|
|
0.08 |
|
|
0.04 |
|
|
0.14 |
|
|
0.12 |
|
Litigation charges
(recoveries) |
|
0.08 |
|
|
(0.04 |
) |
|
— |
|
|
0.23 |
|
|
0.06 |
|
Tax adjustments -
excess tax benefits (1) |
|
(0.17 |
) |
|
(0.27 |
) |
|
— |
|
|
(0.71 |
) |
|
— |
|
Tax adjustments -
other |
|
(0.20 |
) |
|
(0.15 |
) |
|
(0.14 |
) |
|
(0.55 |
) |
|
(0.42 |
) |
Non-GAAP net
income per share - diluted |
|
$ |
2.77 |
|
|
$ |
1.98 |
|
|
$ |
2.06 |
|
|
$ |
6.46 |
|
|
$ |
5.41 |
|
|
(1) In the
first quarter of 2017, the Company adopted Accounting Standards
Update No. 2016-09, Improvements to Employee Share-Based
Payment Accounting, which requires that all excess tax benefits and
tax deficiencies related share-based compensation arrangements be
recognized as income tax benefit or expense, instead of in
stockholders' equity as previous guidance required. |
(**)
Shares issued pursuant to the three-for-one stock split of the
Company’s issued and outstanding common stock, par value $0.001 per
share, were distributed on October 5, 2017, to stockholders of
record as of September 29, 2017. All per share information has been
retroactively adjusted to reflect the stock split. |
|
Intuitive Surgical (NASDAQ:ISRG)
Historical Stock Chart
From Apr 2024 to May 2024
Intuitive Surgical (NASDAQ:ISRG)
Historical Stock Chart
From May 2023 to May 2024