Intuitive(ISRG) - 2025 Q1 - Quarterly Results

Revenue and Growth - First quarter 2025 revenue was $2.25 billion, an increase of 19$1.89 billion in the first quarter of 2024[5] - Instruments and accessories revenue increased by 18% to $1.37 billion, driven by approximately 17$2,253.4 million, a decrease of 6.6% from $2,413.5 million in the previous quarter and an increase of 19.2$1,890.6 million in the same quarter last year[28] Surgical Systems and Procedures - The company placed 367 da Vinci surgical systems in Q1 2025, compared to 313 in Q1 2024, including 147 da Vinci 5 systems[7] - The installed base of da Vinci surgical systems grew to 10,189 systems as of March 31, 2025, an increase of 15% compared to 8,887 systems as of March 31, 2024[11] Income and Profitability - GAAP net income attributable to Intuitive Surgical, Inc. was $698 million, or$1.92 per diluted share, compared to $545 million, or$1.51 per diluted share, in Q1 2024[9] - Non-GAAP net income attributable to Intuitive Surgical, Inc. was $662 million, or$1.81 per diluted share, compared to $541 million, or$1.50 per diluted share, in Q1 2024[10] - Net income attributable to Intuitive Surgical, Inc. for Q1 2025 was $698.4 million, compared to$685.7 million in Q4 2024 and $544.9 million in Q1 2024, reflecting a year-over-year increase of 28.2$1.92 for Q1 2025, compared to $1.88 in Q4 2024 and$1.51 in Q1 2024, representing a year-over-year increase of 27.1%[31] Cash and Assets - The company ended Q1 2025 with $9.10 billion in cash, cash equivalents, and investments, an increase of$269 million during the quarter[12] - Cash, cash equivalents, and investments increased to $9,101.2 million as of March 31, 2025, up from$8,832.4 million at the end of 2024[30] - Total assets rose to $19,220.4 million as of March 31, 2025, compared to$18,743.2 million at the end of the previous quarter[30] - Total liabilities decreased to $2,012.7 million from$2,213.6 million quarter-over-quarter[30] Expenses - Non-GAAP gross profit margin is expected to be within a range of 65% and 66.5% of revenue in 2025, compared to 69.1% in 2024[19] - Non-GAAP operating expense growth is projected to be 10% to 14% in 2025, compared to 10% in 2024[19] - The company reported a significant increase in research and development expenses, totaling $316.2 million for Q1 2025, compared to$294.7 million in Q4 2024 and $284.5 million in Q1 2024[28] - The company continues to face significant recurring expenses related to share-based compensation, which amounted to$36.2 million in Q1 2025[31]