Intuitive Surgical Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Intuitive Surgical Inc. filed its 2023 10-K, detailing financial performance and operational data for the fiscal year ending December 31, 2023.</b>

AI Summary

INTUITIVE SURGICAL INC (ISRG) filed a Annual Report (10-K) with the SEC on January 31, 2024. Intuitive Surgical Inc. filed its 2023 Form 10-K on January 31, 2024, reporting on the fiscal year ending December 31, 2023. The company is listed under SIC code 3842 for Orthopedic, Prosthetic & Surgical Appliances & Supplies. The filing includes financial data for the fiscal years ending December 31, 2023, 2022, and 2021. Key financial statement items such as revenue, net income, and EPS are reported for these periods. The report details various financial statement components including assets, liabilities, and equity.

Why It Matters

For investors and stakeholders tracking INTUITIVE SURGICAL INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Intuitive Surgical's financial health and operational results for the past fiscal year, crucial for investors assessing performance and future prospects. The detailed financial data and segment reporting within the 10-K allow stakeholders to understand revenue streams, profitability, and the company's overall financial position, aiding in investment decisions.

Risk Assessment

Risk Level: medium — INTUITIVE SURGICAL INC shows moderate risk based on this filing. The company operates in the highly regulated medical device industry, facing risks related to product development, regulatory approvals, and market competition, as detailed in its 10-K filings.

Analyst Insight

Investors should analyze the detailed financial statements and risk factors in the 10-K to understand Intuitive Surgical's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-01-31 — Filing Date (Date of submission)
• 112 — Public Document Count (Number of documents in the filing)
• 000-30713 — SEC File Number (SEC registration number)

Key Players & Entities

• INTUITIVE SURGICAL INC (company) — Filer name
• 0001035267 (company) — Central Index Key
• 3842 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• 1020 KIFER ROAD (company) — Business Address Street 1
• SUNNYVALE (company) — Business Address City
• CA (company) — Business Address State
• 94086 (company) — Business Address ZIP

Forward-Looking Statements

• Intuitive Surgical will continue to see strong revenue growth from its product segment due to increasing adoption of robotic-assisted surgery. (Intuitive Surgical Inc.) — medium confidence, target: 2024-12-31
• The company will maintain its leadership position in the robotic surgery market, fending off new competitors through continuous innovation. (Intuitive Surgical Inc.) — medium confidence, target: 2025-12-31

FAQ

Industry Context

Intuitive Surgical Inc. operates in the medical device industry, specifically focusing on robotic-assisted surgical systems.

Regulatory Implications

The company is subject to regulations from bodies like the FDA (Food and Drug Administration) governing medical devices.

What Investors Should Do

1. Review the detailed financial statements for revenue, net income, and EPS for FY2023.
2. Examine the business description and risk factors for insights into operational strategies and potential challenges.
3. Compare key financial metrics with prior years to identify trends and growth patterns.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-01-31: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share ISRG The Nasdaq Global Select

Filing Documents

• isrg-20231231.htm (10-K) — 2708KB
• q423ex-211xsubsidiariesq4o.htm (EX-21.1) — 22KB
• q423ex-231xauditorconsentq.htm (EX-23.1) — 2KB
• q423ex-311xceocertofsoxsec.htm (EX-31.1) — 11KB
• q423ex-312xcfocertofsoxsec.htm (EX-31.2) — 10KB
• q423ex-3212xceoandcfocerto.htm (EX-32.1) — 9KB
• q423ex-971xsecclawbackpoli.htm (EX-97.1) — 29KB
• isrg-20231231_g1.jpg (GRAPHIC) — 61KB
• isrg-20231231_g2.jpg (GRAPHIC) — 86KB
• 0001035267-24-000021.txt (&nbsp;) — 13815KB
• isrg-20231231.xsd (EX-101.SCH) — 75KB
• isrg-20231231_cal.xml (EX-101.CAL) — 156KB
• isrg-20231231_def.xml (EX-101.DEF) — 332KB
• isrg-20231231_lab.xml (EX-101.LAB) — 1105KB
• isrg-20231231_pre.xml (EX-101.PRE) — 675KB
• isrg-20231231_htm.xml (XML) — 2347KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 26 Item 1B. Unresolved Staff Comments 57 Item 1C. Cybersecurity 57 Item 2.

Properties

Properties 58 Item 3.

Legal Proceedings

Legal Proceedings 59 Item 4. Mine Safety Disclosures 59 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 60 Item 6. [RESERVED] 61 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 62 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 87 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 88 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 126 Item 9A.

Controls and Procedures

Controls and Procedures 126 Item 9B. Other Information 127 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 127 PART III Item 10. Directors, Executive Officers , and Corporate Governance 128 Item 11.

Executive Compensation

Executive Compensation 128 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 128 Item 13. Certain Relationships and Related Transactions and Director Independence 128 Item 14. Principal Accountant Fees and Services 128 PART IV Item 15. Exhibits and Financial Statement Schedules 129 Item 16. Form 10-K Summary 130

SIGNATURES

SIGNATURES 131 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements relate to expectations concerning matters that are not historical facts. 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. These forward-looking statements include, but are not limited to, statements related to future results of operations, future financial condition, the expected impacts of COVID-19 on our business, financial condition, and results of operations, our financing plans and future capital requirements, our potential tax assets or liabilities, and statements based on current expectations, estimates, forecasts, and projections about the economies and markets in which we operate and our beliefs and assumptions regarding these economies and markets. These forward-looking statements are necessarily estimates reflecting the 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 be considered in light of various important factors, including, but not limited to, the following: the overall macroeconomic environment, which may impact customer spending and our costs, including the levels of inflation and interest rates; the conflict in Ukraine; the conflict between Israel and Hamas; disruption to our supply chain, including increased difficulties in obtaining a sufficient supply of materials in the semiconductor and other markets; curtailed or delayed capital spe

BUSINESS

ITEM 1. BUSINESS In this report, "Intuitive Surgical," "Intuitive," the "Company," "we," "us," and "our" refer to Intuitive Surgical, Inc. and its wholly and majority-owned subsidiaries. Intuitive , Intuitive Surgical , da Vinci , da Vinci S , da Vinci Si , da Vinci X , da Vinci Xi , da Vinci 5 , da Vinci SP , EndoWrist , Firefly , Intuitive 3D Models , Intuitive Hub , Ion , My Intuitive , OnSite , SimNow , SureForm , and SynchroSeal are trademarks or registered trademarks of the Company. Company Background As part of Intuitive's mission, we believe minimally invasive care is life-enhancing care. Through ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints. We envision a future of care that is less invasive and profoundly better, where diseases are identified earlier and treated quickly so patients can get back to what matters most. Intuitive is committed to advancing minimally invasive care through a comprehensive ecosystem of products and services. This connected ecosystem includes systems, instruments and accessories, learning, and services connected by a digital portfolio that enables actionable digital insights across the care continuum and provides enhanced capabilities, intraoperative guidance, decision support, and a personalized learning journey, all with the goal to help improve outcomes and efficiency. Intuitive brings nearly three decades of experience and technical innovation to our robotic-assisted surgical solutions. While surgery and acute interventions have improved significantly in the past decades, there remains a significant need for better outcomes and decreased variability of these outcomes across care teams. The current healthcare environment continues to stress critical resources, including the professionals who staff care teams. At the same time, governments strain to cover the healthcare needs of their populations and demand lower total costs per patient to treat disease. In the face

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View this 10-K filing on SEC EDGAR