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Intuitive Surgical Inc. (ISRG-1.36%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $8.4 billion for 2024, a 17% increase from the previous year. This growth was driven by a 19% increase in instruments and accessories revenue, a 17% increase in systems revenue, and a 12% increase in service revenue.
Approximately 2,683,000 da Vinci procedures were performed in 2024, reflecting a 17% increase compared to 2023. The increase was largely due to growth in U.S. general surgery and OUS general surgery procedures.
The company placed 1,526 da Vinci surgical systems during the year, an 11% increase from 2023. As of December 31, 2024, the installed base of da Vinci systems was approximately 9,902, a 15% increase from the prior year.
Intuitive Surgical reported a gross profit margin of 67.5% for 2024, compared to 66.4% in 2023. The increase was primarily due to leverage on fixed overhead costs and lower logistics costs.
Operating income for 2024 was $2.35 billion, a 33% increase from 2023. This includes $688 million in share-based compensation expense and $22.6 million in intangible asset-related charges.
Net income attributable to Intuitive Surgical for 2024 was $2.32 billion, compared to $1.80 billion in 2023. The effective tax rate for 2024 was approximately 12.6%, up from 7.2% in 2023 due to certain tax benefits realized in the prior year.
As of December 31, 2024, the company held $8.83 billion in cash, cash equivalents, and investments, an increase of $1.49 billion from the previous year, primarily due to cash provided by operating activities and proceeds from stock option exercises.
The company anticipates capital expenditures in the range of $650 million to $800 million in 2025, mainly for facilities-related investments.
Intuitive Surgical continues to face competition from companies offering alternative surgical solutions and is monitoring macroeconomic conditions that could impact future performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Intuitive Surgical Inc. annual 10-K report dated January 31, 2025. To report an error, please email earnings@qz.com.