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ISRG - Intuitive Surgical Inc
$242.83
2.02(0.84%)6:44:08 PM 3/23/2023
Intuitive Surgical, Inc. is an American corporation that develops, manufactures, and markets robotic products designed to improve clinical outcomes of patients through minimally invasive surgery, most notably with the da Vinci Surgical System. The company is part of the NASDAQ-100 and S&P 500. As of December 31, 2019, Intuitive Surgical had an installed base of 5,582 da Vinci Surgical Systems, including 3,531 in the U.S., 977 in Europe, 780 in Asia, and 294 in the rest of the world. The research that eventually led to the development of the da Vinci Surgical System was performed in the late 1980s at a non-profit research institute SRI International. In 1990, SRI received funding from the National Institutes of Health. SRI developed a prototype robotic surgical system that caught the interest of the Defense Advanced Research Projects Agency , which was interested in the system for its potential to allow surgeons to operate remotely on soldiers wounded on the battlefield.

Financials

Quarterly financials
(USD)Dec 2022Q/Q
Revenue1.7B+6%
Gross Profit1.1B+6%
Cost Of Revenue544.1MM+8%
Operating Income372.5MM-7%
Operating Expenses738.4MM+13%
Net Income324.9MM+0%
R&D244.1MM+12%
G&A494.3MM+13%
Amortization7.6MM-4%

Revenue Breakdowns

The above Revenue Breakdowns and below Management Discussion contents are extracted from this specific SEC Edgar 10-K/10-Q filling. The process is fully automated and without human validation. Although we make every effort getting the relevant information, please be advised that We make no representation or warranties of any kind about completeness, accuracy, reliability, suitability or availability of the information exacted from Edgar 10-K/10-Q filings.

Highlights of Management DIscussion and Risk Factors in 10-K/10-Q filling

Positive
1.
These objectives are supported through strong compensation, benefits, programs that encourage employee health and wellness, and connections between our employees and the communities in which they live and work.
2.
These efforts will allow for an improved employee experience, regardless of whether an employee is working from home, fully on-site, or in a hybrid fashion.
3.
Our executive team and Board of Directors strongly support this commitment.
4.
We enable this by continuously striving to make Intuitive an inclusive, diverse, and safe workplace with opportunities for our employees to grow and develop in their careers.
5.
To enhance employee retention and engagement, we offer ongoing learning and leadership training opportunities that support growth.
6.
With a commitment to building strong, inclusive leaders, in 2022, we rolled out an enhancement to our existing manager development program designed to equip our people leaders with fundamental management skills to accelerate leadership success.
7.
We believe that everyone should feel included and fairly treated, and we embrace the unique qualities that make people who they are.
8.
Through ingenuity and intelligent technology, we 13Table of Contentsbelieve that we can expand the potential of physicians to heal without constraints.
9.
Community ProgramsWe believe that building connections between our employees, their families, and our communities creates a more meaningful, fulfilling, and enjoyable workplace.
10.
Five members of our Board 17Table of Contentsof Directors have enhanced information security expertise, including Gary S. Guthart, Ph.D., Joseph C. Beery, Amal M. Johnson, Keith R. Leonard Jr., and Mark J. Rubash.
11.
The MDR establishes a uniform, transparent, predictable, and sustainable regulatory framework across the EU for medical devices and ensures a high level of safety and health while supporting innovation.
12.
We believe in seeking the different to propel innovation and creativity forward.
13.
Talent DevelopmentWe value our employees and the passion, commitment, and expertise they contribute to Intuitive.
14.
Our clinical sales team has grown with the expanded installed bases of da Vinci Surgical Systems and Ion endoluminal systems as well as the total number of procedures performed.
15.
As we move into 2023, our focus will be on the implementation and sustained success of these new work models, including on-site engagement activities that reinforce our differentiating culture and facilitate cross-team networking, collaboration, and innovation.
16.
We have robust annual global performance and compensation planning processes for reviewing all employees’ performance and pay.
17.
We are diligently pursuing compliance with this new guidance.
18.
These new requirements aim at ensuring better identification and traceability of the devices.
19.
During 2022, our turnover rate was approximately 10.9%.Inclusion and DiversityIntuitive’s inclusion and diversity (“I&D”) vision is to empower our employees and customers from every background to fully contribute toward our mission to expand the potential of physicians to heal without constraints.
20.
We expect this organization to continue to grow as our business expands.
21.
In addition, we received higher reimbursement for da Vinci gastrectomy procedures, as compared to open and conventional laparoscopic procedure reimbursements.
22.
We obtained approval from the Japanese Ministry of Health, Labor, and Welfare (“MHLW”) for our da Vinci Si Surgical System in October 2012, for our da Vinci Xi Surgical System in March 2015, and for our da Vinci X Surgical System in April 2018.
23.
Our success depends on continued clinical and technical innovation, quality, and reliability, as well as educating hospitals, surgeons, and patients on the demonstrated results associated with robotic-assisted medical procedures using da Vinci Surgical Systems or Ion endoluminal systems and their value relative to other techniques.
Negative
1.
Failure to maintain compliance with applicable QSR requirements could result in the shut-down of, or restrictions on, manufacturing operations and the recall or seizure of marketed products.
2.
Our revenues may be adversely impacted as our competitors announce their intent to enter our markets and as our customers anticipate the availability of competing products.
3.
Also, in these circumstances, the manufacturer may be subject to significant regulatory fines or penalties.
4.
In addition, we have historically experienced lower procedure volume in the first and third quarters and higher procedure volume in the second and fourth quarters.
5.
A successful attack on our information technology systems could have significant consequences for the business.
6.
Such reviews could negatively impact hospital adoption of our technology.
7.
Failure to comply with all applicable regulations could prevent us from having access to products or components critical to the manufacture of finished products and lead to shortages and delays.
8.
Any regulatory or legislative developments in domestic or foreign markets that eliminate or reduce reimbursement rates for procedures performed with our products could harm our ability to sell our products or cause downward pressure on the prices of our products, either of which would adversely affect our business, financial condition, and results of business operations.
9.
In addition, the discovery of previously unknown problems with any marketed products, including unanticipated adverse events or adverse events of increasing severity or frequency, whether resulting from the use of the device within the scope of its clearance or off-label by a physician in the practice of medicine, could result in restrictions on the device, including the removal of the product from the market or voluntary or mandatory device recalls.
10.
Additionally, after a trial begins, we, the FDA, or the IRB could suspend or terminate a clinical trial at any time for various reasons, including a belief that the risks to study subjects outweigh the anticipated benefits.
11.
Failure to obtain regulatory approval or failure to comply with any regulation may negatively impact our ability to generate revenue and harm our business.
12.
See “Risk Factors – Information technology system failures, cyberattacks, or deficiencies in our cybersecurity could harm our business, customer relations, financial condition, or results of operations” for additional information about the risks to our business associated with a breach or compromise to our information technology systems.
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