10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTUITIVE SURGICAL INC | |||
Ticker: ISRG Fiscal Year: 2021 | |||
Consolidated Statements Of Income | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 3, 2022) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Revenue: | |||
| Total revenue | $ 5,710,100 | 4,358,400 | 4,478,500 |
| Cost of revenue: | |||
| Total cost of revenue | 1,751,600 | 1,497,200 | 1,368,300 |
| Gross profit | 3,958,500 | 2,861,200 | 3,110,200 |
| Operating expenses: | |||
| Selling, general and administrative | 1,466,500 | 1,216,300 | 1,178,400 |
| Research and development | 671,000 | 595,100 | 557,300 |
| Total operating expenses | 2,137,500 | 1,811,400 | 1,735,700 |
| Income from operations | 1,821,000 | 1,049,800 | 1,374,500 |
| Interest and other income, net | 69,300 | 157,200 | 127,700 |
| Income before taxes | 1,890,300 | 1,207,000 | 1,502,200 |
| Income tax expense | 162,200 | 140,200 | 120,400 |
| Net income | 1,728,100 | 1,066,800 | 1,381,800 |
| Less: net income attributable to noncontrolling interest in joint venture | 23,500 | 6,200 | 2,500 |
| Net income attributable to Intuitive Surgical, Inc. | 1,704,600 | 1,060,600 | 1,379,300 |
| Net income per share attributable to Intuitive Surgical, Inc.: | |||
| Basic (usd per share) | 4.79 | 3.02 | 3.98 |
| Diluted (usd per share) | 4.66 | 2.94 | 3.85 |
| Shares used in computing net income per share attributable to Intuitive Surgical, Inc.: | |||
| Basic (shares) | 356,100 | 351,100 | 346,200 |
| Diluted (shares) | 365,800 | 361,000 | 358,400 |
| Total comprehensive income attributable to Intuitive Surgical, Inc. | 1,655,500 | 1,073,100 | 1,405,000 |
| Products and Services | |||
| Product | |||
| Total revenue | 4,793,900 | 3,634,600 | 3,754,300 |
| Total cost of revenue | 1,464,100 | 1,230,300 | 1,119,100 |
| Service | |||
| Total revenue | 916,200 | 723,800 | 724,200 |
| Total cost of revenue | 287,500 | 266,900 | 249,200 |
| Related Party | |||
| Joint venture | |||
| Less: net income attributable to noncontrolling interest in joint venture | 23,500 | 6,200 | 2,500 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTUITIVE SURGICAL INC | |||
Ticker: ISRG Fiscal Year: 2021 | |||
Consolidated Statements Of Comprehensive Income | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 3, 2022) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Net income attributable to Intuitive Surgical, Inc. | $ 1,704,600 | 1,060,600 | 1,379,300 |
| Other comprehensive income (loss): | |||
| Change in foreign currency translation gains (losses) | (12,600) | 4,700 | 300 |
| Available-for-sale investments (net of tax): | |||
| Change in unrealized gains (losses) | (45,500) | 13,800 | 30,700 |
| Less: Reclassification adjustment for (gains) losses on investments | 0 | (4,700) | (500) |
| Net change | (45,500) | 9,100 | 30,200 |
| Derivative instruments (net of tax): | |||
| Change in unrealized gains (losses) | 12,300 | (800) | 5,800 |
| Less: Reclassification adjustment for (gains) losses on derivative instruments | (4,900) | (2,800) | (5,300) |
| Net change | 7,400 | (3,600) | 500 |
| Employee benefit plans (net of tax): | |||
| Change in unrealized gains (losses) | 100 | 1,000 | (5,900) |
| Less: Reclassification adjustment for losses on employee benefit plans | 1,500 | 1,300 | 600 |
| Net change | 1,600 | 2,300 | (5,300) |
| Other comprehensive income (loss) | (49,100) | 12,500 | 25,700 |
| Total comprehensive income attributable to Intuitive Surgical, Inc. | 1,655,500 | 1,073,100 | 1,405,000 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTUITIVE SURGICAL INC | |||
Ticker: ISRG Fiscal Year: 2021 | |||
Consolidated Statements Of Cash Flows | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 3, 2022) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Operating activities: | |||
| Net income | $ 1,728,100 | 1,066,800 | 1,381,800 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and loss on disposal of property, plant, and equipment, net | 282,800 | 226,400 | 160,000 |
| Amortization of intangible assets | 27,400 | 49,800 | 43,000 |
| Loss (gain) on investments, accretion of discounts, and amortization of premiums on investments, net | 10,600 | (55,100) | (6,000) |
| Deferred income taxes | (62,600) | 57,600 | (8,000) |
| Share-based compensation expense | 449,200 | 395,400 | 335,800 |
| Amortization of contract acquisition assets | 22,000 | 17,100 | 13,100 |
| Changes in operating assets and liabilities, net of effects of acquisitions: | |||
| Accounts receivable | (142,300) | 5,700 | 38,800 |
| Inventory | (256,000) | (170,100) | (360,500) |
| Prepaids and other assets | (204,900) | (111,800) | (116,900) |
| Accounts payable | 36,000 | (32,300) | 12,300 |
| Accrued compensation and employee benefits | 115,100 | (16,600) | 57,400 |
| Deferred revenue | 32,600 | 15,000 | 35,500 |
| Other liabilities | 51,400 | 36,900 | 11,900 |
| Net cash provided by operating activities | 2,089,400 | 1,484,800 | 1,598,200 |
| Investing activities: | |||
| Purchase of investments | (6,452,000) | (4,292,900) | (3,346,200) |
| Proceeds from sales of investments | 84,900 | 800,700 | 107,300 |
| Proceeds from maturities of investments | 4,267,800 | 2,930,800 | 2,569,800 |
| Purchase of property, plant, and equipment and intellectual property | (353,500) | (341,500) | (425,600) |
| Acquisition of businesses, net of cash | 8,700 | 37,700 | 59,700 |
| Net cash used in investing activities | (2,461,500) | (940,600) | (1,154,400) |
| Financing activities: | |||
| Proceeds from issuance of common stock relating to employee stock plans | 276,500 | 308,800 | 272,800 |
| Taxes paid related to net share settlement of equity awards | (211,600) | (175,200) | (159,100) |
| Repurchase of common stock | 0 | (134,300) | (269,500) |
| Capital contribution from noncontrolling interest | 0 | 0 | 10,000 |
| Payment of deferred purchase consideration | (21,900) | (85,000) | (22,600) |
| Net cash provided by (used in) financing activities | 43,000 | (85,700) | (168,400) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (3,400) | (2,600) | (2,200) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (332,500) | 455,900 | 273,200 |
| Cash, cash equivalents, and restricted cash, beginning of year | 1,638,500 | 1,182,600 | |
| Cash, cash equivalents, and restricted cash, end of year | 1,306,000 | 1,638,500 | 1,182,600 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
INTUITIVE SURGICAL INC | ||
Ticker: ISRG Fiscal Year: 2021 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2021 10-K (Filed: Feb 3, 2022) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2021 | Dec 31, 2020 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 1,290,900 | 1,622,600 |
| Short-term investments | 2,913,100 | 3,488,800 |
| Accounts receivable, net of allowances of $20.2 and $17.7 as of December 31, 2021, and 2020, respectively | 782,700 | 645,500 |
| Inventory | 587,100 | 601,500 |
| Prepaids and other current assets | 271,100 | 267,500 |
| Total current assets | 5,844,900 | 6,625,900 |
| Property, plant, and equipment, net | 1,876,400 | 1,577,300 |
| Long-term investments | 4,415,500 | 1,757,700 |
| Deferred tax assets | 441,400 | 367,700 |
| Intangible and other assets, net | 633,200 | 503,600 |
| Goodwill | 343,600 | 336,700 |
| Total assets | 13,555,000 | 11,168,900 |
| LIABILITIES AND STOCKHOLDERS EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 121,200 | 81,600 |
| Accrued compensation and employee benefits | 350,100 | 235,000 |
| Deferred revenue | 377,200 | 350,300 |
| Other accrued liabilities | 301,300 | 298,300 |
| Total current liabilities | 1,149,800 | 965,200 |
| Other long-term liabilities | 453,700 | 444,600 |
| Total liabilities | 1,603,500 | 1,409,800 |
| Commitments and contingencies (Note 8) | ||
| Stockholders equity: | ||
| Preferred stock, 2.5 shares authorized, $0.001 par value, issuable in series; no shares issued and outstanding as of December 31, 2021, and 2020 | 0 | 0 |
| Common stock, 600.0 shares authorized, $0.001 par value, 357.7 shares and 353.1 shares issued and outstanding as of December 31, 2021, and 2020, respectively | 400 | 400 |
| Additional paid-in capital | 7,164,000 | 6,444,900 |
| Retained earnings | 4,760,900 | 3,261,300 |
| Accumulated other comprehensive income (loss) | (24,200) | 24,900 |
| Total Intuitive Surgical, Inc. stockholders equity | 11,901,100 | 9,731,500 |
| Noncontrolling interest in joint venture | 50,400 | 27,600 |
| Total stockholders equity | 11,951,500 | 9,759,100 |
| Total liabilities and stockholders equity | 13,555,000 | 11,168,900 |
| External Links | |
| INTUITIVE SURGICAL INC (ISRG) Fiscal Year 2021 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |