Intuitive Surgical (ISRG) Q4 2023 earnings summary

Executive summary

• Q4 revenue rose 17% YoY to $1.93B, driven by da Vinci procedure growth and a larger installed base; worldwide procedures grew ~21% YoY.

• GAAP net income was $606M, or $1.69 per diluted share; non-GAAP net income was $574M, or $1.60 per diluted share.

• 2023 revenue was $7.12B, compared with $6.22B in 2022; GAAP net income was $1.80B versus $1.32B.

Financial highlights

• Q4 gross profit was $1.28B, GAAP operating income was $450M, and non-GAAP operating income was $621M.

• Q4 GAAP diluted EPS was $1.69 versus $0.91 YoY; non-GAAP diluted EPS was $1.60 versus $1.23.

• FY 2023 GAAP operating income was $1.77B versus $1.58B; non-GAAP operating income was $2.40B versus $2.15B in 2022.

• Q4 expenses included a $40M Intuitive Foundation contribution; GAAP operating income included $152M of share-based compensation expense.

Outlook and guidance

• Following January 2024 CE mark certification, plans call for a measured rollout of the da Vinci SP system in select major European countries throughout 2024.