Stock Analysis on Net

Intuitive Surgical Inc. (NASDAQ:ISRG)

$24.99

Common-Size Income Statement
Quarterly Data

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Intuitive Surgical Inc., common-size consolidated income statement (quarterly data)

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3 months ended: Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Product
Service
Revenue
Product
Service
Cost of revenue
Gross profit
Selling, general and administrative
Research and development
Operating expenses
Income from operations
Interest and other income (expense), net
Income before taxes
Income tax (expense) benefit
Net income
Net income attributable to noncontrolling interest in joint venture
Net income attributable to Intuitive Surgical, Inc.

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Revenue Composition
The proportion of revenue derived from products consistently dominates, ranging from approximately 81.93% to 85.61% over the periods analyzed. Service revenue contributes the remaining portion, fluctuating mostly between 14.39% and 18.07%, indicating a stable revenue mix with a stronger reliance on product sales.
Cost of Revenue
Cost of revenue as a percentage of total revenue exhibits variability, moving between roughly 30.08% and 40.98%. Product-related costs are more substantial than service-related costs, with product costs generally between 24.71% and 29.76% while service costs remain around 4.45% to 7.68%. There is a moderately increasing trend in product cost ratio towards the later quarters, potentially signaling escalating manufacturing or procurement expenses.
Gross Profit Margin
Gross profit margin demonstrates a declining trend from a peak high of 69.92% down to a low near 64.69% in the most recent quarter. The decreasing gross margin suggests margins are being pressured, potentially due to increased product costs or competitive pricing dynamics.
Operating Expenses
Operating expenses as a percentage of revenue, which include selling, general and administrative (SG&A) and research and development (R&D) costs, represent a significant portion ranging from about 35.01% up to nearly 49.56% in earlier quarters. SG&A expenses fluctuate mostly between 23.92% and 29.41%, while R&D expenses remain fairly steady around 11% to 16%, indicating ongoing investment in innovation alongside controlled administrative spending.
Operating Income
Income from operations shows considerable volatility with low points around 9.46% and highs above 34%, eventually stabilizing around the mid-20% range in recent quarters. This reflects effective earnings generation despite fluctuations in costs and expenses, with a tendency toward operational profitability stabilization over time.
Other Income and Income Before Taxes
Interest and other income exhibit generally positive values, trending upward from approximately 0.25% to above 4%, suggesting an increasing contribution from non-operating sources. Income before taxes remains strong, reflecting operating income trends and the positive impact of other income, with percentages mostly oscillating between 23.85% and 35.94%.
Income Tax Expense
Income tax expense as a percentage of revenue shows variability, including occasional negative values (benefits) ranging from approximately -6.13% to positive 4.92%. This irregular pattern suggests fluctuations in effective tax rates, potentially due to tax credits, adjustments, or changes in jurisdictional tax policies.
Net Income
Net income margin fluctuates significantly across the periods. It reached highs up to approximately 35.72% and lows near 8.24%, stabilizing more recently between 20% and 31%. The net income attributable to the company follows a similar trend, confirming consistent profitability notwithstanding quarter-to-quarter variability. The small impact of noncontrolling interest is noticeable but minor relative to the overall net income.
Summary of Trends
Overall, the company maintains a strong product revenue base with a stable service revenue component. While cost pressures have slightly compressed gross margins over time, disciplined management of operating expenses supports sustained profitability. Positive trends in other income contribute to robust pre-tax earnings. The variability in income tax rates introduces some net income fluctuations; however, net profitability remains solid throughout, indicative of resilient business operations and effective cost management.