Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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Intuitive Surgical Inc. pages available for free this week:
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
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Intuitive Surgical Inc., consolidated statement of comprehensive income
US$ in thousands
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The financial data reveals several noteworthy trends over the five-year period. Net income demonstrates an overall positive trajectory, beginning at approximately $1.07 billion in 2020 and increasing to $2.34 billion by 2024. While there is a dip in 2022 to around $1.34 billion, the net income sharply recovers and peaks in 2024, indicating strong profitability growth with some volatility.
Foreign currency translation gains and losses exhibit significant fluctuations, oscillating between gains and losses without a consistent trend. Notably, large negative values in 2021 and 2024 (-$13.3 million and -$53.2 million respectively) may have impacted overall other comprehensive income during those years.
Unrealized gains and losses, as part of changes in available-for-sale securities, show a substantial decline in 2022 with a loss of approximately $138 million, preceded by a smaller loss in 2021 and followed by notable gains in 2023. This pattern suggests volatility in securities holdings and may reflect changing market conditions or investment strategy adjustments.
Similarly, hedge instruments and employee benefit plans present mixed results over the period. Hedge instruments report a gain in 2024 of $13.5 million after several years of alternating positive and negative adjustments, while employee benefit plans fluctuate with a peak gain of $6 million in 2022 and a significant negative figure in 2024 (-$15.2 million), signaling some variability in these components that contribute to comprehensive income.
Other comprehensive income, net of tax, shows a wide range, with a substantial loss in 2021 and 2022 (nearly -$50 million and -$140 million respectively), a strong recovery in 2023 (+$150 million), and another loss in 2024 (-$39.8 million). This volatility indicates that while net income performed well, other components of comprehensive income were considerably impacted by market or accounting adjustments.
Comprehensive income follows a pattern aligned with net income but is tempered by the volatility in other comprehensive income. Starting at roughly $1.08 billion in 2020, comprehensive income dips in 2022 but recovers strongly in 2023, reaching a high of about $1.97 billion, and remains elevated in 2024 at approximately $2.30 billion.
Comprehensive income attributable to noncontrolling interests remains negative throughout the period, though the magnitude of these negative amounts decreases over time, from -$6.7 million in 2020 to around -$14.2 million in 2024, suggesting a consistent but diminishing impact from these interests.
Consequently, comprehensive income attributable to the company parallels the overall comprehensive income trends, beginning at around $1.07 billion in 2020, decreasing in 2022, then ascending to a peak near $2.28 billion in 2024. This consistency highlights the significant contribution of the company's core operations to the overall financial performance despite fluctuations in other comprehensive income components.