EX-99.2 3 q423ex-992q4prereleaseq4on.htm EX-99.2

Document

Exhibit 99.2

Intuitive Surgical, Inc.

Unaudited Preliminary Quarterly and Annual Revenue Data and Metrics

			Three Months Ended																		Twelve Months Ended
			December 31, 2023						December 31, 2022						Change						December 31, 2023						December 31, 2022						Change
Revenue ($millions)
Instruments and accessories (“I&A”)			$	1,143.7					$	940.7					22		%				$	4,276.6					$	3,517.9					22		%
Systems			480.2						451.0						6		%				1,679.7						1,680.1						—		%
Services			304.4						263.3						16		%				1,167.8						1,024.2						14		%
Total revenue			$	1,928.3					$	1,655.0					17		%				$	7,124.1					$	6,222.2					14		%
% Total recurring revenue (1)			82%						79%												83%						79%
Da Vinci Surgical System Placements by Geography
United States			209						181						15		%				666						692						(4)		%
Europe			71						70						1		%				308						280						10		%
Asia			110						92						20		%				305						244						25		%
Other markets			25						26						(4)		%				91						48						90		%
Total system placements*			415						369						12		%				1,370						1,264						8		%
Unit placements involving trade-ins			51						110						(54)		%				240						345						(30)		%
Da Vinci Surgical System Placements by Model
Single console X systems			46						45						2		%				176						160						10		%
Dual console X systems			—						5						(100)		%				4						13						(69)		%
Single console Xi systems			251						222						13		%				805						766						5		%
Dual console Xi systems			99						91						9		%				328						302						9		%
SP systems			19						6						217		%				57						23						148		%
Total system placements*			415						369						12		%				1,370						1,264						8		%
*Systems placed under fixed-payment operating lease arrangements (included in total unit placements)			92						84						10		%				304						276						10		%
*Systems placed under usage-based operating lease arrangements (included in total unit placements)			109						70						56		%				355						216						64		%
Ion System Placements**			44						67						(34)		%				213						192						11		%
**Systems placed under fixed-payment operating lease arrangements (included in total unit placements)			14						11						27		%				63						61						3		%
**Systems placed under usage-based operating lease arrangements (included in total unit placements)			15						23						(35)		%				54						40						35		%
Other da Vinci Surgical System Metrics
Procedures (thousands)			613						507						21		%				2,286						1,875						22		%
Average Selling Price ($millions)			$	1.42					$	1.43					—		%				$	1.42					$	1.49					(5)		%
I&A revenue per procedure ($thousands)			$	1.80					$	1.82					(1)		%				$	1.82					$	1.84					(2)		%
Installed base (2)			8,606						7,544						14		%				8,606						7,544						14		%

(1) We present operating lease revenue, which is classified as systems revenue, as a component of total recurring revenue.

(2) During the fourth quarters of 2023 and 2022, we performed a verification audit of our installed base records that identified 41 and 70 systems, respectively, mostly older standard, S, and Si models, which had been retired. We removed these systems from our installed base estimate during the fourth quarters of 2023 and 2022, respectively.

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Intuitive Surgical, Inc.

Unaudited Preliminary Trended Annual da Vinci Procedure Data

						Approximate Procedures (Thousands)																		Percentage Change*
						2023						2022						2021						2023						2022
United States
General Surgery						896						720						589						25		%				22		%
Gynecology						390						341						316						14		%				8		%
Urology						173						162						153						7		%				6		%
Other						73						59						51						20		%				15		%
Total United States						1,532						1,282						1,109						19		%				16		%
Outside of the United States
Urology						381						316						264						21		%				19		%
Other						373						277						221						35		%				25		%
Total Outside of the United States						754						593						485						27		%				22		%
Total Worldwide						2,286						1,875						1,594						22		%				18		%
* The approximate procedures are rounded to thousands, but the percentage changes are based on unrounded approximate procedures.

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements relate to unaudited preliminary trended annual procedure data, unaudited preliminary fourth quarter and full year 2023 revenue data and metrics, and other related subjects. The unaudited preliminary results are subject to the completion of Intuitive’s final closing procedures and an audit by the Company’s independent registered accounting firm and, therefore, are subject to adjustment. These forward-looking statements are based on Intuitive’s current expectations and estimates and are subject to risks and uncertainties that could cause actual events and results to vary significantly from those implied by such statements. These forward-looking statements should, therefore, be considered in light of various important factors, including, but not limited to, the following: completion of the Company’s final closing procedures, final adjustments, and other developments that may arise in the course of audit and review procedures; and other risk factors under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, as updated by the Company’s other filings with the Securities and Exchange Commission.

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