Financials Intuitive Surgical, Inc.

Equities

ISRG

US46120E6023

Advanced Medical Equipment & Technology

Market Closed - Nasdaq Other stock markets 04:00:00 2024-12-10 pm EST			5-day change	1st Jan Change
538.09 ^USD	-0.14%		-0.67%	+59.50%

Dec. 05	Stifel Adjusts Price Target on Intuitive Surgical to $610 From $525, Keeps Buy Rating	MT
Dec. 03	US speeds ahead, Europe cruises

Projected Income Statement: Intuitive Surgical, Inc.

income-statement-evolution-chart INTUITIVE-SURGICAL-INC

Fiscal Period: Dezember	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,478	4,358	5,710	6,222	7,124	8,141	9,514	10,988
Change	-	-2.68%	31.01%	8.97%	14.49%	14.28%	16.86%	15.5%
EBITDA ¹	1,920	1,732	2,625	2,487	2,819	3,339	3,972	4,595
Change	-	-9.84%	51.62%	-5.28%	13.35%	18.46%	18.94%	15.71%
EBIT ¹	1,785	1,515	2,315	2,149	2,397	2,885	3,398	4,022
Change	-	-15.13%	52.85%	-7.18%	11.55%	20.35%	17.78%	18.38%
Interest Paid ¹	-	-	-	-	-	-220	-257	-287
Earnings before Tax (EBT) ¹	1,502	1,207	1,890	1,607	1,959	2,529	3,062	3,709
Change	-	-19.65%	56.61%	-15%	21.91%	29.09%	21.08%	21.15%
Net income ¹	1,379	1,061	1,705	1,322	1,798	2,165	2,524	2,842
Change	-	-23.11%	60.72%	-22.43%	35.98%	20.39%	16.61%	12.6%
Announcement Date	1/23/20	1/21/21	1/20/22	1/24/23	1/23/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	1,278	1,100	852.1	1,078	1,329	1,292	1,464	1,403	1,551	1,488	1,522	1,557	1,655	1,696	1,756	1,744	1,928	1,891	2,010	2,038	2,200	2,198	2,342	2,383	2,562	2,513	2,677	2,702
Change	-	-13.95%	-22.5%	26.48%	23.33%	-2.78%	13.3%	-4.15%	10.5%	-4.06%	2.31%	2.32%	6.27%	2.49%	3.52%	-0.69%	10.59%	-1.96%	6.31%	1.4%	7.93%	-0.09%	6.57%	1.75%	7.5%	-1.89%	6.5%	0.94%
EBITDA ¹	553.7	435.4	244.7	459	602.4	592.1	705.5	652	668.8	611	611	636.5	628.4	627.4	709.9	732.3	744.2	734.2	860.9	867.6	890.5	901.7	983.6	1,022	1,075	-	-	-
Change	-	-21.37%	-43.8%	87.58%	31.24%	-1.71%	19.15%	-7.58%	2.58%	-8.64%	0%	4.17%	-1.27%	-0.16%	13.15%	3.16%	1.63%	-1.34%	17.26%	0.78%	2.64%	1.26%	9.09%	3.92%	5.16%	-100%	-	-
EBIT ¹	505.6	384.3	193.3	402.4	534.6	527.3	629.9	570	587.9	533.2	531.2	554.6	529.8	534.7	617.6	623.7	621	630	754.1	754.9	739.4	766.2	848.3	872.4	896.7	890	988.7	1,007
Change	-	-23.99%	-49.7%	108.17%	32.85%	-1.37%	19.46%	-9.51%	3.14%	-9.3%	-0.38%	4.41%	-4.47%	0.92%	15.5%	0.99%	-0.43%	1.45%	19.7%	0.11%	-2.05%	3.63%	10.71%	2.84%	2.79%	-0.75%	11.09%	1.82%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	431.7	308.1	107.2	355.2	436.5	448.8	526.2	461.1	454.2	402.4	406.9	402.8	394.7	421.8	499.2	522	515.9	538.5	654.5	671	670.1	676.9	730.2	741.9	789.4	775.3	843.7	885.9
Change	-	-28.63%	-65.21%	231.34%	22.89%	2.82%	17.25%	-12.37%	-1.5%	-11.4%	1.12%	-1.01%	-2.01%	6.87%	18.35%	4.57%	-1.17%	4.38%	21.54%	2.52%	-0.13%	1%	7.88%	1.6%	6.41%	-1.79%	8.82%	5%
Net income ¹	357.7	313.5	68	313.9	365.2	426.3	517.2	380.5	380.6	365.6	307.8	324	324.9	355.3	420.8	415.7	606.2	544.9	526.9	565.1	522.3	563.2	587.4	596.9	613.7	695.6	757.5	795.7
Change	-	-12.36%	-78.31%	361.62%	16.34%	16.73%	21.32%	-26.43%	0.03%	-3.94%	-15.81%	5.26%	0.28%	9.36%	18.44%	-1.21%	45.83%	-10.11%	-3.3%	7.25%	-7.57%	7.83%	4.3%	1.61%	2.81%	13.35%	8.9%	5.04%
Announcement Date	1/23/20	4/16/20	7/21/20	10/15/20	1/21/21	4/20/21	7/20/21	10/19/21	1/20/22	4/21/22	7/21/22	10/18/22	1/24/23	4/18/23	7/20/23	10/19/23	1/23/24	4/18/24	7/18/24	10/17/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Intuitive Surgical, Inc.

balance-sheet-analysis-chart INTUITIVE-SURGICAL-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-1,168	-1,623	-1,291	-1,581	-2,750	-4,725	-6,668	-9,237
Change	-	-238.96%	-179.54%	-222.46%	-273.94%	-271.81%	-241.12%	-238.53%
Announcement Date	1/23/20	1/21/21	1/20/22	1/24/23	1/23/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Intuitive Surgical, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	425.6	341.5	353.5	532.4	1,064	1,085	908	816.3
Change	-	-19.76%	3.51%	50.61%	99.89%	1.93%	-16.29%	-10.1%
Free Cash Flow (FCF) ¹	1,173	1,143	1,736	958.4	749.6	2,066	2,744	3,736
Change	-	-2.5%	51.83%	-44.79%	-21.79%	175.56%	32.86%	36.12%
Announcement Date	1/23/20	1/21/21	1/20/22	1/24/23	1/23/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Intuitive Surgical, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	42.88%	39.73%	45.98%	39.97%	39.57%	41.02%	41.75%	41.82%
EBIT Margin (%)	39.85%	34.75%	40.54%	34.53%	33.65%	35.44%	35.71%	36.61%
EBT Margin (%)	33.54%	27.69%	33.1%	25.82%	27.5%	31.06%	32.18%	33.76%
Net margin (%)	30.8%	24.33%	29.85%	21.25%	25.24%	26.59%	26.53%	25.87%
FCF margin (%)	26.18%	26.23%	30.4%	15.4%	10.52%	25.37%	28.85%	34%
FCF / Net Income (%)	85.01%	107.8%	101.84%	72.48%	41.69%	95.42%	108.73%	131.43%
Profitability
ROA	17.35%	11.7%	14.69%	13.23%	12.66%	13.54%	13.55%	13.52%
ROE	20.38%	13.59%	16.78%	14.7%	14.67%	16.33%	15.52%	14.56%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	9.5%	7.84%	6.19%	8.56%	14.94%	13.32%	9.54%	7.43%
CAPEX / EBITDA (%)	22.16%	19.72%	13.47%	21.41%	37.75%	32.49%	22.86%	17.76%
CAPEX / FCF (%)	36.3%	29.87%	20.36%	55.55%	141.97%	52.52%	33.09%	21.85%
Items per share
Cash flow per share ¹	4.458	4.114	5.712	4.118	5.075	7.337	9.471	10.9
Change	-	-7.72%	38.84%	-27.9%	23.23%	44.57%	29.08%	15.04%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	23.75	31.63	33.27	31.55	37.23	46.2	56.24	67.61
Change	-	33.2%	5.18%	-5.17%	18.02%	24.08%	21.74%	20.21%
EPS ¹	3.847	2.94	4.66	3.65	5.03	5.992	6.685	7.902
Change	-	-23.57%	58.5%	-21.67%	37.81%	19.12%	11.57%	18.2%
Nbr of stocks (in thousands)	346,721	352,666	357,237	353,385	352,072	356,179	356,179	356,179
Announcement Date	1/23/20	1/21/21	1/20/22	1/24/23	1/23/24	-	-	-