Exhibit 99.1
INTUITIVE SURGICAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
3 Months Ended | ||||||||
12/31/03 | 12/31/02 | |||||||
Sales: | ||||||||
Products | $ | 23,627 | $ | 19,448 | ||||
Services | 3,966 | 1,697 | ||||||
Total sales | 27,593 | 21,145 | ||||||
Cost of sales: | ||||||||
Products | 15,901 | 8,517 | ||||||
Services | 2,156 | 1,906 | ||||||
Total cost of sales | 18,057 | 10,423 | ||||||
Gross profit | 9,536 | 10,722 | ||||||
Gross profit % | 34.6 | % | 50.7 | % | ||||
Operating costs and expenses: | ||||||||
Selling, general, and administrative | 10,417 | 9,691 | ||||||
Research and development | 4,732 | 4,026 | ||||||
Total operating costs and expenses | 15,149 | 13,717 | ||||||
Loss from operations | (5,613 | ) | (2,995 | ) | ||||
Other income, net | 758 | 395 | ||||||
Net loss | $ | (4,855 | ) | $ | (2,600 | ) | ||
Net loss per share - basic and diluted | $ | (0.16 | ) | $ | (0.14 | ) | ||
Weighted average shares outstanding used to compute net loss per share - basic and diluted | 30,616 | 18,321 | ||||||
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INTUITIVE SURGICAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Fiscal Year Ended | ||||||||
12/31/03 | 12/31/02 | |||||||
Sales: | ||||||||
Products | $ | 80,586 | $ | 66,407 | ||||
Services | 11,089 | 5,615 | ||||||
Total sales | 91,675 | 72,022 | ||||||
Cost of sales: | ||||||||
Products | 39,977 | 31,183 | ||||||
Services | 7,669 | 6,938 | ||||||
Total cost of sales | 47,646 | 38,121 | ||||||
Gross profit | 44,029 | 33,901 | ||||||
Gross profit % | 48.0 | % | 47.1 | % | ||||
Operating costs and expenses: | ||||||||
Selling, general, and administrative | 39,719 | 37,327 | ||||||
Research and development | 16,190 | 16,793 | ||||||
Total operating costs and expenses | 55,909 | 54,120 | ||||||
Loss from operations | (11,880 | ) | (20,219 | ) | ||||
Other income, net | 2,257 | 1,798 | ||||||
Net loss | $ | (9,623 | ) | $ | (18,421 | ) | ||
Net loss per share - basic and diluted | $ | (0.41 | ) | $ | (1.01 | ) | ||
Weighted average shares outstanding used to compute net loss per share - basic and diluted | 23,626 | 18,229 | ||||||
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INTUITIVE SURGICAL, INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
12/31/03 | 12/31/02 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 12,165 | $ | 9,007 | ||||
Short-term investments | 101,614 | 41,832 | ||||||
Accounts receivable, net | 26,820 | 16,887 | ||||||
Inventories, net | 8,788 | 8,738 | ||||||
Prepaid expenses | 3,203 | 1,912 | ||||||
Total current assets | 152,590 | 78,376 | ||||||
Property and equipment, net | 10,288 | 10,388 | ||||||
Intangible assets, net | 8,089 | 2,568 | ||||||
Goodwill | 143,106 | — | ||||||
Other assets | 921 | 249 | ||||||
Total assets | $ | 314,994 | $ | 91,581 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 12,455 | $ | 9,282 | ||||
Accrued compensation and employee benefits | 4,667 | 4,666 | ||||||
Warranty accrual | 702 | 2,269 | ||||||
Restructuring accrual | 971 | — | ||||||
Other accrued liabilities | 3,024 | 3,497 | ||||||
Deferred revenue | 11,345 | 4,638 | ||||||
Current portion of notes payable | 1,030 | 1,511 | ||||||
Total current liabilities | 34,194 | 25,863 | ||||||
Long-term notes payable | 695 | 1,838 | ||||||
Long-term deferred revenue | 1,148 | 200 | ||||||
Stockholders’ equity | ||||||||
Common stock | 33 | 18 | ||||||
Preferred stock | — | — | ||||||
Additional paid-in capital | 416,559 | 191,038 | ||||||
Deferred compensation | (99 | ) | (223 | ) | ||||
Accumulated deficit | (138,414 | ) | (128,791 | ) | ||||
Accumulated other comprehensive income | 878 | 1,638 | ||||||
Total stockholders’ equity | 278,957 | 63,680 | ||||||
Total liabilities and stockholders’ equity | $ | 314,994 | $ | 91,581 | ||||
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