SEC Filings

10-K
INTUITIVE SURGICAL INC filed this Form 10-K on 02/02/2018
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Total Revenue
Total revenue increased by 16% to $3.1 billion for the year ended December 31, 2017, compared with $2.7 billion for the year ended December 31, 2016. Total revenue for the year ended December 31, 2016, increased by 13% compared with $2.4 billion for the year ended December 31, 2015. The increase in total revenue for the year ended December 31, 2017, reflects 17% higher instrument and accessory revenue driven by approximately 16% higher procedure volume, 15% higher systems revenue, and 13% higher service revenue. The increase in total revenue for the year ended December 31, 2016, reflects 17% higher instrument and accessory revenue driven by approximately 15% higher procedure volume, 10% higher systems revenue, and 11% higher service revenue.
Revenue denominated in foreign currencies was approximately 17%, 19%, and 19% of total revenue for the years ended December 31, 2017, 2016, and 2015, respectively. We sell our products and services in Euros and British Pounds in those European markets where we have direct distribution channels, and in Japanese Yen and Korean Won in Japan and South Korea, respectively. Foreign currency did not have a material impact on total revenue for the year ended December 31, 2017, as compared with 2016, or for the year ended December 31, 2016, as compared with 2015.
Revenue generated in the U.S. accounted for 73%, 72%, and 71% of total revenue during the years ended December 31, 2017, 2016, and 2015, respectively. We believe that U.S. revenue has accounted for the large majority of total revenue due to patients’ ability to choose their provider and method of treatment in the U.S., reimbursement structures supportive of innovation and minimally invasive surgery, and initial investments focused on U.S. infrastructure. We have been investing in our business in the OUS market and our OUS procedures have grown faster in proportion to U.S. procedures. We expect that our OUS procedures and revenue will make up a greater portion of our business in the long term.

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