Intuitive Surgical, Inc. stock research
FY2023 Q1
Intuitive Surgical (ISRG) Gross Margin — Quarter Ended Mar 31, 2023
Revenue and gross profit were higher than the same quarter last year but relatively unchanged from the prior quarter. Cost of revenue increased, resulting in a gross margin that weakened sequentially and was lower than the year-ago level.
Gross margin takeaway
Quarter ended Mar 31, 2023 · FY2023 Q1
Revenue and gross profit were higher than the same quarter last year but relatively unchanged from the prior quarter. Cost of revenue increased, resulting in a gross margin that weakened sequentially and was lower than the year-ago level.
- The most observable driver this quarter is the increase in cost of revenue relative to revenue, which compressed gross margin compared to both prior periods.
- Compared to the immediately preceding quarter, revenue was stable while cost of revenue increased, causing gross margin to decline. Compared to the same quarter one year earlier, revenue and gross profit grew, but gross margin decreased.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
65.6%
Gross profit
$1.1B
Revenue
$1.7B
Cost of revenue
$583.2M
Quarter-over-quarter change
n/a
Year-over-year change
-2.3 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2023 | $1.7B | $1.1B | $583.2M | 65.6% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Previous quarter unavailable
n/a
Year-over-year change
Mar 31, 2022
-2.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most observable driver this quarter is the increase in cost of revenue relative to revenue, which compressed gross margin compared to both prior periods.
Compared to the immediately preceding quarter, revenue was stable while cost of revenue increased, causing gross margin to decline. Compared to the same quarter one year earlier, revenue and gross profit grew, but gross margin decreased.
Monitor trends in cost of revenue relative to revenue, as they directly influence gross margin.