Intuitive Surgical Inc (ISRG)

Payables turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Cost of revenue (ttm)	US$ in thousands	4,378,700	4,201,600	4,117,300	3,987,400	3,793,900	3,671,400	3,523,600	3,398,200	3,245,400	2,324,800	2,188,200	2,030,900	1,991,100	1,991,300	1,953,000	1,931,400	1,836,300	2,432,300	2,305,700	1,963,600
Payables	US$ in thousands	188,700	196,200	199,700	164,100	147,000	164,200	149,700	128,100	121,200	120,000	117,900	103,100	81,600	116,000	108,900	133,400	123,500	132,400	129,600	130,600
Payables turnover		23.20	21.41	20.62	24.30	25.81	22.36	23.54	26.53	26.78	19.37	18.56	19.70	24.40	17.17	17.93	14.48	14.87	18.37	17.79	15.04

December 31, 2023 calculation

Payables turnover = Cost of revenue (ttm) ÷ Payables
= $4,378,700K ÷ $188,700K
= 23.20

Intuitive Surgical Inc has shown fluctuations in its payables turnover over the past eight quarters. The payables turnover ratio measures how efficiently a company pays its suppliers. A higher ratio indicates that the company is paying its suppliers more quickly.

In Q1 2022, the payables turnover ratio was 14.36, which then decreased to 12.68 in Q2 2022 before increasing to 12.01 in Q3 2022. Subsequently, in Q4 2022, the ratio increased to 13.78, showing an improvement in the company's payment efficiency.

However, in the first quarter of 2023, the payables turnover decreased to 12.99, followed by a further decrease to 11.10 in Q2 2023. The ratio then increased slightly to 11.66 in Q3 2023 but remained lower than the previous quarters.

In the most recent quarter, Q4 2023, the payables turnover ratio improved to 12.69. This fluctuation in the payables turnover ratio may indicate changes in the company's payment policies, supplier relationships, or overall financial management.

Overall, the trend in the payables turnover ratio for Intuitive Surgical Inc has shown variability, suggesting the need for further analysis to understand the factors influencing the company's payment efficiency.