Intuitive Surgical Inc (ISRG)

Quick ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cash	US$ in thousands	2,750,100	1,581,200	1,290,900	1,622,600	1,167,600
Short-term investments	US$ in thousands	2,473,100	2,541,000	2,940,000	3,548,900	2,054,100
Receivables	US$ in thousands	1,130,200	942,100	782,700	645,500	645,200
Total current liabilities	US$ in thousands	1,658,700	1,422,100	1,149,800	965,200	1,030,200
Quick ratio		3.83	3.56	4.36	6.03	3.75

December 31, 2023 calculation

Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($2,750,100K + $2,473,100K + $1,130,200K) ÷ $1,658,700K
= 3.83

The quick ratio of Intuitive Surgical Inc has shown fluctuations over the past five years. In 2023, the company's quick ratio stands at 4.02, indicating that for every $1 of current liabilities, the company has $4.02 of highly liquid assets available to cover immediate obligations. This ratio has increased compared to the previous year, suggesting an improvement in the company's short-term liquidity position.

However, it is important to note that the quick ratio was higher in 2020 and 2021, at 6.24 and 4.57 respectively, indicating stronger liquidity positions in those years. The decrease in the quick ratio in 2022 followed by an increase in 2023 could signal changes in the company's asset composition or management of current liabilities.

Overall, the gradual fluctuations in Intuitive Surgical Inc's quick ratio indicate varying levels of short-term liquidity over the past five years. Further analysis and comparison with industry benchmarks may provide additional insights into the company's liquidity management.