ISRG FY 2011 Earnings Report — Intuitive Surgical, Inc. Revenue & Financial Results | Market Cap Arena

Intuitive Surgical, Inc.ISRG

FY 2011 Earnings

Reported February 3, 2012

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$1.8B	—	$1.4B	—	24.4%
Op. Income	$695M	—	$555M	—	25.1%
Gross Margin	72.5%	—	72.9%	—	-0.4pp
Net Margin	28.2%	—	27.0%	—	1.2pp
EPS (Diluted)	$1.37	—	$1.05	—	30.5%
Free Cash Flow	$595M	—	$432M	—	37.7%

Revenue Flow

Item	Amount
REVENUE	$1.8B
Cost of Revenue	$484M
GROSS PROFIT	$1.3B
R&D Expenses	$140M
Selling & Marketing	$0
General & Administrative	$439M
SG&A Expenses	$439M
Other Expenses	$0
Operating Expenses	$579M
Cost & Expenses	$1.1B
OPERATING INCOME	$695M
Interest Income	$15M
Interest Expense	$0
Other Income/Expenses	$15M
INCOME BEFORE TAX	$710M
Income Tax Expense	$215M
Net Income from Continuing Ops	$495M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$495M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$495M
D&A	$47M
EBIT	$695M
EBITDA	$741M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.8B
Cost of Revenue	$484M
GROSS PROFIT	$1.3B
R&D Expenses	$140M
Selling & Marketing	$0
General & Administrative	$439M
SG&A Expenses	$439M
Other Expenses	$0
Operating Expenses	$579M
Cost & Expenses	$1.1B
OPERATING INCOME	$695M
Interest Income	$15M
Interest Expense	$0
Other Income/Expenses	$15M
INCOME BEFORE TAX	$710M
Income Tax Expense	$215M
Net Income from Continuing Ops	$495M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$495M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$495M
D&A	$47M
EBIT	$695M
EBITDA	$741M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$495M
Depreciation & Amortization	$47M
Stock-Based Compensation	$136M
Deferred Income Tax	$7M
Other Non-Cash Items	$12M
Change in Working Capital	-$20M
OPERATING CASH FLOW	$678M
Capital Expenditure	-$83M
Acquisitions (Net)	$0
Purchases of Investments	-$1.5B
Sales/Maturities of Investments	$1.1B
Other Investing Activities	$0
NET CASH FROM INVESTING	-$479M
Net Debt Issuance	$0
Common Stock Repurchased	-$332M
Common Dividends Paid	$0
Other Financing Activities	$59M
NET CASH FROM FINANCING	-$12M
FREE CASH FLOW	$595M
Net Change in Cash	$186M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.2B
Short-Term Investments	$0
Net Receivables	$298M
Inventory	$112M
Other Current Assets	$27M
TOTAL CURRENT ASSETS	$2.6B
PP&E (Net)	$197M
Goodwill	$117M
Intangible Assets	$71M
Long-Term Investments	$1.1B
Tax Assets	$75M
Other Non-Current Assets	-$1.1B
TOTAL NON-CURRENT ASSETS	$481M
TOTAL ASSETS	$3.1B
Account Payables	$46M
Short-Term Debt	$0
Deferred Revenue	$155M
Other Current Liabilities	$29M
TOTAL CURRENT LIABILITIES	$418M
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$69M
Other Non-Current Liabilities	$28M
TOTAL NON-CURRENT LIABILITIES	$97M
TOTAL LIABILITIES	$418M
Common Stock	$0
Additional Paid-In Capital	$1.7B
Retained Earnings	$902M
Treasury Stock	$0
Accum. Other Comp. Income	$900.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.6B
Minority Interest	$0
TOTAL EQUITY	$2.6B
TOTAL LIABILITIES & EQUITY	$3.1B
Total Debt	$0
Net Debt	-$2.2B