ISRG FY 2013 Earnings Report — Intuitive Surgical, Inc. Revenue & Financial Results | Market Cap Arena

Intuitive Surgical, Inc.ISRG

FY 2013 Earnings

Reported February 3, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$2.3B	—	$2.2B	—	4.0%
Op. Income	$853M	—	$878M	—	-2.9%
Gross Margin	70.4%	—	72.1%	—	-1.7pp
Net Margin	29.6%	—	30.1%	—	-0.5pp
EPS (Diluted)	$1.86	—	$1.78	—	4.5%
Free Cash Flow	$775M	—	$672M	—	15.3%

Revenue Flow

Item	Amount
REVENUE	$2.3B
Cost of Revenue	$671M
GROSS PROFIT	$1.6B
R&D Expenses	$168M
Selling & Marketing	$0
General & Administrative	$574M
SG&A Expenses	$574M
Other Expenses	$0
Operating Expenses	$742M
Cost & Expenses	$742M
OPERATING INCOME	$853M
Interest Income	$18M
Interest Expense	$0
Other Income/Expenses	$18M
INCOME BEFORE TAX	$871M
Income Tax Expense	$200M
Net Income from Continuing Ops	$671M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$671M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$671M
D&A	$67M
EBIT	$853M
EBITDA	$920M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$2.3B
Cost of Revenue	$671M
GROSS PROFIT	$1.6B
R&D Expenses	$168M
Selling & Marketing	$0
General & Administrative	$574M
SG&A Expenses	$574M
Other Expenses	$0
Operating Expenses	$742M
Cost & Expenses	$742M
OPERATING INCOME	$853M
Interest Income	$18M
Interest Expense	$0
Other Income/Expenses	$18M
INCOME BEFORE TAX	$871M
Income Tax Expense	$200M
Net Income from Continuing Ops	$671M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$671M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$671M
D&A	$67M
EBIT	$853M
EBITDA	$920M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$671M
Depreciation & Amortization	$67M
Stock-Based Compensation	$169M
Deferred Income Tax	-$39M
Other Non-Cash Items	$33M
Change in Working Capital	-$22M
OPERATING CASH FLOW	$880M
Capital Expenditure	-$105M
Acquisitions (Net)	$105M
Purchases of Investments	-$1.4B
Sales/Maturities of Investments	$1.8B
Other Investing Activities	-$105M
NET CASH FROM INVESTING	$259M
Net Debt Issuance	$0
Common Stock Repurchased	-$1.1B
Common Dividends Paid	$0
Other Financing Activities	$38M
NET CASH FROM FINANCING	-$911M
FREE CASH FLOW	$775M
Net Change in Cash	$228M

Balance Sheet

Item	Amount
Cash & Equivalents	$782M
Short-Term Investments	$621M
Net Receivables	$301M
Inventory	$180M
Other Current Assets	$10M
TOTAL CURRENT ASSETS	$1.9B
PP&E (Net)	$310M
Goodwill	$137M
Intangible Assets	$94M
Long-Term Investments	$1.4B
Tax Assets	$126M
Other Non-Current Assets	$0
TOTAL NON-CURRENT ASSETS	$2.0B
TOTAL ASSETS	$4.0B
Account Payables	$46M
Short-Term Debt	$0
Deferred Revenue	$200M
Other Current Liabilities	$59M
TOTAL CURRENT LIABILITIES	$381M
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$126M
Other Non-Current Liabilities	$68M
TOTAL NON-CURRENT LIABILITIES	$68M
TOTAL LIABILITIES	$449M
Common Stock	$0
Additional Paid-In Capital	$2.5B
Retained Earnings	$979M
Treasury Stock	$0
Accum. Other Comp. Income	$2M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.5B
Minority Interest	$0
TOTAL EQUITY	$3.5B
TOTAL LIABILITIES & EQUITY	$4.0B
Total Debt	$0
Net Debt	-$782M