ISRG FY 2014 Earnings Report — Intuitive Surgical, Inc. Revenue & Financial Results | Market Cap Arena

Intuitive Surgical, Inc.ISRG

FY 2014 Earnings

Reported February 5, 2015

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$2.1B	—	$2.3B	—	-5.9%
Op. Income	$545M	—	$853M	—	-36.1%
Gross Margin	66.3%	—	70.4%	—	-4.1pp
Net Margin	19.6%	—	29.6%	—	-10.0pp
EPS (Diluted)	$1.23	—	$1.86	—	-33.9%
Free Cash Flow	$560M	—	$775M	—	-27.8%

Revenue Flow

Item	Amount
REVENUE	$2.1B
Cost of Revenue	$718M
GROSS PROFIT	$1.4B
R&D Expenses	$178M
Selling & Marketing	$0
General & Administrative	$691M
SG&A Expenses	$691M
Other Expenses	$0
Operating Expenses	$869M
Cost & Expenses	$1.6B
OPERATING INCOME	$545M
Interest Income	$14M
Interest Expense	$0
Other Income/Expenses	$4M
INCOME BEFORE TAX	$549M
Income Tax Expense	$130M
Net Income from Continuing Ops	$419M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$419M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$419M
D&A	$74M
EBIT	$545M
EBITDA	$623M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$2.1B
Cost of Revenue	$718M
GROSS PROFIT	$1.4B
R&D Expenses	$178M
Selling & Marketing	$0
General & Administrative	$691M
SG&A Expenses	$691M
Other Expenses	$0
Operating Expenses	$869M
Cost & Expenses	$1.6B
OPERATING INCOME	$545M
Interest Income	$14M
Interest Expense	$0
Other Income/Expenses	$4M
INCOME BEFORE TAX	$549M
Income Tax Expense	$130M
Net Income from Continuing Ops	$419M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$419M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$419M
D&A	$74M
EBIT	$545M
EBITDA	$623M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$419M
Depreciation & Amortization	$74M
Stock-Based Compensation	$169M
Deferred Income Tax	-$35M
Other Non-Cash Items	$24M
Change in Working Capital	$14M
OPERATING CASH FLOW	$665M
Capital Expenditure	-$106M
Acquisitions (Net)	-$84M
Purchases of Investments	-$1.3B
Sales/Maturities of Investments	$1.4B
Other Investing Activities	$36M
NET CASH FROM INVESTING	-$154M
Net Debt Issuance	$0
Common Stock Repurchased	-$1.0B
Common Dividends Paid	$0
Other Financing Activities	$24M
NET CASH FROM FINANCING	-$692M
FREE CASH FLOW	$560M
Net Change in Cash	-$182M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.5B
Short-Term Investments	$0
Net Receivables	$315M
Inventory	$182M
Other Current Assets	$35M
TOTAL CURRENT ASSETS	$3.0B
PP&E (Net)	$387M
Goodwill	$198M
Intangible Assets	$74M
Long-Term Investments	$1.3B
Tax Assets	$171M
Other Non-Current Assets	-$1.1B
TOTAL NON-CURRENT ASSETS	$966M
TOTAL ASSETS	$4.0B
Account Payables	$62M
Short-Term Debt	$0
Deferred Revenue	$222M
Other Current Liabilities	$119M
TOTAL CURRENT LIABILITIES	$580M
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$136M
Other Non-Current Liabilities	$79M
TOTAL NON-CURRENT LIABILITIES	$79M
TOTAL LIABILITIES	$580M
Common Stock	$0
Additional Paid-In Capital	$2.9B
Retained Earnings	$488M
Treasury Stock	$0
Accum. Other Comp. Income	-$5M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.4B
Minority Interest	$0
TOTAL EQUITY	$3.4B
TOTAL LIABILITIES & EQUITY	$4.0B
Total Debt	$0
Net Debt	-$2.5B