ISRG FY 2017 Earnings Report — Intuitive Surgical, Inc. Revenue & Financial Results | Market Cap Arena

Intuitive Surgical, Inc.ISRG

FY 2017 Earnings

Reported February 2, 2018

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2017	Prior Q	FY 2016	QoQ Change	YoY Change
Revenue	$3.1B	—	$2.7B	—	15.7%
Op. Income	$1.1B	—	$945M	—	11.6%
Gross Margin	70.1%	—	69.9%	—	0.2pp
Net Margin	21.1%	—	27.2%	—	-6.1pp
EPS (Diluted)	$1.89	—	$2.08	—	-9.1%
Free Cash Flow	$953M	—	$989M	—	-3.6%

Revenue Flow

Item	Amount
REVENUE	$3.1B
Cost of Revenue	$935M
GROSS PROFIT	$2.2B
R&D Expenses	$329M
Selling & Marketing	$0
General & Administrative	$811M
SG&A Expenses	$811M
Other Expenses	$0
Operating Expenses	$1.1B
Cost & Expenses	$2.1B
OPERATING INCOME	$1.1B
Interest Income	$42M
Interest Expense	$0
Other Income/Expenses	$42M
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$437M
Net Income from Continuing Ops	$671M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$660M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$671M
D&A	$95M
EBIT	$1.1B
EBITDA	$1.2B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$3.1B
Cost of Revenue	$935M
GROSS PROFIT	$2.2B
R&D Expenses	$329M
Selling & Marketing	$0
General & Administrative	$811M
SG&A Expenses	$811M
Other Expenses	$0
Operating Expenses	$1.1B
Cost & Expenses	$2.1B
OPERATING INCOME	$1.1B
Interest Income	$42M
Interest Expense	$0
Other Income/Expenses	$42M
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$437M
Net Income from Continuing Ops	$671M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$660M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$671M
D&A	$95M
EBIT	$1.1B
EBITDA	$1.2B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$660M
Depreciation & Amortization	$99M
Stock-Based Compensation	$209M
Deferred Income Tax	$63M
Other Non-Cash Items	$21M
Change in Working Capital	$92M
OPERATING CASH FLOW	$1.1B
Capital Expenditure	-$191M
Acquisitions (Net)	$191M
Purchases of Investments	-$2.0B
Sales/Maturities of Investments	$2.6B
Other Investing Activities	-$191M
NET CASH FROM INVESTING	$379M
Net Debt Issuance	$0
Common Stock Repurchased	-$2.3B
Common Dividends Paid	$0
Other Financing Activities	-$55M
NET CASH FROM FINANCING	-$1.9B
FREE CASH FLOW	$953M
Net Change in Cash	-$388M

Balance Sheet

Item	Amount
Cash & Equivalents	$3.8B
Short-Term Investments	$0
Net Receivables	$508M
Inventory	$241M
Other Current Assets	$2M
TOTAL CURRENT ASSETS	$4.7B
PP&E (Net)	$613M
Goodwill	$201M
Intangible Assets	$26M
Long-Term Investments	$1.9B
Tax Assets	$87M
Other Non-Current Assets	-$1.7B
TOTAL NON-CURRENT ASSETS	$1.1B
TOTAL ASSETS	$5.8B
Account Payables	$83M
Short-Term Debt	$0
Deferred Revenue	$303M
Other Current Liabilities	$231M
TOTAL CURRENT LIABILITIES	$1.0B
Long-Term Debt	$0
Deferred Revenue NC	$25M
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$309M
TOTAL NON-CURRENT LIABILITIES	$327M
TOTAL LIABILITIES	$1.0B
Common Stock	$100.0K
Additional Paid-In Capital	$4.7B
Retained Earnings	$61M
Treasury Stock	$0
Accum. Other Comp. Income	-$16M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.7B
Minority Interest	$2M
TOTAL EQUITY	$4.7B
TOTAL LIABILITIES & EQUITY	$5.8B
Total Debt	$0
Net Debt	-$3.8B