ISRG FY 2018 Earnings Report — Intuitive Surgical, Inc. Revenue & Financial Results | Market Cap Arena

Intuitive Surgical, Inc.ISRG

FY 2018 Earnings

Reported February 4, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2018	Prior Q	FY 2017	QoQ Change	YoY Change
Revenue	$3.7B	—	$3.1B	—	19.0%
Op. Income	$1.2B	—	$1.1B	—	13.7%
Gross Margin	69.9%	—	70.1%	—	-0.2pp
Net Margin	30.3%	—	21.1%	—	9.2pp
EPS (Diluted)	$3.16	—	$1.89	—	67.2%
Free Cash Flow	$982M	—	$953M	—	3.0%

Revenue Flow

Item	Amount
REVENUE	$3.7B
Cost of Revenue	$1.1B
GROSS PROFIT	$2.6B
R&D Expenses	$418M
Selling & Marketing	$0
General & Administrative	$987M
SG&A Expenses	$987M
Other Expenses	$0
Operating Expenses	$1.4B
Cost & Expenses	$2.5B
OPERATING INCOME	$1.2B
Interest Income	$80M
Interest Expense	$0
Other Income/Expenses	$80M
INCOME BEFORE TAX	$1.3B
Income Tax Expense	$155M
Net Income from Continuing Ops	$1.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.1B
D&A	$120M
EBIT	$1.2B
EBITDA	$1.3B
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$3.7B
Cost of Revenue	$1.1B
GROSS PROFIT	$2.6B
R&D Expenses	$418M
Selling & Marketing	$0
General & Administrative	$987M
SG&A Expenses	$987M
Other Expenses	$0
Operating Expenses	$1.4B
Cost & Expenses	$2.5B
OPERATING INCOME	$1.2B
Interest Income	$80M
Interest Expense	$0
Other Income/Expenses	$80M
INCOME BEFORE TAX	$1.3B
Income Tax Expense	$155M
Net Income from Continuing Ops	$1.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.1B
D&A	$120M
EBIT	$1.2B
EBITDA	$1.3B
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$1.1B
Depreciation & Amortization	$123M
Stock-Based Compensation	$261M
Deferred Income Tax	$32M
Other Non-Cash Items	$12M
Change in Working Capital	-$384M
OPERATING CASH FLOW	$1.2B
Capital Expenditure	-$187M
Acquisitions (Net)	-$88M
Purchases of Investments	-$2.6B
Sales/Maturities of Investments	$1.8B
Other Investing Activities	-$774M
NET CASH FROM INVESTING	-$1.0B
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$110M
NET CASH FROM FINANCING	$126M
FREE CASH FLOW	$982M
Net Change in Cash	$246M

Balance Sheet

Item	Amount
Cash & Equivalents	$858M
Short-Term Investments	$2.2B
Net Receivables	$682M
Inventory	$409M
Other Current Assets	$137M
TOTAL CURRENT ASSETS	$4.3B
PP&E (Net)	$812M
Goodwill	$241M
Intangible Assets	$67M
Long-Term Investments	$1.8B
Tax Assets	$429M
Other Non-Current Assets	$194M
TOTAL NON-CURRENT ASSETS	$3.5B
TOTAL ASSETS	$7.8B
Account Payables	$101M
Short-Term Debt	$0
Deferred Revenue	$294M
Other Current Liabilities	$198M
TOTAL CURRENT LIABILITIES	$821M
Long-Term Debt	$0
Deferred Revenue NC	$33M
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$306M
TOTAL NON-CURRENT LIABILITIES	$339M
TOTAL LIABILITIES	$1.2B
Common Stock	$100.0K
Additional Paid-In Capital	$5.2B
Retained Earnings	$1.5B
Treasury Stock	$0
Accum. Other Comp. Income	-$13M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$6.7B
Minority Interest	$9M
TOTAL EQUITY	$6.7B
TOTAL LIABILITIES & EQUITY	$7.8B
Total Debt	$0
Net Debt	-$858M