ISRG Q2 2019 Earnings Report — Intuitive Surgical, Inc. Revenue & Financial Results | Market Cap Arena

Intuitive Surgical, Inc.ISRG

Q2 2019 Earnings

Reported July 19, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q2 2019	Q1 2019	Q2 2018	QoQ Change	YoY Change
Revenue	$1.1B	$974M	$909M	12.9%	20.9%
Op. Income	$359M	$252M	$277M	42.3%	29.4%
Gross Margin	69.1%	68.8%	69.5%	0.3pp	-0.5pp
Net Margin	29.0%	31.5%	28.1%	-2.5pp	0.9pp
EPS (Diluted)	$0.89	$0.85	$0.72	4.7%	23.6%
Free Cash Flow	$234M	$218M	$187M	7.1%	25.3%

Revenue Flow

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$340M
GROSS PROFIT	$759M
R&D Expenses	$121M
Selling & Marketing	$0
General & Administrative	$279M
SG&A Expenses	$279M
Other Expenses	$0
Operating Expenses	$400M
Cost & Expenses	$740M
OPERATING INCOME	$359M
Interest Income	$33M
Interest Expense	$0
Other Income/Expenses	$33M
INCOME BEFORE TAX	$392M
Income Tax Expense	$75M
Net Income from Continuing Ops	$316M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$318M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$318M
D&A	$47M
EBIT	$359M
EBITDA	$406M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$340M
GROSS PROFIT	$759M
R&D Expenses	$121M
Selling & Marketing	$0
General & Administrative	$279M
SG&A Expenses	$279M
Other Expenses	$0
Operating Expenses	$400M
Cost & Expenses	$740M
OPERATING INCOME	$359M
Interest Income	$33M
Interest Expense	$0
Other Income/Expenses	$33M
INCOME BEFORE TAX	$392M
Income Tax Expense	$75M
Net Income from Continuing Ops	$316M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$318M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$318M
D&A	$47M
EBIT	$359M
EBITDA	$406M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$316M
Depreciation & Amortization	$47M
Stock-Based Compensation	$82M
Deferred Income Tax	$20M
Other Non-Cash Items	$3M
Change in Working Capital	-$151M
OPERATING CASH FLOW	$316M
Capital Expenditure	-$82M
Acquisitions (Net)	$3M
Purchases of Investments	-$824M
Sales/Maturities of Investments	$681M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$223M
Net Debt Issuance	$0
Common Stock Repurchased	-$200M
Common Dividends Paid	$0
Other Financing Activities	$21M
NET CASH FROM FINANCING	-$179M
FREE CASH FLOW	$234M
Net Change in Cash	-$85M

Balance Sheet

Item	Amount
Cash & Equivalents	$5.1B
Short-Term Investments	$1.9B
Net Receivables	$633M
Inventory	$513M
Other Current Assets	$56M
TOTAL CURRENT ASSETS	$6.3B
PP&E (Net)	$1.0B
Goodwill	$245M
Intangible Assets	$384M
Long-Term Investments	$2.4B
Tax Assets	$369M
Other Non-Current Assets	$0
TOTAL NON-CURRENT ASSETS	$4.5B
TOTAL ASSETS	$8.5B
Account Payables	$130M
Short-Term Debt	$0
Deferred Revenue	$307M
Other Current Liabilities	$186M
TOTAL CURRENT LIABILITIES	$914M
Long-Term Debt	$0
Deferred Revenue NC	$339M
Deferred Tax Liabilities	-$216M
Other Non-Current Liabilities	$445M
TOTAL NON-CURRENT LIABILITIES	$339M
TOTAL LIABILITIES	$1.3B
Common Stock	$100.0K
Additional Paid-In Capital	$5.4B
Retained Earnings	$1.8B
Treasury Stock	$0
Accum. Other Comp. Income	$16M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$7.3B
Minority Interest	$14M
TOTAL EQUITY	$7.3B
TOTAL LIABILITIES & EQUITY	$8.5B
Total Debt	$70M
Net Debt	-$5.1B