Intuitive Surgical (ISRG) FY2011 results: revenue $1.8 billion, up 24.4% on the year
Intuitive Surgical Inc. (ISRG) reported revenue of $1.8 billion for fiscal 2011, the year ended 31 December 2011, up 24.4% on the year before. Net income was $495 million, up 29.7%, and diluted earnings per share $1.37. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2012.
Revenue
$1.8 billion
+24.4% on the year
FY2007FY2011
Operating margin
39.5%
39.3% a year earlier
FY2007FY2011
Net income
$495 million
+29.7% on the year
FY2007FY2011
Diluted EPS
$1.37
+30.1% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
1,757
1,413
1,052
+24.4%
Cost of revenue
484
383
301
+26.2%
Gross profit
1,274
1,030
751
+23.7%
Gross margin
72.5%
72.9%
71.4%
Research and development
140
116
95.1
+20.9%
Selling, general and administrative
439
359
279
+22.3%
Operating income
695
555
377
+25.1%
Operating margin
39.5%
39.3%
35.9%
Pre-tax income
710
572
396
+24.0%
Income tax
215
190
164
+12.7%
Effective tax rate
30.2%
33.3%
41.3%
Net income
495
382
233
+29.7%
Net margin
28.2%
27.0%
22.1%
Diluted EPS
$1.37
$1.05
$0.66
+30.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
678
546
392
+24.1%
Capital expenditure
82.9
96.0
53.4
-13.6%
Free cash flow
595
450
339
+32.2%
Free cash flow margin
33.8%
31.8%
32.2%
Cash from investing
-479
-494
-300
Cash from financing
-12.4
7.7
-66.2
Depreciation and amortisation
46.5
40.4
34.6
+15.1%
Share-based compensation
136
118
97.0
+16.0%
Buybacks
332
199
150
+67.1%
Diluted shares, weighted
362m
363m
353m
-0.2%
Shares outstanding at period end
354m
350m
346m
+1.0%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
2,646
2,037
1,537
+29.9%
Debt
0.0
0.0
n/a
Other liabilities
418
353
272
+18.3%
Total liabilities and equity
3,063
2,390
1,810
+28.1%
Fixed assets
197
160
126
+23.4%
Goodwill
117
117
111
0.0%
Intangible assets
71.0
66.1
56.2
+7.4%
Investments
1,706
1,329
951
+28.4%
Trading assets
n/a
n/a
62.2
Cash and equivalents
466
280
221
+66.5%
Receivables
298
247
205
+20.7%
Inventory
112
86.8
57.6
+29.1%
Other assets
96.2
105
19.8
-8.5%
Total assets
3,063
2,390
1,810
+28.1%
10-K for the year ended 31 December 2011, filed 6 February 2012: the filing.