Intuitive Surgical (ISRG) FY2012 results: revenue $2.2 billion, up 24.0% on the year
Intuitive Surgical Inc. (ISRG) reported revenue of $2.2 billion for fiscal 2012, the year ended 31 December 2012, up 24.0% on the year before. Net income was $657 million, up 32.6%, and diluted earnings per share $1.78. The figures are the company's own, from the 10-K it filed with the SEC on 4 February 2013.
Revenue
$2.2 billion
+24.0% on the year
FY2007FY2012
Operating margin
40.3%
39.5% a year earlier
FY2007FY2012
Net income
$657 million
+32.6% on the year
FY2007FY2012
Diluted EPS
$1.78
+29.7% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
2,179
1,757
1,413
+24.0%
Cost of revenue
608
484
383
+25.9%
Gross profit
1,570
1,274
1,030
+23.3%
Gross margin
72.1%
72.5%
72.9%
Research and development
170
140
116
+21.3%
Selling, general and administrative
522
439
359
+19.0%
Operating income
878
695
555
+26.4%
Operating margin
40.3%
39.5%
39.3%
Pre-tax income
894
710
572
+26.0%
Income tax
237
215
190
+10.6%
Effective tax rate
26.5%
30.2%
33.3%
Net income
657
495
382
+32.6%
Net margin
30.1%
28.2%
27.0%
Diluted EPS
$1.78
$1.37
$1.05
+29.7%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
814
678
546
+20.2%
Capital expenditure
114
82.9
96.0
+37.8%
Free cash flow
700
595
450
+17.7%
Free cash flow margin
32.1%
33.8%
31.8%
Cash from investing
-846
-479
-494
Cash from financing
119
-12.4
7.7
Depreciation and amortisation
57.8
46.5
40.4
+24.3%
Share-based compensation
153
136
118
+12.4%
Buybacks
238
332
199
-28.2%
Diluted shares, weighted
370m
362m
363m
+2.2%
Shares outstanding at period end
362m
354m
350m
+2.3%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
3,580
2,646
2,037
+35.3%
Debt
0.0
0.0
0.0
Other liabilities
479
418
353
+14.8%
Total liabilities and equity
4,059
3,063
2,390
+32.5%
Fixed assets
242
197
160
+22.6%
Goodwill
138
117
117
+18.1%
Intangible assets
83.6
71.0
66.1
+17.7%
Investments
2,367
1,706
1,329
+38.7%
Cash and equivalents
554
466
280
+18.9%
Receivables
370
298
247
+24.3%
Inventory
122
112
86.8
+8.4%
Other assets
183
96.2
105
+90.6%
Total assets
4,059
3,063
2,390
+32.5%
10-K for the year ended 31 December 2012, filed 4 February 2013: the filing.