Intuitive Surgical (ISRG) FY2013 results: revenue $2.3 billion, up 4.0% on the year
Intuitive Surgical Inc. (ISRG) reported revenue of $2.3 billion for fiscal 2013, the year ended 31 December 2013, up 4.0% on the year before. Net income was $671 million, up 2.2%, and diluted earnings per share $1.86. The figures are the company's own, from the 10-K it filed with the SEC on 3 February 2014.
Revenue
$2.3 billion
+4.0% on the year
FY2007FY2013
Operating margin
37.6%
40.3% a year earlier
FY2007FY2013
Net income
$671 million
+2.2% on the year
FY2007FY2013
Diluted EPS
$1.86
+4.7% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
2,265
2,179
1,757
+4.0%
Cost of revenue
671
608
484
+10.3%
Gross profit
1,594
1,570
1,274
+1.5%
Gross margin
70.4%
72.1%
72.5%
Research and development
168
170
140
-1.4%
Selling, general and administrative
574
522
439
+9.9%
Operating income
852
878
695
-2.9%
Operating margin
37.6%
40.3%
39.5%
Pre-tax income
871
894
710
-2.6%
Income tax
200
237
215
-15.8%
Effective tax rate
23.0%
26.5%
30.2%
Net income
671
657
495
+2.2%
Net margin
29.6%
30.1%
28.2%
Diluted EPS
$1.86
$1.78
$1.37
+4.7%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
880
814
678
+8.1%
Capital expenditure
105
114
82.9
-8.4%
Free cash flow
775
700
595
+10.8%
Free cash flow margin
34.2%
32.1%
33.8%
Cash from investing
259
-846
-479
Cash from financing
-911
119
-12.4
Depreciation and amortisation
67.3
57.8
46.5
+16.4%
Share-based compensation
169
153
136
+10.2%
Buybacks
1,109
238
332
+365.5%
Diluted shares, weighted
361m
370m
362m
-2.4%
Shares outstanding at period end
344m
362m
354m
-5.0%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
3,501
3,580
2,646
-2.2%
Debt
0.0
0.0
0.0
Other liabilities
449
479
418
-6.3%
Total liabilities and equity
3,950
4,059
3,063
-2.7%
Fixed assets
310
242
197
+28.2%
Goodwill
137
138
117
-0.5%
Intangible assets
64.3
83.6
71.0
-23.1%
Investments
1,972
2,367
1,706
-16.7%
Cash and equivalents
782
554
466
+41.2%
Receivables
301
370
298
-18.6%
Inventory
180
122
112
+47.8%
Other assets
204
183
96.2
+11.1%
Total assets
3,950
4,059
3,063
-2.7%
10-K for the year ended 31 December 2013, filed 3 February 2014: the filing.