Intuitive Surgical (ISRG) FY2014 results: revenue $2.1 billion, down 5.9% on the year
Intuitive Surgical Inc. (ISRG) reported revenue of $2.1 billion for fiscal 2014, the year ended 31 December 2014, down 5.9% on the year before. Net income was $419 million, down 37.6%, and diluted earnings per share $1.23. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2015.
Revenue
$2.1 billion
-5.9% on the year
FY2007FY2014
Operating margin
25.6%
37.6% a year earlier
FY2007FY2014
Net income
$419 million
-37.6% on the year
FY2007FY2014
Diluted EPS
$1.23
-33.6% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
2,132
2,265
2,179
-5.9%
Cost of revenue
718
671
608
+7.0%
Gross profit
1,414
1,594
1,570
-11.3%
Gross margin
66.3%
70.4%
72.1%
Research and development
178
168
170
+6.1%
Selling, general and administrative
691
574
522
+20.4%
Operating income
545
852
878
-36.1%
Operating margin
25.6%
37.6%
40.3%
Pre-tax income
549
871
894
-37.0%
Income tax
130
200
237
-34.9%
Effective tax rate
23.7%
23.0%
26.5%
Net income
419
671
657
-37.6%
Net margin
19.6%
29.6%
30.1%
Diluted EPS
$1.23
$1.86
$1.78
-33.6%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
665
880
814
-24.4%
Capital expenditure
106
105
114
+1.0%
Free cash flow
560
775
700
-27.8%
Free cash flow margin
26.2%
34.2%
32.1%
Cash from investing
-154
259
-846
Cash from financing
-692
-911
119
Depreciation and amortisation
74.4
67.3
57.8
+10.5%
Share-based compensation
169
169
153
0.0%
Buybacks
1,000
1,109
238
-9.8%
Diluted shares, weighted
339m
361m
370m
-6.0%
Shares outstanding at period end
329m
344m
362m
-4.2%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
3,379
3,501
3,580
-3.5%
Debt
0.0
0.0
0.0
Other liabilities
580
449
479
+29.2%
Total liabilities and equity
3,959
3,950
4,059
+0.2%
Fixed assets
387
310
242
+25.0%
Goodwill
198
137
138
+44.1%
Intangible assets
74.1
64.3
83.6
+15.2%
Investments
1,897
1,972
2,367
-3.8%
Cash and equivalents
600
782
554
-23.2%
Receivables
315
301
370
+4.5%
Inventory
182
180
122
+1.2%
Other assets
306
204
183
+50.2%
Total assets
3,959
3,950
4,059
+0.2%
10-K for the year ended 31 December 2014, filed 6 February 2015: the filing.