Intuitive Surgical (ISRG) FY2015 results: revenue $2.4 billion, up 11.9% on the year
Intuitive Surgical Inc. (ISRG) reported revenue of $2.4 billion for fiscal 2015, the year ended 31 December 2015, up 11.9% on the year before. Net income was $589 million, up 40.6%, and diluted earnings per share $1.73. The figures are the company's own, from the 10-K it filed with the SEC on 2 February 2016.
Revenue
$2.4 billion
+11.9% on the year
FY2008FY2015
Operating margin
31.0%
25.6% a year earlier
FY2008FY2015
Net income
$589 million
+40.6% on the year
FY2008FY2015
Diluted EPS
$1.73
+39.9% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
2,384
2,132
2,265
+11.9%
Cost of revenue
806
718
671
+12.3%
Gross profit
1,578
1,414
1,594
+11.6%
Gross margin
66.2%
66.3%
70.4%
Research and development
197
178
168
+10.9%
Selling, general and administrative
640
691
574
-7.3%
Operating income
740
545
852
+35.8%
Operating margin
31.0%
25.6%
37.6%
Pre-tax income
758
549
871
+38.2%
Income tax
170
130
200
+30.3%
Effective tax rate
22.4%
23.7%
23.0%
Net income
589
419
671
+40.6%
Net margin
24.7%
19.6%
29.6%
Diluted EPS
$1.73
$1.23
$1.86
+39.9%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
806
665
880
+21.2%
Capital expenditure
81.0
106
105
-23.3%
Free cash flow
725
560
775
+29.6%
Free cash flow margin
30.4%
26.2%
34.2%
Cash from investing
-850
-154
259
Cash from financing
159
-692
-911
Depreciation and amortisation
85.5
74.4
67.3
+14.9%
Share-based compensation
168
169
169
-0.6%
Buybacks
184
1,000
1,109
-81.6%
Diluted shares, weighted
341m
339m
361m
+0.5%
Shares outstanding at period end
337m
329m
344m
+2.2%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
4,320
3,379
3,501
+27.8%
Debt
0.0
0.0
0.0
Other liabilities
588
580
449
+1.3%
Total liabilities and equity
4,907
3,959
3,950
+23.9%
Fixed assets
432
387
310
+11.5%
Goodwill
201
198
137
+1.6%
Intangible assets
49.7
74.1
64.3
-32.9%
Investments
2,633
1,897
1,972
+38.8%
Cash and equivalents
715
600
782
+19.0%
Receivables
394
315
301
+25.1%
Inventory
168
182
180
-7.6%
Other assets
314
306
204
+2.7%
Total assets
4,907
3,959
3,950
+23.9%
10-K for the year ended 31 December 2015, filed 2 February 2016: the filing.