Intuitive Surgical (ISRG) FY2016 results: revenue $2.7 billion, up 13.5% on the year
Intuitive Surgical Inc. (ISRG) reported revenue of $2.7 billion for fiscal 2016, the year ended 31 December 2016, up 13.5% on the year before. Net income was $738 million, up 25.4%, and diluted earnings per share $2.09. The figures are the company's own, from the 10-K it filed with the SEC on 4 February 2019.
Revenue
$2.7 billion
+13.5% on the year
FY2009FY2016
Operating margin
35.1%
31.0% a year earlier
FY2009FY2016
Net income
$738 million
+25.4% on the year
FY2009FY2016
Diluted EPS
$2.09
+20.8% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
2,706
2,384
2,132
+13.5%
Cost of revenue
814
806
718
+1.0%
Gross profit
1,890
1,578
1,414
+19.8%
Gross margin
69.8%
66.2%
66.3%
Research and development
240
197
178
+21.4%
Selling, general and administrative
704
640
691
+9.9%
Operating income
950
740
545
+28.3%
Operating margin
35.1%
31.0%
25.6%
Pre-tax income
985
758
549
+29.9%
Income tax
247
170
130
+45.6%
Effective tax rate
25.1%
22.4%
23.7%
Net income
738
589
419
+25.4%
Net margin
27.3%
24.7%
19.6%
Diluted EPS
$2.09
$1.73
$1.23
+20.8%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
1,087
806
665
+34.8%
Capital expenditure
53.9
81.0
106
-33.5%
Free cash flow
1,033
725
560
+42.5%
Free cash flow margin
38.2%
30.4%
26.2%
Cash from investing
-1,279
-850
-154
Cash from financing
514
159
-692
+223.3%
Depreciation and amortisation
88.9
85.5
74.4
+4.0%
Share-based compensation
178
168
169
+5.8%
Buybacks
42.5
184
1,000
-76.9%
Diluted shares, weighted
354m
341m
339m
+3.7%
Shares outstanding at period end
116m
337m
329m
-65.4%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
5,778
4,320
3,379
+33.8%
Non-controlling interest
0.0
n/a
n/a
Debt
0.0
0.0
0.0
Other liabilities
709
588
580
+20.6%
Total liabilities and equity
6,487
4,907
3,959
+32.2%
Fixed assets
458
432
387
+6.1%
Goodwill
201
201
198
0.0%
Intangible assets
31.5
49.7
74.1
-36.6%
Investments
3,801
2,633
1,897
+44.4%
Cash and equivalents
1,037
715
600
+45.1%
Receivables
430
394
315
+9.1%
Inventory
182
168
182
+8.6%
Other assets
346
314
306
+9.9%
Total assets
6,487
4,907
3,959
+32.2%
10-K for the year ended 31 December 2016, filed 4 February 2019: the filing.