Intuitive Surgical (ISRG) FY2017 results: revenue $3.1 billion, up 16.0% on the year
Intuitive Surgical Inc. (ISRG) reported revenue of $3.1 billion for fiscal 2017, the year ended 31 December 2017, up 16.0% on the year before. Net income was $671 million, down 9.1%, and diluted earnings per share $1.92. The figures are the company's own, from the 10-K it filed with the SEC on 4 February 2019.
Revenue
$3.1 billion
+16.0% on the year
FY2010FY2017
Operating margin
33.9%
35.1% a year earlier
FY2010FY2017
Net income
$671 million
-9.1% on the year
FY2010FY2017
Diluted EPS
$1.92
-7.8% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
3,138
2,706
2,384
+16.0%
Cost of revenue
935
814
806
+14.8%
Gross profit
2,202
1,890
1,578
+16.5%
Gross margin
70.2%
69.8%
66.2%
Research and development
329
240
197
+37.1%
Selling, general and administrative
811
704
640
+15.3%
Operating income
1,063
950
740
+11.9%
Operating margin
33.9%
35.1%
31.0%
Pre-tax income
1,105
985
758
+12.1%
Income tax
434
247
170
+75.7%
Effective tax rate
39.3%
25.1%
22.4%
Net income
671
738
589
-9.1%
Net margin
21.4%
27.3%
24.7%
Diluted EPS
$1.92
$2.09
$1.73
-7.8%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
1,144
1,087
806
+5.2%
Capital expenditure
191
53.9
81.0
+253.8%
Free cash flow
953
1,033
725
-7.7%
Free cash flow margin
30.4%
38.2%
30.4%
Cash from investing
379
-1,279
-850
Cash from financing
-1,913
514
159
Depreciation and amortisation
95.0
88.9
85.5
+6.9%
Share-based compensation
209
178
168
+17.7%
Buybacks
2,274
42.5
184
+5,250.6%
Diluted shares, weighted
349m
354m
341m
-1.4%
Shares outstanding at period end
337m
116m
337m
+189.4%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
4,779
5,778
4,320
-17.3%
Non-controlling interest
1.6
0.0
n/a
Debt
0.0
0.0
0.0
Other liabilities
996
709
588
+40.5%
Total liabilities and equity
5,777
6,487
4,907
-10.9%
Fixed assets
613
458
432
+33.7%
Goodwill
201
201
201
0.0%
Intangible assets
26.0
31.5
49.7
-17.5%
Investments
3,198
3,801
2,633
-15.9%
Cash and equivalents
648
1,037
715
-37.5%
Receivables
508
430
394
+18.1%
Inventory
241
182
168
+32.3%
Other assets
341
346
314
-1.3%
Total assets
5,777
6,487
4,907
-10.9%
10-K for the year ended 31 December 2017, filed 4 February 2019: the filing.