Intuitive Surgical (ISRG) FY2018 results: revenue $3.7 billion, up 18.7% on the year
Intuitive Surgical Inc. (ISRG) reported revenue of $3.7 billion for fiscal 2018, the year ended 31 December 2018, up 18.7% on the year before. Net income was $1.1 billion, up 68.1%, and diluted earnings per share $3.16. The figures are the company's own, from the 10-K it filed with the SEC on 4 February 2019.
Revenue
$3.7 billion
+18.7% on the year
FY2011FY2018
Operating margin
32.2%
33.9% a year earlier
FY2011FY2018
Net income
$1.1 billion
+68.1% on the year
FY2011FY2018
Diluted EPS
$3.16
+64.5% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
3,724
3,138
2,706
+18.7%
Cost of revenue
1,120
935
814
+19.8%
Gross profit
2,604
2,202
1,890
+18.3%
Gross margin
69.9%
70.2%
69.8%
Research and development
418
329
240
+27.2%
Selling, general and administrative
987
811
704
+21.7%
Operating income
1,199
1,063
950
+12.8%
Operating margin
32.2%
33.9%
35.1%
Pre-tax income
1,280
1,105
985
+15.8%
Income tax
154
434
247
-64.4%
Effective tax rate
12.1%
39.3%
25.1%
Net income
1,128
671
738
+68.1%
Net margin
30.3%
21.4%
27.3%
Diluted EPS
$3.16
$1.92
$2.09
+64.5%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,170
1,144
1,087
+2.2%
Capital expenditure
187
191
53.9
-1.7%
Free cash flow
982
953
1,033
+3.0%
Free cash flow margin
26.4%
30.4%
38.2%
Cash from investing
-1,050
379
-1,279
Cash from financing
126
-1,913
514
Depreciation and amortisation
120
95.0
88.9
+26.4%
Share-based compensation
261
209
178
+24.9%
Buybacks
0.0
2,274
42.5
Diluted shares, weighted
356m
349m
354m
+2.1%
Shares outstanding at period end
344m
337m
116m
+2.0%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
6,679
4,779
5,778
+39.8%
Non-controlling interest
8.7
1.6
0.0
+443.8%
Debt
0.0
0.0
0.0
Other liabilities
1,159
996
709
+16.3%
Total liabilities and equity
7,847
5,777
6,487
+35.8%
Fixed assets
812
613
458
+32.4%
Goodwill
241
201
201
+19.6%
Intangible assets
66.7
26.0
31.5
+156.5%
Investments
3,976
3,198
3,801
+24.3%
Cash and equivalents
858
648
1,037
+32.4%
Receivables
682
508
430
+34.3%
Inventory
409
241
182
+69.6%
Other assets
802
341
346
+135.1%
Total assets
7,847
5,777
6,487
+35.8%
10-K for the year ended 31 December 2018, filed 4 February 2019: the filing.