Intuitive Surgical (ISRG) FY2019 results: revenue $4.5 billion, up 20.3% on the year
Intuitive Surgical Inc. (ISRG) reported revenue of $4.5 billion for fiscal 2019, the year ended 31 December 2019, up 20.3% on the year before. Net income was $1.4 billion, up 22.3%, and diluted earnings per share $3.85. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2020.
Revenue
$4.5 billion
+20.3% on the year
FY2012FY2019
Operating margin
30.7%
32.2% a year earlier
FY2012FY2019
Net income
$1.4 billion
+22.3% on the year
FY2012FY2019
Diluted EPS
$3.85
+21.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
4,478
3,724
3,138
+20.3%
Cost of revenue
1,368
1,120
935
+22.2%
Gross profit
3,110
2,604
2,202
+19.4%
Gross margin
69.4%
69.9%
70.2%
Research and development
557
418
329
+33.3%
Selling, general and administrative
1,178
987
811
+19.4%
Operating income
1,374
1,199
1,063
+14.6%
Operating margin
30.7%
32.2%
33.9%
Pre-tax income
1,502
1,280
1,105
+17.4%
Income tax
120
154
434
-22.1%
Effective tax rate
8.0%
12.1%
39.3%
Net income
1,379
1,128
671
+22.3%
Net margin
30.8%
30.3%
21.4%
Diluted EPS
$3.85
$3.16
$1.92
+21.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,598
1,170
1,144
+36.6%
Capital expenditure
426
187
191
+127.1%
Free cash flow
1,173
982
953
+19.4%
Free cash flow margin
26.2%
26.4%
30.4%
Cash from investing
-1,154
-1,050
379
Cash from financing
-168
126
-1,913
Depreciation and amortisation
200
120
95.0
+66.3%
Share-based compensation
336
261
209
+28.6%
Buybacks
270
0.0
2,274
Diluted shares, weighted
358m
356m
349m
+0.6%
Shares outstanding at period end
348m
344m
337m
+1.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
8,264
6,679
4,779
+23.7%
Non-controlling interest
20.9
8.7
1.6
+140.2%
Debt
0.0
0.0
0.0
Operating lease liabilities
68.7
n/a
n/a
Other liabilities
1,380
1,159
996
+19.0%
Total liabilities and equity
9,733
7,847
5,777
+24.0%
Fixed assets
1,273
812
613
+56.8%
Goodwill
307
241
201
+27.7%
Intangible assets
112
66.7
26.0
+68.1%
Investments
4,678
3,976
3,198
+17.6%
Cash and equivalents
1,168
858
648
+36.1%
Receivables
645
682
508
-5.4%
Inventory
596
409
241
+45.6%
Other assets
955
802
341
+19.1%
Total assets
9,733
7,847
5,777
+24.0%
10-K for the year ended 31 December 2019, filed 7 February 2020: the filing.