Intuitive Surgical (ISRG) FY2020 results: revenue $4.4 billion, down 2.7% on the year
Intuitive Surgical Inc. (ISRG) reported revenue of $4.4 billion for fiscal 2020, the year ended 31 December 2020, down 2.7% on the year before. Net income was $1.1 billion, down 23.1%, and diluted earnings per share $2.94. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2021.
Revenue
$4.4 billion
-2.7% on the year
FY2013FY2020
Operating margin
24.1%
30.7% a year earlier
FY2013FY2020
Net income
$1.1 billion
-23.1% on the year
FY2013FY2020
Diluted EPS
$2.94
-23.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
4,358
4,478
3,724
-2.7%
Cost of revenue
1,497
1,368
1,120
+9.4%
Gross profit
2,861
3,110
2,604
-8.0%
Gross margin
65.6%
69.4%
69.9%
Research and development
595
557
418
+6.8%
Selling, general and administrative
1,216
1,178
987
+3.2%
Operating income
1,050
1,374
1,199
-23.6%
Operating margin
24.1%
30.7%
32.2%
Pre-tax income
1,207
1,502
1,280
-19.7%
Income tax
140
120
154
+16.4%
Effective tax rate
11.6%
8.0%
12.1%
Net income
1,061
1,379
1,128
-23.1%
Net margin
24.3%
30.8%
30.3%
Diluted EPS
$2.94
$3.85
$3.16
-23.6%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,485
1,598
1,170
-7.1%
Capital expenditure
342
426
187
-19.8%
Free cash flow
1,143
1,173
982
-2.5%
Free cash flow margin
26.2%
26.2%
26.4%
Cash from investing
-941
-1,154
-1,050
Cash from financing
-85.7
-168
126
Depreciation and amortisation
270
200
120
+35.4%
Share-based compensation
395
336
261
+17.7%
Buybacks
134
270
0.0
-50.2%
Diluted shares, weighted
361m
358m
356m
+0.7%
Shares outstanding at period end
353m
348m
344m
+1.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
9,732
8,264
6,679
+17.8%
Non-controlling interest
27.6
20.9
8.7
+32.1%
Debt
0.0
0.0
0.0
Operating lease liabilities
58.0
68.7
n/a
-15.6%
Other liabilities
1,352
1,380
1,159
-2.0%
Total liabilities and equity
11,169
9,733
7,847
+14.8%
Fixed assets
1,577
1,273
812
+23.9%
Goodwill
337
307
241
+9.6%
Intangible assets
77.4
112
66.7
-31.0%
Investments
5,246
4,678
3,976
+12.2%
Cash and equivalents
1,623
1,168
858
+39.0%
Receivables
646
645
682
+0.0%
Inventory
602
596
409
+1.0%
Other assets
1,061
955
802
+11.1%
Total assets
11,169
9,733
7,847
+14.8%
10-K for the year ended 31 December 2020, filed 10 February 2021: the filing.