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Intuitive Surgical (ISRG) FY2022 results: revenue $6.2 billion, up 9.0% on the year

Intuitive Surgical Inc. (ISRG) reported revenue of $6.2 billion for fiscal 2022, the year ended 31 December 2022, up 9.0% on the year before. Net income was $1.3 billion, down 22.4%, and diluted earnings per share $3.65. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2023.

Revenue
$6.2 billion
+9.0% on the year
FY2015FY2022
Operating margin
25.3%
31.9% a year earlier
FY2015FY2022
Net income
$1.3 billion
-22.4% on the year
FY2015FY2022
Diluted EPS
$3.65
-21.7% on the year
FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ millionFY2022FY2021FY2020On the yearLast 8 years
Revenue6,2225,7104,358+9.0%
Cost of revenue2,0261,7521,497+15.7%
Gross profit4,1963,9582,861+6.0%
Gross margin67.4%69.3%65.6%
Research and development879671595+31.0%
Selling, general and administrative1,7401,4661,216+18.6%
Operating income1,5771,8211,050-13.4%
Operating margin25.3%31.9%24.1%
Pre-tax income1,6071,8901,207-15.0%
Income tax262162140+61.8%
Effective tax rate16.3%8.6%11.6%
Net income1,3221,7051,061-22.4%
Net margin21.3%29.9%24.3%
Diluted EPS$3.65$4.66$2.94-21.7%
$ 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

$ millionFY2022FY2021FY2020On the yearLast 8 years
Operating cash flow1,4912,0891,485-28.6%
Capital expenditure532340342+56.8%
Free cash flow9581,7501,143-45.2%
Free cash flow margin15.4%30.6%26.2%
Cash from investing1,371-2,462-941
Cash from financing-2,57243.0-85.7
Depreciation and amortisation354307270+15.1%
Share-based compensation513449395+14.2%
Buybacks2,6070.0134
Diluted shares, weighted362m366m361m-1.0%
Shares outstanding at period end350m358m353m-2.2%

Balance sheet

$ millionFY2022FY2021FY2020On the yearLast 8 years
Shareholders' equity11,04211,9019,732-7.2%
Non-controlling interest70.750.427.6+40.3%
Debt0.00.00.0
Operating lease liabilities69.666.658.0+4.5%
Other liabilities1,7921,5371,352+16.6%
Total liabilities and equity12,97413,55511,169-4.3%
Fixed assets2,3741,8761,577+26.5%
Goodwill348344337+1.4%
Intangible assets49.870.577.4-29.4%
Investments5,1607,3295,246-29.6%
Cash and equivalents1,5811,2911,623+22.5%
Receivables942783646+20.4%
Inventory893587602+52.1%
Other assets1,6251,2751,061+27.4%
Total assets12,97413,55511,169-4.3%

10-K for the year ended 31 December 2022, filed 10 February 2023: the filing.